Texas Roadhouse, Inc. Announces Second Quarter 2021 Results
July 29 2021 - 4:03PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial
results for the 13 and 26 weeks ended June 29, 2021 and provided a
business update.
Financial Results
Financial results for the 13 and 26 weeks ended June 29, 2021,
June 30, 2020, and June 25, 2019 were as follows:
|
Second Quarter |
($000's) |
|
|
|
|
|
|
% change |
|
2021 |
|
2020 |
|
2019 |
|
vs. 2020 |
|
vs. 2019 |
Total revenue |
$ |
898,788 |
|
|
$ |
476,425 |
|
|
$ |
689,828 |
|
|
88.7 |
% |
|
30.3 |
% |
Income
(loss) from operations |
|
89,728 |
|
|
|
(47,318 |
) |
|
|
53,283 |
|
|
289.6 |
% |
|
68.4 |
% |
Net income
(loss) |
|
75,480 |
|
|
|
(33,553 |
) |
|
|
44,845 |
|
|
325.0 |
% |
|
68.3 |
% |
Diluted
earnings (loss) per share |
$ |
1.08 |
|
|
$ |
(0.48 |
) |
|
$ |
0.63 |
|
|
322.4 |
% |
|
72.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date |
|
|
|
|
|
|
|
% change |
|
2021 |
|
2020 |
|
2019 |
|
vs. 2020 |
|
vs. 2019 |
Total
revenue |
$ |
1,699,417 |
|
|
$ |
1,128,949 |
|
|
$ |
1,380,436 |
|
|
50.5 |
% |
|
23.1 |
% |
Income
(loss) from operations |
|
170,655 |
|
|
|
(31,528 |
) |
|
|
113,728 |
|
|
641.3 |
% |
|
50.1 |
% |
Net income
(loss) |
|
139,630 |
|
|
|
(17,524 |
) |
|
|
95,235 |
|
|
896.8 |
% |
|
46.6 |
% |
Diluted
earnings (loss) per share |
$ |
1.99 |
|
|
$ |
(0.25 |
) |
|
$ |
1.32 |
|
|
888.3 |
% |
|
50.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results for the second quarter included the following:
- Comparable restaurant sales at
company restaurants increased 80.2% and 21.3% compared to 2020 and
2019, respectively1. Comparable restaurant sales at domestic
franchise restaurants increased 76.5% and 19.4% compared to 2020
and 2019, respectively;
- Eight company restaurants,
including two Bubba’s 33 restaurants, and two franchise restaurants
were opened;
- Restaurant margin, as a percentage
of restaurant and other sales, was 17.7% and restaurant margin
dollars were $158.2 million. Restaurant margin was impacted by an
increase in comparable restaurant sales partially offset by
commodity inflation and higher costs related to the pandemic;
- Diluted earnings per share
increased to $1.08 from a diluted loss per share of ($0.48) in the
prior year due to the increase in comparable restaurant sales and
the prior year impact of the pandemic; and,
- The Company ended the quarter with
debt of $190.0 million and $483.4 million of cash on hand.
Results for the year-to-date period included the
following highlights:
- Comparable restaurant sales at
company restaurants increased 44.5% and 14.9% compared to 2020 and
2019, respectively1. Comparable restaurant sales at domestic
franchise restaurants increased 41.1% and 12.2% compared to 2020
and 2019, respectively;
- 11 company restaurants, including
three Bubba’s 33 restaurants, and two franchise restaurants were
opened;
- Restaurant margin, as a percentage
of restaurant and other sales, was 18.1% and restaurant margin
dollars were $305.8 million. Restaurant margin was impacted by an
increase in comparable restaurant sales partially offset by higher
costs related to the pandemic; and,
- Diluted earnings per share
increased to $1.99 from a diluted loss per share of ($0.25) in the
prior year due to the increase in comparable restaurant sales and
the prior year impact of the pandemic.
____________________________1 Comparable
restaurant sales reflect the change in year-over-year sales for
restaurants open a full 18 months before the beginning of the
period measured for comparison to 2020 and for restaurants open a
full 30 months before the beginning of the period measured for
comparison to 2019.
