Texas Roadhouse, Inc. (NasdaqGS: TXRH), today provided a statement
from Kent Taylor, Founder of Texas Roadhouse, announced financial
results for the 13 week period ended March 31, 2020 and provided a
business update in response to the COVID-19 pandemic.
Founder Letter
Hello Roadies, Shareholders, Loyal Guests, and Interested
Folks,
As everyone’s world has obviously changed, so
has ours. I still remember the early days of Texas Roadhouse
back in the mid-1990’s, when three of our first five stores failed.
Survival mode was where I lived for quite a few years. Well,
damn, if I didn’t find myself right back there again. Five
restaurants have become 600 and 400 employees have become
75,000+. Back then in my mid-30’s, our Roadies were close to
my age, and I thought of our company as a people company that
happened to serve steaks. We were a family. Today, I
still view us as a people company that serves steaks, however the
stakes (no pun intended) and our family are obviously quite
larger.
Somehow my early struggles, along with my many
years of operating restaurants (some fifteen years of running daily
shifts), have helped provide me with a unique perspective. Perhaps
a different perspective than that of a marketing or finance person
that may be running a restaurant company (no offense, just
sayin'). I try as much as possible to live in the mindset of
our store Managing Partners.
A few weeks into March, when the “you-know-what”
hit the fan, we had two choices: (a) hunker down, lay people off,
conserve cash, and wait it out; or (b) deal with the reality of
each day, pivot, experiment, learn, and pivot again. We went
with (b) and jumped in headfirst! We quickly learned from our
individual operators, especially some of our crazy, out-of-the-box
thinkers, like me, who were not afraid to push the boundaries and
try new things.
What normally would take six months, we were
able to do in just a few days. We made the pivot quickly and
safely from dine-in to traditional To-Go before pivoting again to
To-Go/Curbside before adding family value packs (both hot and cold)
and ready-to-grill steaks. Who knows what our operators will
come up with next, but I’m sure it will be amazing and probably a
little out-of-the-box.
While many cautioned against some of these
ideas, guess what? We tried. We failed. We tried
some more. And, we succeeded a lot. We also learned
there is a difference in playing to win and playing not to lose. I
am proud to say that our operators and Support Center teams played
to win!!
We also quickly learned from our operators
outside the United States who have been through this before.
Notable learnings came from our Taiwan restaurants provided to me
by Hugh Carroll, our President of International Operations.
Taiwan, with strict protocols in place, and a population of 23
million, had 400 confirmed COVID-19 cases and six deaths.
First and foremost, we learned the value of personal protective
equipment in restaurants, so we quickly ordered gloves, masks and
eyewear. Within a few days, we had gloves in place for all
employees (always protocol in the kitchen, but now also mandatory
for our front-of-house employees) and were using do-it-yourself
masks until personal protective equipment arrived. We also began
taking temperatures and conducting symptom surveys of our employees
to provide another level of safety for guests and employees.
As I approach the ripe-old age of 65, I have
found what matters to me most is the health and well-being of my
family, which includes my parents, kids and grandchildren. But, I
am also blessed with an extended family of over 75,000 Roadies and
their health and safety is also a personal priority to me.
For example, we provided a stimulus package to
our front-line employees in March, allowed for early vacation use,
paid health insurance premiums for our employees, and in April paid
an additional stimulus (April Love!) to our employees working hard
to “Feed America.”
What kind of company does these things?
Well, that would be a people company that happens to serve steaks,
that’s who.
Thanks and God bless our wonderful country,
/s/ Kent
P.S. Happy belated birthday to our friend
and legend Willie Nelson! Also, ya’ll might want to check out
my Top Ten for Safety list and a link to a fun safety video created
by our Lubbock, Texas restaurant at www.texasroadhouse.com.
