Texas Roadhouse, Inc. Announces Third Quarter 2014 Results

LOUISVILLE, Ky. - (BUSINESS WIRE) - Nov. 3, 2014 - Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 week periods ended September 30, 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

Year to Date

($000's)

 

 

2014

 

   

2013

 

   

% Change

 

   

2014

 

   

2013

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

$ 385,218

 

 

$ 334,770

 

 

15

 

 

$ 1,177,723

 

 

$ 1,046,565

 

 

13

Income from operations

 

 

28,821

 

 

25,696

 

 

12

 

 

103,406

 

 

93,661

 

 

10

Net income

 

 

18,881

 

 

17,170

 

 

10

 

 

68,427

 

 

63,304

 

 

8

Diluted EPS

 

 

$0.27

 

 

$0.24

 

 

12

 

 

$0.97

 

 

$0.89

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results for the third quarter included:

  • Diluted earnings per share increased 11.9% to $0.27 from $0.24 in the prior year;
  • Comparable restaurant sales increased 5.9% at company restaurants and 5.2% at franchise restaurants;
  • Three company restaurants were opened;
  • Restaurant margin, as a percentage of restaurant sales, decreased 40 basis points to 16.8%, primarily due to approximately 4.5% food cost inflation and higher costs associated with general liability insurance due to the impact of overlapping a $1.3 million credit recorded in the prior year period;
  • Income tax rate increased 178 basis points to 31.4%, primarily due to reduced activity related to the exercise of incentive stock options and the expiration of certain federal tax credits at the end of 2013; and
  • The Company repurchased 315,000 shares of its common stock for $8.2 million.

Results for the year-to-date included:

  • Diluted earnings per share increased 8.9% to $0.97 from $0.89 in the prior year;
  • Comparable restaurant sales increased 3.9% at company restaurants and 4.4% at franchise restaurants;
  • 15 company restaurants and one franchise restaurant were opened;
  • Restaurant margin, as a percentage of restaurant sales, decreased 21 basis points to 18.1%;
  • Costs associated with the Company's annual managing partner conference were $2.0 million lower compared to the prior year period;
  • Income tax rate increased 182 basis points to 30.6%, primarily due to the expiration of certain federal tax credits at the end of 2013; and
  • The Company repurchased 1,575,000 shares of its common stock for $40.0 million.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, "We are pleased to report another quarter of strong top-line growth highlighted by solid traffic growth of 4.4%. While we were challenged by higher commodity cost inflation, we delivered solid diluted earnings per share growth this quarter. As we move into the fourth quarter, we are pleased with our sales momentum, and our development is on track. Looking ahead to 2015, we are well positioned for continued success with 25 to 30 planned restaurant openings, a strong balance sheet and healthy cash flow with a focus on returning excess capital to our shareholders, and an ongoing commitment to legendary food and legendary service."

2014 Outlook

The Company reported that comparable restaurant sales at company restaurants for the first four weeks of its fourth quarter of fiscal 2014 increased approximately 7.0% compared to the prior year period.

Management reiterated the following expectations for 2014:

  • Positive comparable restaurant sales growth;
  • Approximately 25 company restaurant openings; and
  • An income tax rate of approximately 30.0% to 31.0% which is higher than the 2013 income tax rate primarily as a result of the expiration of certain federal tax credits at the end of 2013.

Management updated the following expectations for 2014:

  • Approximately 3.0% food cost inflation for the full year; and
  • Total capital expenditures of approximately $110 million.

2015 Outlook

Management provided the following expectations for 2015:

  • Positive comparable restaurant sales growth;
  • 25 to 30 company restaurant openings;
  • Low to mid-single digit food cost inflation;
  • An income tax rate of approximately 29.0% to 31.0% depending on the reinstatement of certain federal tax credits and timing of such; and
  • Total capital expenditures of $110 million to $120 million.

Conference Call

The Company is hosting a conference call today, November 3, 2014 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (877) 857-6151 or (719) 325-4879 for international calls. A replay of the call will be available for one week following the conference call. To access the replay, please dial (877) 870-5176 or (858) 384-5517 for international calls, and use 2758536 as the pass code. There will be a simultaneous Web cast conducted at www.texasroadhouse.com.

About Texas Roadhouse 

Texas Roadhouse is a casual dining concept that first opened in 1993 and today operates over 440 restaurants system-wide in 49 states and four foreign countries. For more information, please visit the Company's Web site at www.texasroadhouse.com.

Forward-looking Statements

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; conditions beyond our control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting our customers or food supplies; 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.