Jerry Morgan, Chief Executive Officer of Texas
Roadhouse, Inc. commented, “We continue to generate sales that are
well above pre-pandemic levels thanks to our operators who are
successfully managing strong To-Go sales along with the re-opening
of our dining rooms without restriction. However, some challenges
still remain with certain cost pressures that we expect to continue
at least through the end of the year.”
Morgan continued, “Our strong cashflows have
further strengthened our financial position which allowed us to
reinstate our dividend and repay our short-term debt this quarter.
In addition, our development pipeline looks great and continues to
move forward as expected.”
Business Update
Comparable restaurant sales during the quarter
were positively impacted by the re-opening of dining rooms, the
continued easing of dining room capacity restrictions, and
continued strong To-Go sales. As of July 2, all domestic company
and franchise locations were operating without restriction. The
Company continues to operate with an enhanced To-Go model, which
includes curbside and/or drive-up options, as permitted by local
guidelines. For the Q2 2021 and July periods, comparable restaurant
sales, average weekly sales, and To-Go sales for all company
restaurants were as follows:
|
|
|
|
|
|
|
Q2 2021 |
|
July |
Comparable
restaurant sales vs 2020 |
|
80.2% |
|
44.1% |
Comparable
restaurant sales vs 2019 |
|
21.3% |
|
25.5% |
Average weekly sales |
|
$ |
126,442 |
|
$ |
123,927 |
To-Go sales
as a % of average weekly sales |
|
16.9% |
|
14.2% |
|
|
|
|
|
As of the end of the quarter, the Company had
opened 11 company restaurants and, currently, an additional 18 are
under construction. During the quarter, the Company
completed the refinancing of the revolving credit facility. As part
of this refinancing, the borrowing capacity was increased to $300
million and $50 million that was previously outstanding was repaid.
As previously announced, the Company’s Board of Directors
reinstated the quarterly dividend beginning with the Q2 2021
period. The Company currently expects to resume the repurchase of
shares under our stock repurchase program in the second half of
2021.
2021 Outlook
Management updated all expectations for
2021:
- Commodity cost inflation of
approximately 7.0%;
- 26 to 29 company restaurant
openings across all concepts;
- Store week growth of approximately
5.0%; and,
- Total capital expenditures of
approximately $200 million.
To the extent that state and local guidelines
begin to significantly reduce capacity and/or re-close dining
rooms, the Company could pull back on development, reduce capital
spend, and/or limit share repurchases accordingly.
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 food and beverage costs, 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, July 29, 2021 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 4491322 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 640 restaurants
system-wide in 49 states and ten foreign countries. For more
information, please visit the Company’s 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
pandemic, including reinstated dining room capacity restrictions or
closures, 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 29, 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 Michael
Bailen(502) 515-7298
MediaTravis Doster(502) 638-5457
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Condensed
Consolidated Statements of Income (Loss) |
(in
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
|
|
June 29, 2021 |
|
June 30, 2020 |
|
June 29, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
892,444 |
|
|
$ |
473,090 |
|
|
$ |
1,687,367 |
|
|
$ |
1,120,716 |
|
|
Franchise royalties and fees |
6,344 |
|
|
3,335 |
|
|
12,050 |
|
|
8,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
898,788 |
|
|
