Texas Roadhouse, Inc. Announces Fourth Quarter 2022 Results
February 16 2023 - 4:03PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial
results for the 13 and 52 weeks ended December 27, 2022.
Financial Results
Financial results for the 13 and 52 weeks ended
December 27, 2022 and December 28, 2021 were as follows:
|
Fourth Quarter |
|
Year to Date |
($000's) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
% change |
|
|
2022 |
|
|
2021 |
|
% change |
Total revenue |
$ |
1,009,529 |
|
$ |
895,586 |
|
12.7 |
% |
|
$ |
4,014,919 |
|
$ |
3,463,946 |
15.9 |
% |
Income from operations |
|
68,853 |
|
|
64,839 |
|
6.2 |
% |
|
|
320,197 |
|
|
297,192 |
|
7.7 |
% |
Net income |
|
59,869 |
|
|
53,058 |
|
12.8 |
% |
|
|
269,818 |
|
|
245,294 |
|
10.0 |
% |
Diluted earnings per share |
$ |
0.89 |
|
$ |
0.76 |
|
17.4 |
% |
|
$ |
3.97 |
|
$ |
3.50 |
|
13.5 |
% |
Results for the fourth quarter, as compared to the prior year as
applicable, included the following:
- Comparable
restaurant sales increased 7.3% at company restaurants and
increased 7.2% at domestic franchise restaurants;
- Average weekly
sales at company restaurants were $130,176 of which 12.6% were
to-go sales as compared to average weekly sales of $121,976 of
which 14.4% were to-go sales in the prior year;
- Restaurant
margin, as a percentage of restaurant and other sales, decreased
132 basis points to 14.5% as commodity inflation of 6.6% and wage
and other labor inflation of 7.8% were partially offset by higher
sales. Restaurant margin dollars increased 3.4% to $145.6 million
from $140.8 million in the prior year primarily due to higher
sales;
- Diluted earnings
per share increased 17.4% primarily driven by higher restaurant
margin dollars and lower general and administrative expenses.
Diluted earnings per share also benefitted from increased share
repurchases that occurred in the first half of 2022; and,
- 10 company
restaurants and two international franchise restaurants were
opened.
Results for the year-to-date period, as compared
to the prior year as applicable, included the following:
- Comparable
restaurant sales increased 9.7% at company restaurants and
increased 9.4% at domestic franchise restaurants;
- Average weekly
sales at company restaurants were $131,802 of which 13.3% were
to-go sales as compared to average weekly sales of $120,706 of
which 17.1% were to-go sales in the prior year;
- Restaurant
margin, as a percentage of restaurant and other sales, decreased
118 basis points to 15.7% as commodity inflation of 10.8% and wage
and other labor inflation of 8.3% were partially offset by higher
sales. Restaurant margin dollars increased 7.9% to $627.5 million
from $581.7 million in the prior year primarily due to higher
sales;
- Diluted earnings
per share increased 13.5% primarily driven by higher restaurant
margin dollars partially offset by higher general and
administrative expenses and depreciation and amortization expense.
Diluted earnings per share also benefitted from increased share
repurchases in the first half of 2022;
- 23 company
restaurants and seven international franchise restaurants were
opened. In addition, the Company acquired eight domestic franchise
restaurants; and,
- The Company
repurchased 2,734,005 shares of common stock for $212.9
million.
Jerry Morgan, Chief Executive Officer of Texas
Roadhouse, Inc. commented, “We had another record year in 2022,
highlighted by over $4 billion in revenue and double-digit bottom
line growth in spite of significant cost pressures. I am extremely
proud of our operators who continue to drive sales and consistently
deliver on our legendary promise.”
Morgan continued, “As we celebrate our 30th
anniversary this month, our focus will be on what got us
here—providing our guests a legendary experience in all 700 of our
restaurants each and every shift. We are excited about our
continued growth in 2023, which includes the potential to open a
record number of systemwide locations across all of our brands. We
are confident this growth, along with our ability to allocate
capital for the benefit of our shareholders, will continue to
create long term value.”
Franchise acquisitions
On December 28, 2022, the first day of the 2023
fiscal year, the Company completed the acquisition of eight
domestic franchise restaurants for an aggregate purchase price of
approximately $39.0 million.
