Texas Roadhouse, Inc. Announces Second Quarter 2023 Results
27 Luglio 2023 - 10:03PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial
results for the 13 and 26 weeks ended June 27, 2023.
Financial Results
Financial results for the 13 and 26 weeks ended
June 27, 2023 and June 28, 2022 were as follows:
|
Second Quarter |
|
Year to Date |
|
($000's) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
% change |
|
|
2023 |
|
|
2022 |
|
% change |
|
Total revenue |
$ |
1,171,203 |
|
$ |
1,024,606 |
|
14.3 |
% |
|
$ |
2,345,559 |
|
$ |
2,012,092 |
|
16.6 |
% |
|
Income from
operations |
|
95,412 |
|
|
85,918 |
|
11.1 |
% |
|
|
196,357 |
|
|
176,056 |
|
11.5 |
% |
|
Net
income |
|
82,271 |
|
|
72,419 |
|
13.6 |
% |
|
|
168,658 |
|
|
147,621 |
|
14.3 |
% |
|
Diluted
earnings per share |
$ |
1.22 |
|
$ |
1.07 |
|
14.7 |
% |
|
$ |
2.51 |
|
$ |
2.15 |
|
16.6 |
% |
|
Results for the second quarter, as compared to the prior year as
applicable, included the following:
- Comparable
restaurant sales increased 9.1% at company restaurants and
increased 9.2% at domestic franchise restaurants;
- Average weekly
sales at company restaurants were $146,727 of which $18,496 were
to-go sales as compared to average weekly sales of $135,552 of
which $17,794 were to-go sales in the prior year;
- Restaurant
margin dollars increased 8.3% to $182.8 million from $168.7 million
in the prior year primarily due to higher sales. Restaurant margin,
as a percentage of restaurant and other sales, decreased 88 basis
points to 15.7% as commodity inflation of 6.0% and wage and other
labor inflation of 7.0% were partially offset by higher sales;
- Diluted earnings
per share increased 14.7% primarily driven by higher restaurant
margin dollars partially offset by higher depreciation and
amortization and higher general and administrative expenses;
- Three company
restaurants and three franchise restaurants were opened; and,
- The Company
repurchased 213,975 shares of common stock for $23.4 million.
Results for the year-to-date period, as compared
to the prior year as applicable, included the following:
- Comparable
restaurant sales increased 11.0% at company restaurants and
increased 11.2% at domestic franchise restaurants;
- Average weekly
sales at company restaurants were $147,579 of which $18,762 were
to-go sales as compared to average weekly sales of $133,917 of
which $18,671 were to-go sales in the prior year;
- Restaurant
margin dollars increased 11.7% to $368.5 million from $329.9
million in the prior year primarily due to higher sales. Restaurant
margin, as a percentage of restaurant and other sales, decreased 70
basis points to 15.8% as commodity inflation of 7.4% and wage and
other labor inflation of 7.4% were partially offset by higher
sales;
- Diluted earnings
per share increased 16.6% primarily driven by higher restaurant
margin dollars partially offset by higher general and
administrative expenses and higher depreciation and amortization
expense;
- Nine company
restaurants and four franchise restaurants were opened; and,
- The Company
repurchased 306,726 shares of common stock for $33.1 million.
Jerry Morgan, Chief Executive Officer of Texas
Roadhouse, Inc. commented, “Once again, our operators generated
tremendous sales momentum, including higher guest counts.
This increase in quarterly sales helped offset rising costs and
allowed us to further grow our bottom line.”
Morgan continued, “On the development front, we
have a significant number of company and franchise locations that
will open in the second half of the year. This includes the
first franchise location for Jaggers, our fast-casual concept, that
opened in Jacksonville, North Carolina, last week. We
remain confident that our continued development of all three
concepts, along with a strong balance sheet and disciplined capital
allocation strategy will generate long-term shareholder value.”
2023
Outlook
Comparable restaurant sales at company
restaurants for the first four weeks of our third quarter of fiscal
2023 increased 10.7% compared to 2022.
Management reiterated the following expectations
for 2023:
- Positive comparable restaurant
sales growth including the benefit of menu pricing actions;
and,
- Commodity cost inflation of 5% to
6%.