Financial Results
Financial results for the 13 week period ended
March 31, 2020 were as follows:
|
|
First Quarter |
($000's) |
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
|
|
|
|
|
|
|
Total revenue |
|
$ |
652,524 |
|
|
$ |
690,608 |
|
|
|
(5.5 |
%) |
Income from
operations |
|
|
15,790 |
|
|
|
60,445 |
|
|
|
(73.9 |
%) |
Net
income |
|
|
16,029 |
|
|
|
50,390 |
|
|
|
(68.2 |
%) |
Diluted
EPS |
|
$ |
0.23 |
|
|
$ |
0.70 |
|
|
|
(67.1 |
%) |
Results for the first quarter included the
following:
- For the January, February and March periods, comparable
restaurant sales at company restaurants increased 8.0%, increased
4.2% and decreased 29.7%, respectively. The March period was
negatively impacted by the onset of the COVID-19 pandemic.
For the quarter, comparable restaurant sales decreased 8.4% at
company restaurants and 8.5% at domestic franchise
restaurants;
- Five company restaurants, including one Bubba’s 33, and one
domestic franchise restaurant were opened. One company
restaurant and 22 international franchise locations were
temporarily closed;
- Restaurant margin, as a percentage of restaurant and other
sales, was 12.1% and restaurant margin dollars were $78.6
million. Restaurant margin was negatively impacted by the
decrease in comparable restaurant sales and included $10.7 million
of costs incurred for relief pay and benefits for hourly restaurant
employees, including those who experienced a reduction in
hours. Benefits to front-line employees included sick pay,
early access to vacation pay and coverage of their portion of
insurance benefits;
- The Company repurchased 252,409 shares of common stock for
$12.6 million. These repurchases continued through
mid-March. The Company ended the quarter with $230.6 million
of cash on hand and debt of $190.0 million. No proceeds from
its revolving credit facility were used to repurchase
shares;
- The Company contributed approximately $400,000 to Andy’s
Outreach Fund (named for its mascot, Andy Armadillo), started years
ago by Dee Shaughnessy, the Company’s long time Director of Care
and Concern, to assist Roadies in times of need (medical expenses,
fires, funerals, etc.). This amount plus the Founder’s recent
personal donation of $5.0 million dollars will provide assistance
to many Roadies during this time of great need; and,
- The Company and its Board of Directors implemented the
following measures during the quarter to enhance financial
flexibility:
- Decreased capital expenditures by only continuing construction
on nine restaurants, including one relocation site, that were
substantially complete;
- Suspended all quarterly cash dividends occurring after March
27, 2020;
- Suspended all share repurchase activity;
- Increased the borrowings under the revolving credit facility by
$190 million; and,
- Decreased salaries including voluntary reductions of salary and
bonus for the executive and leadership teams to make relief grants
available for restaurant employees. Each non-employee member
of the Board of Directors has also volunteered to forgo their
director and committee fees along with any cash retainers effective
immediately and continuing throughout fiscal 2020.
Kent Taylor, Chief Executive Officer and Founder
of Texas Roadhouse, Inc., commented, “Our concern has always been
for our employees, our guests, and the communities we serve.
I am very proud of the entire Texas Roadhouse family and our vendor
partners who have risen to the challenge to help feed America
during these unprecedented times. I have no doubt we will
emerge even stronger than before.”
COVID-19 Business Update
During the March period, with the onset of the
pandemic, all domestic restaurants transitioned from full-service
dining to an expanded To-Go operating model over the course of
several weeks which impacted average weekly sales. For the
period, comparable restaurant sales per week and the average weekly
sales and To-Go sales for all company restaurants, were as
follows:
|
|
Week Ended |
|
|
3/3/2020 |
|
3/10/2020 |
|
3/17/2020 |
|
3/24/2020 |
|
3/31/2020 |
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales |
|
4.4% |
|
2.5% |
|
(22.5%) |
|
(73.0%) |
|
(61.5%) |
Average
weekly sales |
|
$118,512 |
|
$113,777 |
|
$86,264 |
|
$29,432 |
|
$41,892 |
Average
weekly To-Go sales |
|
$9,115 |
|
$8,741 |
|
$9,211 |
|
$25,938 |
|
$41,892 |
As of the end of the quarter, all domestic
stores had moved to a fully To-Go model. This new operating
model includes the regular menu as well as family value packs and
ready-to-grill steaks. The expanded To-Go program, which
includes curbside and drive-up options, has continued to grow since
the onset of the pandemic. For the April period, comparable
restaurant sales per week and average weekly sales for all company
restaurants, were as follows:
|
|
Week Ended |
|
|
|
|
4/7/2020 |
|
4/14/2020 |
|
4/21/2020 |
|
4/28/2020 |
|
April |
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales |
|
(53.3%) |
|
(50.7%) |
|
(37.3%) |
|
(45.3%) |
|
(46.7%) |
Average
weekly To-Go sales |
|
$48,815 |
|
$51,650 |
|
$62,852 |
|
$56,432 |
|
$54,937 |
For the April period, the Company used cash of
approximately $30 million, including approximately $14 million for
capital expenditures and no changes in outstanding debt. Cash
usage was negatively impacted as net working capital became more
aligned with the updated operating model. In addition, while
the To-Go program has shown significant sales growth, the Company
continues to look for ways to maximize restaurant margin at reduced
sales levels. Looking ahead, the Company expects weekly cash
usage to be approximately $5 million under the current operating
model and considering capital expenditure commitments including
completion of some restaurants still under construction.