2023 Outlook
Comparable restaurant sales at company
restaurants for the first seven weeks of our first quarter of
fiscal 2023 increased 15.8% compared to 2022. In addition, the
Company plans to implement a menu price increase of approximately
2.2% in late March.
Management updated the following expectations
for 2023:
- Store week growth of at least 6%
including the impact of the franchise locations acquired;
- 25 to 30 Texas Roadhouse and
Bubba’s 33 company restaurant openings; and,
- An effective income tax rate of
approximately 14% excluding the impact of any legislative changes
enacted.
Management reiterated the following expectations
for 2023:
- Positive comparable restaurant
sales growth including the benefit of 2022 menu pricing
actions;
- Commodity cost inflation of 5% to
6%;
- Wage and other labor inflation of
5% to 6%; and,
- Total capital expenditures of
approximately $265 million.
Cash Dividend Payment
On February 14, 2023, the Company’s Board of
Directors authorized the payment of a quarterly cash dividend of
$0.55 per share of common stock. This payment, which represents a
20% increase from the quarterly cash dividend authorized in 2022,
will be distributed on March 24, 2023, to shareholders of record at
the close of business on March 8, 2023.
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 also includes sales and operating costs
related to the Company’s non-royalty based retail initiatives.
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
core restaurant-level operating efficiency and performance over
various reporting periods on a consistent basis. In calculating
restaurant margin, the Company excludes certain
non-restaurant-level costs that support operations, including
general and administrative expenses, but do not have a direct
impact on restaurant-level operational efficiency and performance.
The Company also excludes pre-opening expense as it occurs at
irregular intervals and would impact comparability to prior period
results. 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, Inc. is hosting a conference
call today, February 16, 2023, at 5:00 p.m. Eastern Time to discuss
these results. The call will be webcast live from the investor
relations portion of the Company's website at
www.texasroadhouse.com. Listeners may also access the call by
dialing (888) 440-5667 or (646) 960-0476 for international calls
and referencing the Texas Roadhouse, Inc. Fourth Quarter 2022
Earnings. A replay of the call will be available until February 23,
2023, by dialing (800) 770-2030 or (647) 362-9199 for international
calls.
About the Company
Texas Roadhouse, Inc. is a growing restaurant
company operating predominantly in the casual dining segment that
first opened in 1993 and today has grown to over 700 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. 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; labor or supply chain
shortages or limited availability of staff or product needed to
meet our business standards; 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
28, 2021. 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 |
Media |
Michael Bailen |
Travis Doster |
(502) 515-7298 |
(502) 638-5457 |
Texas Roadhouse, Inc. and Subsidiaries |
Consolidated Statements of Income |
(in thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
52 Weeks Ended |
|
|
|
December 27, 2022 |
|
December 28, 2021 |
|
|
December 27, 2022 |
|
December 28, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
1,002,763 |
|
|
$ |
889,052 |
|
|
$ |
3,988,791 |
|
|
$ |
3,439,176 |
|
|
Franchise royalties and fees |
6,766 |
|
|
6,534 |
|
|
26,128 |
|
|
24,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
1,009,529 |
|
|
895,586 |
|
|
4,014,919 |
|
|