Management updated the following expectations
for 2023:
- Store week growth of approximately 6% including the impact of
franchise locations acquired;
- As many as 28 Texas Roadhouse and Bubba’s 33 company restaurant
openings;
- Wage and other labor inflation of 6% to 7%;
- An effective income tax rate of 13%
to 14% excluding the impact of any legislative changes enacted;
and,
- Total capital expenditures of approximately $300 million.
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 excludes pre-opening expense as it occurs at irregular
intervals and would impact comparability to prior period results.
The Company 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 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, July 27, 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. Second Quarter 2023
Earnings. A replay of the call will be available until August 3,
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 710 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; changes in consumer discretionary
spending and macroeconomic conditions, including inflationary
pressures; 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 27, 2022. 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 |
|
|
26 Weeks Ended |
|
|
|
|
June 27, 2023 |
|
|
June 28, 2022 |
|
|
June 27, 2023 |
|
|
June 28, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
1,164,385 |
|
|
$ |
1,018,057 |
|
|
|
$ |
2,331,968 |
|
|
$ |
1,999,029 |
|
|
|
Franchise
royalties and fees |
|
6,818 |
|
|
|
6,549 |
|
|
|
|
13,591 |
|
|
|
13,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
1,171,203 |
|
|
|
1,024,606 |
|
|
|
|
2,345,559 |
|
|
|
2,012,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs
(excluding depreciation and amortization shown separately
below): |
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage |
|
401,204 |
|
|
|
347,041 |
|
|
|
|
811,915 |
|
|
|
684,437 |
|
|
|
Labor |
|
391,337 |
|
|
|
333,042 |
|
|
|
|
777,156 |
|
|
|
654,913 |
|
|
|
Rent |
|
17,996 |
|
|
|
16,714 |
|
|
|
|
35,824 |
|
|
|
33,082 |
|
|
|
Other operating |
|
171,092 |
|
|
|
152,524 |
|
|
|
|
338,621 |
|
|
|
296,678 |
|
|
|
Pre-opening |
|
5,671 |
|
|
|
5,323 |
|
|
|
|
11,048 |
|
|
|
9,614 |
|
|
|
Depreciation and
amortization |
|
37,413 |
|
|
|
34,420 |
|
|
|
|
73,640 |
|
|
|
68,040 |
|
|
|
Impairment and
closure, net |
|
78 |
|
|
|
411 |
|
|
|
|
133 |
|
|
|
(235 |
) |
|
|
General and
administrative |
|
51,000 |
|
|
|
49,213 |
|
|
|
|
100,865 |
|
|
|
89,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses |
|
1,075,791 |
|
|
|
938,688 |
|
|
|
|
2,149,202 |
|
|
|
1,836,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
95,412 |
|
|
|
85,918 |
|
|
|
|
196,357 |
|
|
|
176,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(expense), net |
|
996 |
|
|
|
(395 |
) |
|
|
|
2,234 |
|
|
|
(792 |
) |
|
Equity income from
investments in unconsolidated affiliates |
|
287 |
|
|
|
545 |
|
|
|
|
1,042 |
|
|
|
879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
96,695 |
|
|
|
86,068 |
|
|
|
|
199,633 |
|
|
|
176,143 |
|
|
Income tax
expense |
|
12,270 |
|
|
|
11,531 |
|
|
|
|
26,604 |
|
|
|
24,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
including noncontrolling interests |
|
84,425 |
|
|
|
74,537 |
|
|
|
|
173,029 |
|
|
|
151,865 |
|
|
Less: Net income
attributable to noncontrolling interests |
|
2,154 |
|
|
|
2,118 |
|
|
|
|
4,371 |
|
|
|
4,244 |
|
|
Net income