The Company continues to monitor federal and
state plans to re-open the economy and has developed a re-opening
framework for domestic stores. This includes the
implementation of a hybrid business model with limited capacity
dining rooms together with enhanced To-Go through curbside service
as permitted by local guidelines. The re-opening process is
expected to be a gradual one with the safety of employees and
guests as the top priority. As of today, the Company has
re-opened the dining rooms in approximately 25 company-owned
restaurants under various limited capacity restrictions.
2020 Outlook
As previously announced, due to the current
unprecedented global market and economic conditions, the Company
withdrew the financial outlook for the fiscal year ending December
29, 2020. The Company cannot yet reasonably estimate the
impact to the business and therefore cannot provide an updated
outlook.
Non-GAAP Measures
The Company prepares the consolidated financial
statements in accordance with U.S. generally accepted accounting
principles (“GAAP”). Within the press release, the Company
makes reference to restaurant margin (in dollars and as a
percentage of restaurant and other sales). Restaurant margin
represents restaurant and other sales less restaurant-level
operating costs, including cost of sales, labor, rent and other
operating costs. Restaurant margin should not be considered
in isolation, or as an alternative, to income from
operations. This non-GAAP measure is not indicative of
overall company performance and profitability in that this measure
does not accrue directly to the benefit of shareholders due to the
nature of the costs excluded. Restaurant margin is widely
regarded as a useful metric by which to evaluate restaurant-level
operating efficiency and performance. In calculating
restaurant margin, the Company excludes certain
non-restaurant-level costs that support operations, including
pre-opening and general and administrative expenses, but do not
have a direct impact on restaurant-level operational efficiency and
performance. The Company also excludes depreciation and
amortization expense, substantially all of which relates to
restaurant-level assets, as it represents a non-cash charge for the
investment in restaurants. The Company also excludes
impairment and closure expense as it believes this provides a
clearer perspective of ongoing operating performance and a more
useful comparison to prior period results. Restaurant margin
as presented may not be comparable to other similarly titled
measures of other companies in the industry. A reconciliation
of income from operations to restaurant margin is included in the
accompanying financial tables.
Conference Call
Texas Roadhouse is hosting a conference call
today, May 4, 2020 at 5:00 p.m. Eastern Time to discuss these
results. The dial-in number is (877) 699-0953 or (647)
689-5456 for international calls. A replay of the call will
be available for one week following the conference call. To
access the replay, please dial (800) 585-8367 or (416) 621-4642 for
international calls, and use 9870346 as the pass code. There
will be a simultaneous Web cast conducted at
www.texasroadhouse.com.
About the Company
Texas Roadhouse is a casual dining concept that
first opened in 1993 and today has grown to over 610 restaurants
system-wide in 49 states and ten foreign countries. For more
information, please visit the Web site at
www.texasroadhouse.com.