3,463,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (excluding depreciation and amortization
shown separately below): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage |
351,723 |
|
|
311,478 |
|
|
1,378,192 |
|
|
1,156,628 |
|
|
|
Labor |
334,827 |
|
|
290,227 |
|
|
1,319,959 |
|
|
1,123,003 |
|
|
|
Rent |
17,049 |
|
|
15,508 |
|
|
66,834 |
|
|
60,005 |
|
|
|
Other operating |
153,591 |
|
|
131,054 |
|
|
596,305 |
|
|
517,808 |
|
|
Pre-opening |
6,568 |
|
|
7,008 |
|
|
21,883 |
|
|
24,335 |
|
|
Depreciation and amortization |
35,462 |
|
|
32,615 |
|
|
137,237 |
|
|
126,761 |
|
|
Impairment and closure, net |
1,063 |
|
|
184 |
|
|
1,600 |
|
|
734 |
|
|
General and administrative |
40,393 |
|
|
42,673 |
|
|
172,712 |
|
|
157,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
940,676 |
|
|
830,747 |
|
|
3,694,722 |
|
|
3,166,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
68,853 |
|
|
64,839 |
|
|
320,197 |
|
|
297,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income)/expense, net |
|
(753 |
) |
|
624 |
|
|
124 |
|
|
3,663 |
|
Equity income (loss) from investments in unconsolidated
affiliates |
170 |
|
|
|
(925 |
) |
|
1,239 |
|
|
|
(637 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
69,776 |
|
|
63,290 |
|
|
321,312 |
|
|
292,892 |
|
Income tax expense |
8,007 |
|
|
8,547 |
|
|
43,715 |
|
|
39,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
61,769 |
|
|
54,743 |
|
|
277,597 |
|
|
253,314 |
|
Less: Net income attributable to noncontrolling interests |
1,900 |
|
|
1,685 |
|
|
7,779 |
|
|
8,020 |
|
Net income attributable to Texas Roadhouse, Inc. and
subsidiaries |
$ |
59,869 |
|
|
$ |
53,058 |
|
|
$ |
269,818 |
|
|
$ |
245,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Texas Roadhouse,
Inc. and subsidiaries: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.89 |
|
|
$ |
0.76 |
|
|
$ |
3.99 |
|
|
$ |
3.52 |
|
|
Diluted |
$ |
0.89 |
|
|
$ |
0.76 |
|
|
$ |
3.97 |
|
|
$ |
3.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
66,946 |
|
|
69,601 |
|
|
67,643 |
|
|
69,709 |
|
|
Diluted |
67,270 |
|
|
69,969 |
|
|
67,920 |
|
|
70,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share |
$ |
0.46 |
|
|
$ |
0.40 |
|
|
$ |
1.84 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 27, 2022 |
|
December 28, 2021 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
173,861 |
|
|
$ |
335,645 |
|
|
Other current
assets, net |
|
|
222,980 |
|
|
|
227,880 |
|
|
Property and
equipment, net |
|
|
1,270,349 |
|
|
|
1,162,441 |
|
|
Operating lease
right-of-use assets, net |
|
|
630,258 |
|
|
|
578,413 |
|
|
Goodwill |
|
|
148,732 |
|
|
|
127,001 |
|
|
Intangible assets,
net |
|
|
5,607 |
|
|
|
1,520 |
|
|
Other assets |
|
|
73,878 |
|
|
|
79,052 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,525,665 |
|
|
$ |
2,511,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current
liabilities |
|
|
652,010 |
|
|
|
602,144 |
|
|
Operating lease
liabilities, net of current portion |
|
|
677,874 |
|
|
|
622,892 |
|
|
Long-term
debt |
|
|
50,000 |
|
|
|
100,000 |
|
|
Other
liabilities |
|
|
118,119 |
|
|
|
113,432 |
|
|
Texas Roadhouse,
Inc. and subsidiaries stockholders' equity |
|
|
1,012,638 |
|
|
|
1,058,124 |
|
|
Noncontrolling
interests |
|
|
15,024 |
|
|
|
15,360 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and equity |
|
$ |
2,525,665 |
|
|
$ |
2,511,952 |
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
|
Condensed
Consolidated Statements of Cash Flows |
|
(in
thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 Weeks Ended |
|
|
|
|
December 27, 2022 |
|
December 28, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income including noncontrolling interests |
|
$
277,597 |
|
|
$
253,314 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