attributable to Texas Roadhouse, Inc. and subsidiaries |
$ |
82,271 |
|
|
$ |
72,419 |
|
|
|
$ |
168,658 |
|
|
$ |
147,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share attributable to Texas Roadhouse, Inc. |
|
|
|
|
|
|
|
|
|
|
and
subsidiaries: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.23 |
|
|
$ |
1.07 |
|
|
|
$ |
2.52 |
|
|
$ |
2.16 |
|
|
|
Diluted |
$ |
1.22 |
|
|
$ |
1.07 |
|
|
|
$ |
2.51 |
|
|
$ |
2.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
66,974 |
|
|
|
67,654 |
|
|
|
|
66,995 |
|
|
|
68,370 |
|
|
|
Diluted |
|
67,229 |
|
|
|
67,890 |
|
|
|
|
67,261 |
|
|
|
68,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per share |
$ |
0.55 |
|
|
$ |
0.46 |
|
|
|
$ |
1.10 |
|
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
June 27, 2023 |
|
December 27, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
107,324 |
|
$ |
173,861 |
|
|
Other current
assets, net |
|
|
125,961 |
|
|
222,980 |
|
|
Property and
equipment, net |
|
|
1,360,132 |
|
|
1,270,349 |
|
|
Operating lease
right-of-use assets, net |
|
|
662,730 |
|
|
630,258 |
|
|
Goodwill |
|
|
169,684 |
|
|
148,732 |
|
|
Intangible assets,
net |
|
|
4,986 |
|
|
5,607 |
|
|
Other assets |
|
|
84,174 |
|
|
73,878 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,514,991 |
|
$ |
2,525,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current
liabilities |
|
|
571,983 |
|
|
652,010 |
|
|
Operating lease
liabilities, net of current portion |
|
|
712,800 |
|
|
677,874 |
|
|
Long-term
debt |
|
|
- |
|
|
50,000 |
|
|
Other
liabilities |
|
|
131,958 |
|
|
118,119 |
|
|
Texas Roadhouse,
Inc. and subsidiaries stockholders' equity |
|
|
1,082,982 |
|
|
1,012,638 |
|
|
Noncontrolling
interests |
|
|
15,268 |
|
|
15,024 |
|
|
|
|
|
|
|
|
|
|
Total liabilities
and equity |
|
$ |
2,514,991 |
|
$ |
2,525,665 |
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended |
|
|
|
|
|
June 27, 2023 |
|
June 28, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from operating activities: |
|
|
|
|
Net income
including noncontrolling interests |
|
$ |
173,029 |
|
|
$ |
151,865 |
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities |
|
|
|
|
|
Depreciation and
amortization |
|
|
73,640 |
|
|
|
68,040 |
|
|
|
Share-based
compensation expense |
|
|
16,744 |
|
|
|
18,612 |
|
|
|
Deferred income
taxes |
|
|
1,767 |
|
|
|
3,906 |
|
|
|
Other noncash
adjustments, net |
|
|
2,831 |
|
|
|
2,144 |
|
|
Change in working
capital, net of acquisitions |
|
|
20,222 |
|
|
|
54,136 |
|
|
|
|
Net cash provided by operating activities |
|
|
288,233 |
|
|
|
298,703 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
|
Capital
expenditures - property and equipment |
|
|
(154,580 |
) |
|
|
(108,567 |
) |
|
Acquisition of
franchise restaurants, net of cash acquired |
|
|
(39,153 |
) |
|
|
(33,069 |
) |
|
Proceeds from sale
of investments in unconsolidated affiliates |
|
|
632 |
|
|
|
316 |
|
|
Proceeds from the
sale of property and equipment |
|
|
- |
|
|
|
2,188 |
|
|
Proceeds from sale
leaseback transactions |
|
|
7,097 |
|
|
|
- |
|
|
|
|
Net cash used in investing
activities |
|
|
(186,004 |
) |
|
|
(139,132 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
|
|
Payments on
revolving credit facility |
|
|
(50,000 |
) |
|
|
(25,000 |
) |
|
Repurchase of
shares of common stock |
|
|
(33,058 |
) |
|
|
(212,859 |
) |
|
Dividends
paid |
|
|
(73,698 |
) |
|
|
(62,547 |
) |
|