476,425 |
|
|
1,699,417 |
|
|
1,128,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (excluding depreciation and amortization
shown separately below): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and
beverage |
295,504 |
|
|
164,041 |
|
|
546,986 |
|
|
374,221 |
|
|
|
Labor |
288,147 |
|
|
194,622 |
|
|
546,183 |
|
|
435,701 |
|
|
|
Rent |
14,956 |
|
|
13,251 |
|
|
29,408 |
|
|
26,722 |
|
|
|
Other
operating |
135,606 |
|
|
89,348 |
|
|
258,985 |
|
|
193,637 |
|
|
Pre-opening |
6,319 |
|
|
4,290 |
|
|
10,587 |
|
|
9,402 |
|
|
Depreciation and amortization |
31,650 |
|
|
29,016 |
|
|
62,519 |
|
|
58,070 |
|
|
Impairment and closure, net |
17 |
|
|
(440 |
) |
|
521 |
|
|
155 |
|
|
General and administrative |
36,861 |
|
|
29,615 |
|
|
73,573 |
|
|
62,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
809,060 |
|
|
523,743 |
|
|
1,528,762 |
|
|
1,160,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
89,728 |
|
|
(47,318 |
) |
|
170,655 |
|
|
(31,528 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
975 |
|
|
1,030 |
|
|
2,435 |
|
|
1,099 |
|
Equity income (loss) from investments in unconsolidated
affiliates |
239 |
|
|
(90 |
) |
|
22 |
|
|
(598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes |
88,992 |
|
|
(48,438 |
) |
|
168,242 |
|
|
(33,225 |
) |
Income tax expense (benefit) |
11,067 |
|
|
(15,132 |
) |
|
23,887 |
|
|
(17,071 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) including noncontrolling interests |
77,925 |
|
|
(33,306 |
) |
|
144,355 |
|
|
(16,154 |
) |
Less: Net income attributable to noncontrolling interests |
2,445 |
|
|
247 |
|
|
4,725 |
|
|
1,370 |
|
Net income (loss) attributable to Texas Roadhouse, Inc. and
subsidiaries |
$ |
75,480 |
|
|
$ |
(33,553 |
) |
|
$ |
139,630 |
|
|
$ |
(17,524 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share attributable to Texas Roadhouse,
Inc. |
|
|
|
|
|
|
|
|
|
and subsidiaries: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.08 |
|
|
$ |
(0.48 |
) |
|
$ |
2.00 |
|
|
$ |
(0.25 |
) |
|
Diluted |
$ |
1.08 |
|
|
$ |
(0.48 |
) |
|
$ |
1.99 |
|
|
$ |
(0.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
69,790 |
|
|
69,361 |
|
|
69,713 |
|
|
69,391 |
|
|
Diluted |
70,161 |
|
|
69,361 |
|
|
70,150 |
|
|
69,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share |
$ |
0.40 |
|
|
$ |
- |
|
|
$ |
0.40 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 29, 2021 |
|
December 29, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
483,419 |
|
|
$ |
363,155 |
|
Other
current assets, net |
|
98,354 |
|
|
147,496 |
|
Property and
equipment, net |
|
1,117,393 |
|
|
1,088,623 |
|
Operating
lease right-of-use assets, net |
|
547,387 |
|
|
530,625 |
|
Goodwill |
|
127,001 |
|
|
127,001 |
|
Intangible
assets, net |
|
1,881 |
|
|
2,271 |
|
Other
assets |
|
73,510 |
|
|
65,990 |
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,448,945 |
|
|
$ |
2,325,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
maturities of long-term debt |
|
- |
|
|
50,000 |
|
Other
current liabilities |
|
479,808 |
|
|
456,318 |
|
Operating
lease liabilities, net of current portion |
|
590,443 |
|
|
572,171 |
|
Long-term
debt, excluding current maturities |
|
190,000 |
|
|
190,000 |
|
Other
liabilities |
|
126,011 |
|
|
113,621 |
|
Texas
Roadhouse, Inc. and subsidiaries stockholders' equity |
|
1,046,835 |
|
|
927,505 |
|
Noncontrolling interests |
|
15,848 |
|
|
15,546 |
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
$ |
2,448,945 |
|
|
$ |
2,325,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Condensed
Consolidated Statements of Cash Flows |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended |
|
|
|
|
June 29, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income (loss) including noncontrolling interests |
|
$ |
144,355 |
|
|
$ |
(16,154 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities |
|
|
|
|
|
Depreciation and amortization |
|
62,519 |
|
|
58,070 |
|
|
Share-based compensation expense |
|
19,817 |
|
|
14,490 |
|
|
Deferred income taxes |
|
2,948 |
|
|
(10,926 |
) |
|
Other noncash adjustments, net |
|
1,955 |
|
|
3,052 |
|
Change in working capital |
|
65,252 |
|
|
13,313 |
|
|
|
Net cash
provided by operating activities |
|
296,846 |
|
|
61,845 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Capital expenditures - property and equipment |
|
(85,068 |
) |
|
(81,833 |
) |
Proceeds from sale leaseback transactions |
|
3,285 |
|
|
2,167 |
|
|
|
Net cash
used in investing activities |
|
(81,783 |
) |
|
(79,666 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
(Payments on) proceeds from revolving credit facility, net |
|
(50,000 |
) |
|
240,000 |
|
Repurchase of shares of common stock |
|
- |
|
|
(12,621 |
) |
Dividends paid |
|
(27,932 |
) |
|
(24,989 |
) |
Other financing activities, net |
|
(16,867 |
) |
|
(9,955 |
) |
|
|
Net cash
(used in) provided by financing activities |
|
(94,799 |
) |
|
192,435 |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
in cash and cash equivalents |
|
120,264 |
|
|
174,614 |
|
Cash and cash equivalents - beginning of period |
|
363,155 |
|
|
107,879 |
|
Cash and cash equivalents - end of period |
|
$ |
483,419 |
|
|
$ |
282,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Reconciliation of Income (loss) from Operations to
Restaurant Margin |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
June 29, 2021 |
|
June 30, 2020 |
|
June 25, 2019 |
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations |
|
$ |
89,728 |
|
|
$ |
(47,318 |
) |
|
$ |
53,283 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
|
6,344 |
|
|
3,335 |
|
|
5,455 |
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
Pre-opening |
|
6,319 |
|
|
4,290 |
|
|
4,197 |
|
Depreciation
and amortization |
|
31,650 |
|
|
29,016 |
|
|
28,454 |
|
Impairment
and closure, net |
|
17 |
|
|
(440 |
) |
|
316 |
|
General and
administrative |
|
36,861 |
|
|
29,615 |
|
|
39,960 |
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin |
|
$ |
158,231 |
|
|
$ |
11,828 |
|
|
$ |
120,755 |
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin (as a percentage of restaurant and other sales) |
|
17.7 |
% |
|
2.5 |
% |
|
17.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended |
|
|
June 29, 2021 |
|
June 30, 2020 |
|
June 25, 2019 |
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations |
|
$ |
170,655 |
|
|
$ |
(31,528 |
) |
|
$ |
113,728 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
|
12,050 |
|
|
8,233 |
|
|
10,946 |
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
Pre-opening |
|
10,587 |
|
|
9,402 |
|
|
8,065 |
|
Depreciation
and amortization |
|
62,519 |
|
|
58,070 |
|
|
56,227 |
|
Impairment
and closure, net |
|
521 |
|
|
155 |
|
|
333 |
|
General and
administrative |
|
73,573 |
|
|
62,569 |
|
|
75,943 |
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin |
|
$ |
305,805 |
|
|
$ |
90,435 |
|
|
$ |
243,350 |
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin (as a percentage of restaurant and other sales) |
|
18.1 |
% |
|
8.1 |
% |
|
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Supplemental
Financial and Operating Information |
($ amounts
in thousands, except weekly sales by group) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
Change |
Year to Date |
Change |
|
|
|
2021 |
2020 |
vs 2020 |
2021 |
2020 |
vs 2020 |
Restaurant openings |
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
6 |
2 |
4 |
8 |
6 |
2 |
|
Company - Bubba's 33 |
2 |
1 |
1 |
3 |
2 |
1 |
|
Company - Jaggers |
0 |
0 |
0 |
0 |
0 |
0 |
|
Franchise - Texas Roadhouse - U.S. |
0 |
0 |
0 |
0 |
1 |
(1) |
|
Franchise - Texas Roadhouse - International |
2 |
0 |
2 |
2 |
0 |
2 |
|
Total |
10 |
3 |
7 |
13 |