Forward-looking Statements
Certain statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of
1934, as amended. These statements include, but are not limited to,
statements related to the potential impact of the
COVID-19/Coronavirus outbreak and other non-historical
statements. Such statements are based upon the current beliefs
and expectations of the management of Texas Roadhouse. Actual
results may vary materially from those contained in forward-looking
statements based on a number of factors including, without
limitation, conditions beyond its control such as weather, natural
disasters, disease outbreaks, epidemics or pandemics impacting
customers or food supplies; food safety and food-borne illness
concerns; and other factors disclosed from time to time in its
filings with the U.S. Securities and Exchange
Commission. Accordingly, there are or will be important
factors that could cause actual outcomes or results to differ
materially from those indicated in these statements. These factors
include but are not limited to those described under “Part I—Item
1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal
year ended December 31, 2019 and in the Current Report on Form 8-K
filed on May 4, 2020. These factors should not be construed as
exhaustive and should be read in conjunction with other filings
with the Securities and Exchange Commission. Investors should
take such risks into account when making investment decisions.
Shareholders and other readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. The Company undertakes no
obligation to update any forward-looking statements, except as
required by applicable law.
Contacts:
Investor
Relations
Tonya Robinson(502) 515-7269
MediaTravis Doster(502) 638-5457
Texas
Roadhouse, Inc. and Subsidiaries |
Condensed
Consolidated Statements of Income |
(in
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
|
|
March 31, 2020 |
|
March 26, 2019 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
Restaurant and other sales |
$ |
647,626 |
|
|
$ |
685,117 |
|
|
Franchise royalties and fees |
4,898 |
|
|
5,491 |
|
|
|
|
|
|
|
|
|
Total revenue |
652,524 |
|
|
690,608 |
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Restaurant operating costs (excluding depreciation and amortization
shown separately below): |
|
|
|
|
|
|
|
Cost of
sales |
210,180 |
|
|
223,712 |
|
|
|
Labor |
241,079 |
|
|
223,880 |
|
|
|
Rent |
13,471 |
|
|
13,128 |
|
|
|
Other
operating |
104,289 |
|
|
101,802 |
|
|
Pre-opening |
5,112 |
|
|
3,868 |
|
|
Depreciation and amortization |
29,054 |
|
|
27,773 |
|
|
Impairment and closure, net |
595 |
|
|
17 |
|
|
General and administrative |
32,954 |
|
|
35,983 |
|
|
|
|
|
|
|
|
|
Total costs and expenses |
636,734 |
|
|
630,163 |
|
|
|
|
|
|
|
|
|
Income from operations |
15,790 |
|
|
60,445 |
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
69 |
|
|
|
(754) |
|
Equity (loss) income from investments in unconsolidated
affiliates |
|
(508) |
|
|
113 |
|
|
|
|
|
|
|
|
|
Income before taxes |
15,213 |
|
|
61,312 |
|
Income tax (benefit) expense |
|
(1,939) |
|
|
9,119 |
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
17,152 |
|
|
52,193 |
|
Less: Net income attributable to noncontrolling interests |
1,123 |
|
|
1,803 |
|
Net income attributable to Texas Roadhouse, Inc. and
subsidiaries |
$ |
16,029 |
|
|
$ |
50,390 |
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Texas Roadhouse, Inc.