Other financing
activities, net |
|
|
(12,010 |
) |
|
|
(14,399 |
) |
|
|
|
Net cash used in financing
activities |
|
|
(168,766 |
) |
|
|
(314,805 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash
equivalents |
|
|
(66,537 |
) |
|
|
(155,234 |
) |
|
Cash and cash
equivalents - beginning of period |
|
|
173,861 |
|
|
|
335,645 |
|
|
Cash and cash
equivalents - end of period |
|
$ |
107,324 |
|
|
$ |
180,411 |
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Reconciliation of Income from Operations to Restaurant
Margin |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
|
|
June 27, 2023 |
|
June 28, 2022 |
|
June 27, 2023 |
|
June 28, 2022 |
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
95,412 |
|
|
$ |
85,918 |
|
|
$ |
196,357 |
|
|
$ |
176,056 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Franchise royalties and
fees |
|
|
6,818 |
|
|
|
6,549 |
|
|
|
13,591 |
|
|
|
13,063 |
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
Pre-opening |
|
|
5,671 |
|
|
|
5,323 |
|
|
|
11,048 |
|
|
|
9,614 |
|
|
Depreciation and
amortization |
|
|
37,413 |
|
|
|
34,420 |
|
|
|
73,640 |
|
|
|
68,040 |
|
|
Impairment and closure,
net |
|
|
78 |
|
|
|
411 |
|
|
|
133 |
|
|
|
(235 |
) |
|
General and
administrative |
|
|
51,000 |
|
|
|
49,213 |
|
|
|
100,865 |
|
|
|
89,507 |
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
$ |
182,756 |
|
|
$ |
168,736 |
|
|
$ |
368,452 |
|
|
$ |
329,919 |
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin(as a
percentage of restaurant and other sales) |
|
|
15.7 |
% |
|
|
16.6 |
% |
|
|
15.8 |
% |
|
|
16.5 |
% |
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
|
Supplemental Financial and Operating
Information |
|
($ amounts in thousands, except weekly sales by
group) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
|
|
Year to Date |
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
2023 |
|
|
2022 |
|
|
Change |
|
Restaurant
openings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas
Roadhouse |
|
2 |
|
|
|
4 |
|
|
(2) |
|
|
6 |
|
|
7 |
|
|
(1) |
|
|
|
Company - Bubba's
33 |
|
1 |
|
|
|
1 |
|
|
0 |
|
|
1 |
|
|
1 |
|
|
0 |
|
|
|
Company -
Jaggers |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
2 |
|
|
0 |
|
|
2 |
|
|
|
Franchise - Texas
Roadhouse - U.S. |
|
1 |
|
|
|
0 |
|
|
1 |
|
|
1 |
|
|
0 |
|
|
1 |
|
|
|
Franchise - Texas
Roadhouse - International |
|
2 |
|
|
|
1 |
|
|
1 |
|
|
3 |
|
|
3 |
|
|
0 |
|
|
|
Total |
|
6 |
|
|
|
6 |
|
|
0 |
|
|
13 |
|
|
11 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
acquisitions/dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas
Roadhouse |
|
0 |
|
|
|
1 |
|
|
(1) |
|
|
8 |
|
|
8 |
|
|
0 |
|
|
|
Franchise - Texas
Roadhouse - U.S. |
|
0 |
|
|
|
(1) |
|
|
1 |
|
|
(8) |
|
|
(8) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
closures |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas
Roadhouse |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
Franchise - Texas
Roadhouse - U.S. |
|
(1) |
|
|
|
0 |
|
|
(1) |
|
|
(1) |
|
|
0 |
|
|
(1) |
|
|
|
Total |
|
(1) |
|
|
|
0 |
|
|
(1) |
|
|
(1) |
|
|
0 |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open
at the end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas
Roadhouse |
|
566 |
|
|
|
541 |
|
|
25 |
|
|
|
|
|
|
|
|
|
Company - Bubba's
33 |
|
41 |
|
|
|
37 |
|
|
4 |
|
|
|
|
|
|
|
|
|
Company -
Jaggers |
|
7 |
|
|
|
4 |
|
|
3 |
|
|
|
|
|
|
|
|
|
Franchise - Texas
