LOUISVILLE, Ky. - May 01, 2017 // GLOBE NEWSWIRE // - Texas Roadhouse, Inc. (Nasdaq:TXRH), today announced financial results for the 13-week period ended March 28, 2017.
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Results for the first quarter included the following highlights:
Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, "We are pleased with our top-line momentum and operating performance in the first quarter of 2017 with positive comparable restaurant sales and traffic growth, which continued through the first four weeks of the second quarter. We credit our success to our operators’ ability to execute on our mission of Legendary Food and Legendary Service every single shift. In addition, we remain committed to investing in new restaurant growth that generates solid returns and allows us to maintain a conservative capital structure."
Effective December 28, 2016, we acquired four franchise restaurants in Florida and Georgia for an aggregate purchase price of $16.5 million. The purchase price was paid in cash. Going forward, two of the restaurants are wholly-owned, while two are majority-owned. The acquisitions are expected to have an accretive impact in 2017.
Comparable restaurant sales at company restaurants for the first four weeks of our second quarter of fiscal 2017 increased approximately 2.6% compared to the prior year period.
Management reiterated the following expectations for 2017:
The Company is hosting a conference call today, May 1, 2017 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (888) 300-2343 or (719) 325-2323 for international calls. A replay of the call will be available for one week following the conference call. To access the replay, please dial (844) 512-2921 or (412) 317-6671 for international calls, and use 8307466 as the pass code. There will be a simultaneous Web cast conducted at www.texasroadhouse.com.
Texas Roadhouse is a casual dining concept that first opened in 1993 and today operates over 525 restaurants system-wide in 49 states and six foreign countries. For more information, please visit the Company’s Web site at www.texasroadhouse.com.
Certain statements in this release that are not historical facts, including, without limitation, those relating to our anticipated financial performance, are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of the management of the Company. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of restaurants opening; the sales at these and our other company and franchise restaurants; changes in restaurant development or operating costs, such as food and labor; our ability to acquire franchise restaurants; our ability to integrate the franchise restaurants we acquire or other concepts we develop; our ability to continue to generate the necessary cash flows to fund our new restaurant growth, continue our share repurchase program and pay a quarterly cash dividend; strength of consumer spending; pending or future legal claims; breaches of security; conditions beyond our control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting our customers or food supplies; food safety and food borne illness concerns; acts of war or terrorism and other factors disclosed from time to time in our filings with the U.S. 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. We undertake no obligation to update any forward-looking statements.
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Tonya Robinson
Investor Relations
(502) 515-7269
Travis Doster
Media Relations
(502) 638-5457
SOURCE Texas Roadhouse, Inc
Texas Roadhouse is a casual dining concept that first opened in 1993 and today has grown to over 580 restaurants system-wide in 49 states and ten foreign countries.