and subsidiaries: |
|
|
|
|
|
|
Basic |
$ |
0.23 |
|
|
$ |
0.70 |
|
|
Diluted |
$ |
0.23 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
Basic |
69,422 |
|
|
71,753 |
|
|
Diluted |
69,852 |
|
|
72,187 |
|
|
|
|
|
|
|
|
|
Cash dividends declared per share |
$ |
0.36 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
230,606 |
|
|
$ |
107,879 |
|
|
Other
current assets, net |
71,968 |
|
|
140,020 |
|
|
Property and
equipment, net |
1,068,701 |
|
|
1,056,563 |
|
|
Operating
lease right-of-use asset, net |
512,574 |
|
|
499,801 |
|
|
Goodwill |
124,748 |
|
|
124,748 |
|
|
Intangible
assets, net |
1,101 |
|
|
1,234 |
|
|
Other
assets |
45,006 |
|
|
53,320 |
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
2,054,704 |
|
|
$ |
1,983,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
310,861 |
|
|
417,220 |
|
|
Operating
lease liabilities, net of current portion |
553,181 |
|
|
538,710 |
|
|
Long-term
debt |
190,000 |
|
|
- |
|
|
Other
liabilities |
89,919 |
|
|
96,466 |
|
|
Texas
Roadhouse, Inc. and subsidiaries stockholders' equity |
896,292 |
|
|
915,994 |
|
|
Noncontrolling interests |
14,451 |
|
|
15,175 |
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
$ |
2,054,704 |
|
|
$ |
1,983,565 |
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
|
Condensed
Consolidated Statements of Cash Flows |
|
(in
thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2020 |
|
March 26, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
Net income including noncontrolling interests |
$ |
17,152 |
|
|
$ |
52,193 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
Depreciation and amortization |
29,054 |
|
|
27,773 |
|
|
Share-based compensation expense |
7,247 |
|
|
9,132 |
|
|
Other noncash adjustments, net |
3,255 |
|
|
360 |
|
Change in working capital |
(34,992) |
|
|
21,957 |
|
|
|
Net cash
provided by operating activities |
21,716 |
|
|
111,415 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Capital expenditures - property and equipment |
(46,672) |
|
|
(42,044) |
|
Proceeds from sale leaseback transaction |
2,167 |
|
|
- |
|
|
|
Net cash
used in investing activities |
(44,505) |
|
|
(42,044) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from revolving credit facility |
190,000 |
|
|
- |
|
Repurchase of shares of common stock |
(12,621) |
|
|
- |
|
Dividends paid |
(24,989) |
|
|
(17,904) |
|
Other financing activities, net |
(6,874) |
|
|
(9,485) |
|
|
|
Net cash
provided by (used in) financing activities |
145,516 |
|
|
(27,389) |
|
|
|
|
|
|
|
|
|
|
|
Net increase
in cash and cash equivalents |
122,727 |
|
|
41,982 |
|
Cash and cash equivalents - beginning of period |
107,879 |
|
|
210,125 |
|
Cash and cash equivalents - end of period |
$ |
230,606 |
|
|
$ |
252,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Reconciliation of Income from Operations to Restaurant
Margin |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
|
March 31, 2020 |
|
March 26, 2019 |
|
|
|
|
|
|
|
Income from operations |
|
$ |
15,790 |
|
|
$ |
60,445 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Franchise
royalties and fees |
|
|
4,898 |
|
|
|
5,491 |
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
Pre-opening |
|
|
5,112 |
|
|
|
3,868 |
|
|
Depreciation
and amortization |
|
|
29,054 |
|
|
|
27,773 |
|
|
Impairment
and closure, net |
|
|
595 |
|
|
|
17 |
|
|
General and
administrative |
|
|
32,954 |
|
|
|
35,983 |
|
|
|
|
|
|
|
|
Restaurant
margin |
|
$ |
78,607 |
|
|
$ |
122,595 |
|
|
|
|
|
|
|
|
Restaurant
margin (as a percentage of restaurant and other sales) |
|
|
12.1 |
% |
|
|
17.9 |
% |
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Supplemental
Financial and Operating Information |
($ amounts
in thousands, except weekly sales by group) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter |
|
Change |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
vs LY |
|
|
|
|
|
|
|
|
|
|