Roadhouse - U.S. |
|
54 |
|
|
|
62 |
|
|
(8) |
|
|
|
|
|
|
|
|
|
Franchise - Texas
Roadhouse - International |
|
41 |
|
|
|
34 |
|
|
7 |
|
|
|
|
|
|
|
|
|
Total |
|
709 |
|
|
|
678 |
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
|
|
|
|
|
|
Company
restaurants (all concepts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant and
other sales |
$ |
1,164,385 |
|
|
$ |
1,018,057 |
|
|
14.4 |
|
% |
|
|
|
|
|
|
|
Store weeks |
|
7,960 |
|
|
|
7,536 |
|
|
5.6 |
|
% |
|
|
|
|
|
|
|
Comparable
restaurant sales (1) |
|
9.1 |
|
% |
|
7.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
operating costs (as a % of restaurant and other sales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage
costs |
|
34.5 |
|
% |
|
34.1 |
|
% |
37 |
|
bps |
|
|
|
|
|
|
|
Labor |
|
33.6 |
|
% |
|
32.7 |
|
% |
90 |
|
bps |
|
|
|
|
|
|
|
Rent |
|
1.5 |
|
% |
|
1.6 |
|
% |
(10 |
) |
bps |
|
|
|
|
|
|
|
Other
operating |
|
14.7 |
|
% |
|
15.0 |
|
% |
(29 |
) |
bps |
|
|
|
|
|
|
|
Total |
|
84.3 |
|
% |
|
83.4 |
|
% |
88 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
15.7 |
|
% |
|
16.6 |
|
% |
(88 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin ($ in
thousands) |
$ |
182,756 |
|
|
$ |
168,736 |
|
|
8.3 |
|
% |
|
|
|
|
|
|
|
|
Restaurant margin $/Store
week |
$ |
22,961 |
|
|
$ |
22,390 |
|
|
2.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse
restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store weeks |
|
7,343 |
|
|
|
7,006 |
|
|
4.8 |
|
% |
|
|
|
|
|
|
|
|
Comparable restaurant sales
(1) |
|
9.4 |
|
% |
|
7.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
Average unit volume (2) |
$ |
1,946 |
|
|
$ |
1,781 |
|
|
9.2 |
|
% |
|
|
|
|
|
|
|
|
Weekly sales by group: |
|
|
|
|
|
|
|
|
|
|
Comparable restaurants (533
and 503 units) |
$ |
149,847 |
|
|
$ |
137,599 |
|
|
|
|
|
|
|
|
|
|
|
|
Average unit volume
restaurants (20 and 22 units) |
$ |
144,554 |
|
|
$ |
132,222 |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months
old (13 and 16 units) |
$ |
158,608 |
|
|
$ |
145,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bubba's 33
restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store weeks |
|
526 |
|
|
|
478 |
|
|
10.0 |
|
% |
|
|
|
|
|
|
|
|
Comparable restaurant sales
(1) |
|
3.9 |
|
% |
|
8.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
Average unit volume (2) |
$ |
1,514 |
|
|
$ |
1,475 |
|
|
2.6 |
|
% |
|
|
|
|
|
|
|
|
Weekly sales by group: |
|
|
|
|
|
|
|
|
|
|
Comparable restaurants (35 and
31 units) |
$ |
117,906 |
|
|
$ |
110,740 |
|
|
|
|
|
|
|
|
|
|
|
|
Average unit volume
restaurants (3 and 4 units) |
$ |
99,324 |
|
|
$ |
134,386 |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months
old (3 and 2 units) |
$ |
123,594 |
|
|
$ |
128,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
$ |
6,818 |
|
|
$ |
6,549 |
|
|
4.1 |
|
% |
|
|
|
|
|
|
|
Store weeks |
|
1,220 |
|
|
|
1,238 |
|
|
(1.5 |
) |
% |
|
|
|
|
|
|
|
Comparable
restaurant sales |
|
10.8 |
|
% |
|
8.7 |
|
% |
|
|
|
|
|
|
|
|
|
U.S. franchise
restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales |
|
9.2 |
|
% |
|
6.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
Average unit volume |
$ |
2,129 |
|
|
$ |
1,932 |
|
|
10.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Texas Roadhouse (NASDAQ:TXRH)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Texas Roadhouse (NASDAQ:TXRH)
Storico
Da Mag 2023 a Mag 2024