|
Depreciation and amortization |
|
137,237 |
|
|
126,761 |
|
|
Share-based compensation expense |
|
36,663 |
|
|
38,139 |
|
|
Deferred income taxes |
|
9,456 |
|
|
8,896 |
|
|
Other noncash adjustments, net |
|
6,792 |
|
|
5,555 |
|
Change in working capital |
|
43,980 |
|
|
36,161 |
|
|
|
Net cash
provided by operating activities |
|
511,725 |
|
|
468,826 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Capital expenditures - property and equipment |
|
(246,121) |
|
|
(200,692) |
|
Acquistion of franchise restaurants, net of cash acquired |
|
(33,069) |
|
|
- |
|
Proceeds from sale of investment in unconsolidated affiliate |
|
316 |
|
|
- |
|
Proceeds from sale of property and equipment |
|
2,269 |
|
|
- |
|
Proceeds from sale leaseback transactions |
|
12,871 |
|
|
5,588 |
|
|
|
Net cash
used in investing activities |
|
(263,734) |
|
|
(195,104) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Payments on revolving credit facility, net |
|
(50,000) |
|
|
(140,000) |
|
Repurchase of shares of common stock |
|
(212,859) |
|
|
(51,634) |
|
Dividends paid |
|
(124,137) |
|
|
(83,658) |
|
Other financing activities, net |
|
(22,779) |
|
|
(25,940) |
|
|
|
Net cash
used in financing activities |
|
(409,775) |
|
|
(301,232) |
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease
in cash and cash equivalents |
|
(161,784) |
|
|
(27,510) |
|
Cash and cash equivalents - beginning of period |
|
335,645 |
|
|
363,155 |
|
Cash and cash equivalents - end of period |
|
$ 173,861 |
|
|
$ 335,645 |
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Reconciliation of Income from Operations to Restaurant
Margin |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
52 Weeks Ended |
|
|
December 27, 2022 |
December 28, 2021 |
December 27, 2022 |
December 28, 2021 |
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
68,853 |
|
|
$ |
64,839 |
|
|
$ |
320,197 |
|
|
$ |
297,192 |
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Franchise royalties and fees |
|
|
6,766 |
|
|
|
6,534 |
|
|
|
26,128 |
|
|
|
24,770 |
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
Pre-opening |
|
|
6,568 |
|
|
|
7,008 |
|
|
|
21,883 |
|
|
|
24,335 |
|
Depreciation and amortization |
|
|
35,462 |
|
|
|
32,615 |
|
|
|
137,237 |
|
|
|
126,761 |
|
Impairment and closure, net |
|
|
1,063 |
|
|
|
184 |
|
|
|
1,600 |
|
|
|
734 |
|
General and administrative |
|
|
40,393 |
|
|
|
42,673 |
|
|
|
172,712 |
|
|
|
157,480 |
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
$ |
145,573 |
|
|
$ |
140,785 |
|
|
$ |
627,501 |
|
|
$ |
581,732 |
|
|
|
|
|
|
|
|
|
|
Restaurant margin (as a percentage of restaurant and other
sales) |
|
|
14.5% |
|
|
|
15.8% |
|
|
|
15.7% |
|
|
|
16.9% |
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Supplemental Financial and Operating
Information |
($ amounts in thousands, except weekly sales by
group) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
|
|
Year to Date |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Change |
|
2022 |
|
|
2021 |
|
Change |
Restaurant
openings |
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
7 |
|
|
9 |
|
(2) |
|
|
18 |
|
|
23 |
|
(5) |
|
|
Company - Bubba's
33 |
|
2 |
|
|
1 |
|
1 |
|
|
4 |
|
|
5 |
|
(1) |
|
|
Company -
Jaggers |
|
1 |
|
|
1 |
|
0 |
|
|
1 |
|
|
1 |
|
0 |
|
|
Franchise - Texas
Roadhouse - U.S. |
|
0 |
|
|
1 |
|
(1) |
|
|
0 |
|
|
1 |
|
(1) |
|
|
Franchise - Texas
Roadhouse - International |
|
2 |
|
|
1 |
|
1 |
|
|
7 |
|
|
3 |
|
4 |
|
|
Total |
|
12 |
|
|
13 |
|
(1) |
|
|
30 |
|
|
33 |
|
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
acquisitions/dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas
Roadhouse |
|
0 |
|
|
0 |
|
0 |
|
|
8 |
|
|
0 |
|
8 |
|
|
Franchise - Texas
Roadhouse - U.S. |
|
0 |
|
|