Restaurant openings |
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
4 |
|
|
|
4 |
|
0 |
|
|
|
Company - Bubba's 33 |
|
1 |
|
|
|
0 |
|
1 |
|
|
|
Company - Other |
|
0 |
|
|
|
0 |
|
0 |
|
|
|
Franchise - Texas Roadhouse - U.S. |
|
1 |
|
|
|
0 |
|
1 |
|
|
|
Franchise - Texas Roadhouse - International |
|
0 |
|
|
|
2 |
|
(2 |
) |
|
|
Total |
|
6 |
|
|
|
6 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
Restaurants open at the end of the quarter (1) |
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
488 |
|
|
|
468 |
|
20 |
|
|
|
Company - Bubba's 33 |
|
29 |
|
|
|
25 |
|
4 |
|
|
|
Company - Other |
|
2 |
|
|
|
2 |
|
0 |
|
|
|
Franchise - Texas Roadhouse - U.S. |
|
70 |
|
|
|
69 |
|
1 |
|
|
|
Franchise - Texas Roadhouse - International |
|
28 |
|
|
|
24 |
|
4 |
|
|
|
Total |
|
617 |
|
|
|
588 |
|
29 |
|
|
|
|
|
|
|
|
|
|
|
Company restaurants |
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
647,626 |
|
|
$ |
685,117 |
|
(5.5 |
) |
% |
|
Store weeks |
|
6,721 |
|
|
|
6,386 |
|
5.3 |
|
% |
|
Comparable restaurant sales growth (2) |
|
(8.4 |
) |
% |
|
5.2 |
% |
|
|
|
Texas Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
Comparable
restaurant sales growth (2) |
|
(8.2 |
) |
% |
|
5.1 |
% |
|
|
|
|
Average unit volume (3) |
$ |
1,283 |
|
|
$ |
1,401 |
|
(8.5 |
) |
% |
|
|
Weekly sales
by group: |
|
|
|
|
|
|
Comparable restaurants (452 units) |
$ |
98,979 |
|
|
|
|
|
|
|
|
Average unit volume restaurants (20 units) (4) |
$ |
91,373 |
|
|
|
|
|
|
|
|
Restaurants less than 6 months old (16 units) |
$ |
97,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (as a % of restaurant and other
sales) |
|
|
|
|
|
Cost of sales |
|
32.5 |
|
% |
|
32.7 |
% |
(20 |
) |
bps |
Labor |
|
37.2 |
|
% |
|
32.7 |
% |
455 |
|
bps |
Rent |
|
2.1 |
|
% |
|
1.9 |
% |
16 |
|
bps |
Other operating |
|
16.1 |
|
% |
|
14.9 |
% |
124 |
|
bps |
Total |
|
87.9 |
|
% |
|
82.1 |
% |
576 |
|
bps |
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
12.1 |
|
% |
|
17.9 |
% |
(576 |
) |
bps |
|
Restaurant margin ($ in thousands) |
$ |
78,607 |
|
|
$ |
122,595 |
|
(35.9 |
) |
% |
|
Restaurant margin $/Store week |
$ |
11,695 |
|
|
$ |
19,197 |
|
(39.1 |
) |
% |
|
|
|
|
|
|
|
|
|
Franchise restaurants |
|
|
|
|
|
|
|
Franchise royalties and fees |
$ |
4,898 |
|
|
$ |
5,491 |
|
(10.8 |
) |
% |
|
Store weeks |
|
1,263 |
|
|
|
1,191 |
|
6.0 |
|
% |
|
Comparable restaurant sales growth (2) |
|
(9.4 |
) |
% |
|
2.8 |
% |
|
|
|
U.S. franchise restaurants only: |
|
|
|
|
|
|
|
|
Comparable
restaurant sales growth (2) |
|
(8.5 |
) |
% |
|
4.3 |
% |
|
|
|
|
Average unit
volume (3) |
$ |
1,335 |
|
|
$ |
1,449 |
|
(7.9 |
) |
% |
|
|
|
|
|
|
|
|
|
Pre-opening expense |
$ |
5,112 |
|
|
$ |
3,868 |
|
32.2 |
|
% |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
29,054 |
|
|
$ |
27,773 |
|
4.6 |
|
% |
|
As a % of revenue |
|
4.5 |
|
% |
|
4.0 |
% |
43 |
|
bps |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
$ |
32,954 |
|
|
$ |
35,983 |
|
(8.4 |
) |
% |
|
As a % of revenue |
|
5.1 |
|
% |
|
5.2 |
% |
(16 |
) |
bps |
|
|
|
|
|
|
|
|
|
(1) Includes one
domestic Company - Texas Roadhouse and 22 Franchise - Texas
Roadhouse - International locations that are temporarily
closed. |
(2) Comparable
restaurant sales growth reflects the change in year-over-year sales
for restaurants open a full 18 months before the beginning of the
period measured, excluding sales from restaurants permanently
closed during the period. |
(3) Average unit
volume includes sales from Texas Roadhouse restaurants open for a
full six months before the beginning of the period measured,
excluding sales from restaurants permanently closed during the
period. |
(4) Average unit
volume restaurants include restaurants open a full six and up to 18
months before the beginning of the period measured. |
Amounts may not foot
due to rounding. |
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