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

September 30,
2014

 

 

September 24,
2013

 

 

September 30,
2014

 

 

September 24,
2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant sales

 

 

$

381,991

 

 

 

$

331,746

 

 

$

1,167,766

 

 

$

1,037,239

Franchise royalties and fees

 

 

 

3,227

 

 

 

 

3,024

 

 

 

9,957

 

 

 

9,326

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

 

385,218

 

 

 

 

334,770

 

 

 

1,177,723

 

 

 

1,046,565

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operating costs (excluding depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

137,658

 

 

 

 

116,570

 

 

 

409,552

 

 

 

361,334

Labor

 

 

 

112,521

 

 

 

 

99,003

 

 

 

342,375

 

 

 

302,387

Rent

 

 

 

8,380

 

 

 

 

7,181

 

 

 

24,550

 

 

 

21,390

Other operating

 

 

 

59,276

 

 

 

 

51,949

 

 

 

180,491

 

 

 

162,716

Pre-opening

 

 

 

3,945

 

 

 

 

4,746

 

 

 

12,677

 

 

 

11,810

Depreciation and amortization

 

 

 

15,164

 

 

 

 

12,462

 

 

 

43,682

 

 

 

36,864

Impairment and closure

 

 

 

(16

)

 

 

 

103

 

 

 

10

 

 

 

187

General and administrative

 

 

 

19,469

 

 

 

 

17,060

 

 

 

60,980

 

 

 

56,216

 

 

 

 

 

 

 

 

 

 

 

 

 

Total costs and expenses

 

 

 

356,397

 

 

 

 

309,074

 

 

 

1,074,317

 

 

 

952,904

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

28,821

 

 

 

 

25,696

 

 

 

103,406

 

 

 

93,661

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

492

 

 

 

 

525

 

 

 

1,564

 

 

 

1,687

Equity income from investments in unconsolidated affiliates

 

 

 

410

 

 

 

 

173

 

 

 

975

 

 

 

571

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

 

 

28,739

 

 

 

 

25,344

 

 

 

102,817

 

 

 

92,545

Provision for income taxes

 

 

 

9,017

 

 

 

 

7,500

 

 

 

31,462

 

 

 

26,617

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

 

$

19,722

 

 

 

$

17,844

 

 

$

71,355

 

 

$

65,928

Less: Net income attributable to noncontrolling interests

 

 

 

841

 

 

 

 

674

 

 

 

2,928

 

 

 

2,624

Net income attributable to Texas Roadhouse, Inc. and subsidiaries

 

 

$

18,881

 

 

 

$

17,170

 

 

$

68,427

 

 

$

63,304

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.27

 

 

 

$

0.24

 

 

$

0.98

 

 

$

0.91

Diluted

 

 

$

0.27

 

 

 

$

0.24

 

 

$

0.97

 

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

69,544

 

 

 

 

70,361

 

 

 

69,793

 

 

 

69,914

Diluted

 

 

 

70,395

 

 

 

 

71,620

 

 

 

70,639

 

 

 

71,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

 

Condensed Consolidated Balance Sheets

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

(As Adjusted) (1)

 

 

 

September 30, 2014

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

59,307

 

$

94,874

 

Other current assets

 

 

39,646

 

 

50,869

 

Property and equipment, net

 

 

631,552

 

 

586,212

 

Goodwill

 

 

117,197

 

 

117,197

 

Intangible assets, net

 

 

6,546

 

 

7,876

 

Other assets

 

 

22,059

 

 

20,616

 

 

 

 

 

 

 

Total assets

 

$

876,307

 

$

877,644

 

 

 

 

 

 

 

 

 

 

 

 

 

Current maturities of long-term debt

 

 

126

 

 

243

 

Other current liabilities

 

 

164,795

 

 

174,937

 

Long-term debt, excluding current maturities

 

 

50,727

 

 

50,990

 

Other liabilities

 

 

57,744

 

 

57,614

 

Texas Roadhouse, Inc. and subsidiaries stockholders' equity

 

 

596,120

 

 

587,659

 

Noncontrolling interests

 

 

6,795

 

 

6,201

 

 

 

 

 

 

 

Total liabilities and equity

 

$

876,307

 

$

877,644

 

 

 

 

 

 

(1)

December 31, 2013 revised to reflect the impact of adjustments to purchase price accounting related to 2013 acquisitions in accordance with generally accepted accounting principles ("GAAP").

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

39 Weeks Ended

 

 

 

September 30, 2014

 

 

September 24, 2013

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income including noncontrolling interests

 

 

$

71,355

 

 

 

$

65,928

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

Depreciation and amortization

 

 

 

43,682

 

 

 

 

36,864

 

Share-based compensation expense

 

 

 

10,937

 

 

 

 

10,583

 

Other noncash adjustments

 

 

 

(1,392

)

 

 

 

843

 

Change in working capital

 

 

 

(8,266

)

 

 

 

(15,534

)

Net cash provided by operating activities

 

 

 

116,316

 

 

 

 

98,684

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures - property and equipment

 

 

 

(89,645

)

 

 

 

(70,911

)

Proceeds from sale of property and equipment, including insurance proceeds

 

 

 

1,197

 

 

 

 

(39

)

Net cash used in investing activities

 

 

 

(88,448

)

 

 

 

(70,950

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Repurchase shares of common stock

 

 

 

(39,966

)

 

 

 

-

 

Dividends paid

 

 

 

(20,923

)

 

 

 

(29,939

)

Other financing activities

 

 

 

(2,546

)

 

 

 

7,803

 

Net cash used in financing activities

 