0 |
|
0 |
|
|
(8) |
|
|
0 |
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open
at the end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas
Roadhouse |
|
552 |
|
|
526 |
|
26 |
|
|
|
|
|
|
|
|
Company - Bubba's
33 |
|
40 |
|
|
36 |
|
4 |
|
|
|
|
|
|
|
|
Company -
Jaggers |
|
5 |
|
|
4 |
|
1 |
|
|
|
|
|
|
|
|
Franchise - Texas
Roadhouse - U.S. |
|
62 |
|
|
70 |
|
(8) |
|
|
|
|
|
|
|
|
Franchise - Texas
Roadhouse - International |
|
38 |
|
|
31 |
|
7 |
|
|
|
|
|
|
|
|
Total |
|
697 |
|
|
667 |
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Change |
|
|
|
|
|
|
Company
restaurants (all concepts) |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant and
other sales |
$ |
1,002,763 |
|
$ |
889,052 |
|
12.8 |
|
% |
|
|
|
|
|
|
Store weeks |
|
7,691 |
|
|
7,288 |
|
5.5 |
|
% |
|
|
|
|
|
|
Comparable
restaurant sales (1) |
|
7.3 |
% |
|
33.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
operating costs (as a % of restaurant and other sales) |
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage
costs |
|
35.1 |
% |
|
35.0 |
% |
4 |
|
bps |
|
|
|
|
|
|
Labor |
|
33.4 |
% |
|
32.6 |
% |
75 |
|
bps |
|
|
|
|
|
|
Rent |
|
1.7 |
% |
|
1.7 |
% |
(4 |
) |
bps |
|
|
|
|
|
|
Other
operating |
|
15.3 |
% |
|
14.7 |
% |
58 |
|
bps |
|
|
|
|
|
|
Total |
|
85.5 |
% |
|
84.2 |
% |
132 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
14.5 |
% |
|
15.8 |
% |
(132 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin ($ in
thousands) |
$ |
145,573 |
|
$ |
140,785 |
|
3.4 |
|
% |
|
|
|
|
|
|
|
Restaurant margin $/Store
week |
$ |
18,927 |
|
$ |
19,318 |
|
(2.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse
restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Store weeks |
|
7,123 |
|
|
6,779 |
|
5.1 |
|
% |
|
|
|
|
|
|
|
Comparable restaurant sales
(1) |
|
7.3 |
% |
|
33.3 |
% |
|
|
|
|
|
|
|
|
|
Average unit volume (2) |
$ |
1,720 |
|
$ |
1,604 |
|
7.2 |
|
% |
|
|
|
|
|
|
|
Weekly sales by group: |
|
|
|
|
|
|
|
|
|
Comparable restaurants (513
and 489 units) |
$ |
132,430 |
|
$ |
123,860 |
|
|
|
|
|
|
|
|
|
|
Average unit volume
restaurants (24 and 16 units) |
$ |
129,117 |
|
$ |
113,657 |
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months
old (15 and 21 units) |
$ |
141,991 |
|
$ |
130,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bubba's 33
restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Store weeks |
|
504 |
|
|
463 |
|
8.9 |
|
% |
|
|
|
|
|
|
|
Comparable restaurant sales
(1) |
|
6.6 |
% |
|
30.8 |
% |
|
|
|
|
|
|
|
|
|
Average unit volume (2) |
$ |
1,391 |
|
$ |
1,279 |
|
8.8 |
|
% |
|
|
|
|
|
|
|
Weekly sales by group: |
|
|
|
|
|
|
|
|
|
Comparable restaurants (32 and
29 units) |
$ |
104,880 |
|
$ |
99,465 |
|
|
|
|
|
|
|
|
|
|
Average unit volume
restaurants (4 and 3 units) |
$ |
124,063 |
|
$ |
87,844 |
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months
old (4 and 4 units) |
$ |
104,110 |
|
$ |
136,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
$ |
6,766 |
|
$ |
6,534 |
|
3.6 |
|
% |
|
|
|
|
|
|
Store weeks |
|
1,287 |
|
|
1,301 |
|
(1.1 |
) |
% |
|
|
|
|
|
|
Comparable
restaurant sales |
|
6.1 |
% |
|
30.6 |
% |
|
|
|
|
|
|
|
|
U.S. franchise
restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales |
|
7.2 |
% |
|
34.8 |
% |
|
|
|
|
|
|
|
|
|
Average unit volume |
$ |
1,818 |
|
$ |
1,684 |
|
8.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, excluding sales from restaurants permanently closed
during the period. |
(2) Average
unit volume includes sales from restaurants open for a full six
months before the beginning of the period, excluding sales from
restaurants permanently closed during the period. |
Amounts may not
foot due to rounding. |
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