9 |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open at the end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
511 |
489 |
22 |
|
|
|
|
|
|
Company - Bubba's 33 |
34 |
30 |
4 |
|
|
|
|
|
|
Company - Jaggers |
3 |
2 |
1 |
|
|
|
|
|
|
Franchise - Texas Roadhouse - U.S. |
69 |
70 |
(1) |
|
|
|
|
|
|
Franchise - Texas Roadhouse - International |
30 |
26 |
4 |
|
|
|
|
|
|
Total |
647 |
617 |
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
Change |
Change |
|
|
|
|
2021 |
2020 |
2019 |
vs 2020 |
vs 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
892,444 |
|
|
$ |
473,090 |
|
|
$ |
684,373 |
|
|
88.6 |
|
% |
30.4 |
|
% |
|
|
Store weeks |
|
7,085 |
|
|
|
6,742 |
|
|
|
6,460 |
|
|
5.1 |
|
% |
9.7 |
|
% |
|
|
Comparable restaurant sales (1) |
|
80.2 |
|
% |
|
(32.8 |
) |
% |
|
4.7 |
|
% |
|
|
|
|
|
|
Texas Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
restaurant sales (1) |
|
79.0 |
|
% |
|
(32.4 |
) |
% |
|
4.6 |
|
% |
|
|
|
|
|
|
|
Average unit
volume (2) |
$ |
1,664 |
|
|
$ |
935 |
|
|
$ |
1,384 |
|
|
78.0 |
|
% |
20.2 |
|
% |
|
|
|
Weekly sales
by group: |
|
|
|
|
|
|
|
|
|
Comparable restaurants (476, 454, and 434 units respectively) |
$ |
128,716 |
|
|
$ |
72,005 |
|
|
$ |
106,838 |
|
|
|
|
|
|
|
|
|
Average unit volume restaurants (3) (19, 20, and 21 units,
respectively) |
$ |
110,459 |
|
|
$ |
69,174 |
|
|
$ |
98,046 |
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months old (16, 15, and 16 units,
respectively) |
$ |
134,822 |
|
|
$ |
61,781 |
|
|
$ |
114,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (as a % of restaurant and other
sales) |
|
|
|
|
|
|
|
|
|
|
Food and beverage costs |
|
33.1 |
|
% |
|
34.7 |
|
% |
|
32.3 |
|
% |
(156 |
) |
bps |
78 |
|
bps |
Labor |
|
32.3 |
|
% |
|
41.1 |
|
% |
|
32.9 |
|
% |
(885 |
) |
bps |
(66 |
) |
bps |
Rent |
|
1.7 |
|
% |
|
2.8 |
|
% |
|
1.9 |
|
% |
(113 |
) |
bps |
(23 |
) |
bps |
Other operating |
|
15.2 |
|
% |
|
18.9 |
|
% |
|
15.2 |
|
% |
(369 |
) |
bps |
3 |
|
bps |
Total |
|
82.3 |
|
% |
|
97.5 |
|
% |
|
82.4 |
|
% |
(1,523 |
) |
bps |
(9 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
17.7 |
|
% |
|
2.5 |
|
% |
|
17.6 |
|
% |
1,523 |
|
bps |
9 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin ($ in thousands) |
$ |
158,231 |
|
|
$ |
11,828 |
|
|
$ |
120,755 |
|
|
1,237.8 |
|
% |
31.0 |
|
% |
|
|
Restaurant margin $/Store week |
$ |
22,333 |
|
|
$ |
1,754 |
|
|
$ |
18,692 |
|
|
1,173.3 |
|
% |
19.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
Franchise royalties and fees |
$ |
6,344 |
|
|
$ |
3,335 |
|
|
$ |
5,455 |
|
|
90.2 |
|
% |
16.3 |
|
% |
|
|
Store weeks |
|
1,269 |
|
|
|
1,248 |
|
|
|
1,208 |
|
|
1.7 |
|
% |
5.1 |
|
% |
|
|
Comparable restaurant sales (1) |
|
86.3 |
|
% |
|
(38.2 |
) |
% |
|
3.7 |
|
% |
|
|
|
|
|
|
U.S. franchise restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
restaurant sales (1) |
|
76.5 |
|
% |
|
(32.1 |
) |
% |
|
4.3 |
|
% |
|
|
|
|
|
|
|
Average unit
volume (2) |
$ |
1,739 |
|
|
$ |
980 |
|
|
$ |
1,433 |
|
|
77.5 |
|
% |
21.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense |
$ |
6,319 |
|
|
$ |
4,290 |
|
|
$ |
4,197 |
|
|
47.3 |
|
% |
50.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
31,650 |
|
|
$ |
29,016 |
|
|
$ |
28,454 |
|
|
9.1 |
|
% |
11.2 |
|
% |
|
|
As a % of revenue |
|
3.5 |
|
% |
|
6.1 |
|
% |
|
4.1 |
|
% |
(257 |
) |
bps |
(60 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
$ |
36,861 |
|
|
$ |
29,615 |
|
|
$ |
39,960 |
|
|
24.5 |
|
% |
(7.8 |
) |
% |
|
|
As a % of revenue |
|
4.1 |
|
% |
|
6.2 |
|
% |
|
5.8 |
|
% |
(211 |
) |
bps |
(169 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Comparable
restaurant sales reflect 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. |
(2) 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. |
(3) 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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