 

 

(63,435

)

 

 

 

(22,136

)

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

 

(35,567

)

 

 

 

5,598

 

Cash and cash equivalents - beginning of year

 

 

 

94,874

 

 

 

 

81,746

 

Cash and cash equivalents - end of period

 

 

$

59,307

 

 

 

$

87,344

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Supplemental Financial and Operating Information

($ amounts in thousands, except weekly sales by group)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

Change

 

 

 

Year to Date

 

 

Change

 

 

 

 

2014

 

 

 

 

2013

 

 

 

 

vs LY

 

 

 

 

2014

 

 

 

 

2013

 

 

 

 

vs LY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant openings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

 

 

3

 

 

 

 

 

4

 

 

 

 

(1

)

 

 

 

 

15

 

 

 

 

 

13

 

 

 

 

2

 

 

Company - Other

 

 

 

0

 

 

 

 

 

0

 

 

 

 

0

 

 

 

 

 

0

 

 

 

 

 

1

 

 

 

 

(1

)

 

Franchise - Texas Roadhouse

 

 

 

0

 

 

 

 

 

0

 

 

 

 

0

 

 

 

 

 

1

 

 

 

 

 

3

 

 

 

 

(2

)

 

Total

 

 

 

3

 

 

 

 

 

4

 

 

 

 

(1

)

 

 

 

 

16

 

 

 

 

 

17

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants open at the end of the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

 

 

360

 

 

 

 

 

331

 

 

 

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Other

 

 

 

1

 

 

 

 

 

3

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse

 

 

 

75

 

 

 

 

 

75

 

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

436

 

 

 

 

 

409

 

 

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company-owned restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant sales

 

 

$

381,991

 

 

 

 

$

331,746

 

 

 

 

15.1

 

%

 

 

$

1,167,766

 

 

 

 

$

1,037,239

 

 

 

 

12.6

 

%

Store weeks

 

 

 

4,682

 

 

 

 

 

4,294

 

 

 

 

9.0

 

%

 

 

 

13,799

 

 

 

 

 

12,682

 

 

 

 

8.8

 

%

Comparable restaurant sales growth (1)

 

 

 

5.9

 

%

 

 

 

2.6

 

%

 

 

 

 

 

 

 

3.9

 

%

 

 

 

3.7

 

%

 

 

 

 

Texas Roadhouse restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

 

 

 

5.9

 

%

 

 

 

2.6

 

%

 

 

 

 

 

 

 

3.9

 

%

 

 

 

3.7

 

%

 

 

 

 

Average unit volume (2)

 

 

$

1,051

 

 

 

 

$

994

 

 

 

 

5.7

 

%

 

 

$

3,270

 

 

 

 

$

3,167

 

 

 

 

3.2

 

%

Weekly sales by group:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurants (320 units)

 

 

$

80,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average unit volume restaurants (25 units) (3)

 

 

$

78,542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants less than 6 months old (15 units)

 

 

$

99,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operating costs (as a % of restaurant sales)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

36.0

 

%

 

 

 

35.1

 

%

 

 

90

 

bps

 

 

 

35.1

 

%

 

 

 

34.8

 

%

 

 

24

 

bps

Labor

 

 

 

29.5

 

%

 

 

 

29.8

 

%

 

 

(39

)

bps

 

 

 

29.3

 

%

 

 

 

29.2

 

%

 

 

17

 

bps

Rent

 

 

 

2.2

 

%

 

 

 

2.2

 

%

 

 

3

 

bps

 

 

 

2.1

 

%

 

 

 

2.1

 

%

 

 

4

 

bps

Other operating

 

 

 

15.5

 

%

 

 

 

15.7

 

%

 

 

(14

)

bps

 

 

 

15.5

 

%

 

 

 

15.7

 

%

 

 

(23

)

bps

Total

 

 

 

83.2

 

%

 

 

 

82.8

 

%

 

 

40

 

bps

 

 

 

81.9

 

%

 

 

 

81.7

 

%

 

 

21

 

bps

Restaurant margin (4)

 

 

 

16.8

 

%

 

 

 

17.2

 

%

 

 

(40

)

bps

 

 

 

18.1

 

%

 

 

 

18.3

 

%

 

 

(21

)

bps

Restaurant margin ($ in thousands)

 

 

$

64,156

 

 

 

 

$

57,043

 

 

 

 

12.5

 

%

 

 

$

210,798

 

 

 

 

$

189,410

 

 

 

 

11.3

 

%

Restaurant margin $/Store week

 

 

$

13,703

 

 

 

 

$

13,284

 

 

 

 

3.2

 

%

 

 

$

15,276

 

 

 

 

$

14,935

 

 

 

 

2.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise-owned restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

 

$

3,227

 

 

 

 

$

3,024

 

 

 

 

6.7

 

%

 

 

$

9,957

 

 

 

 

$

9,326

 

 

 

 

6.8

 

%

Store weeks

 

 

 

975

 

 

 

 

 

975

 

 

 

 

-

 

%

 

 

 

2,912

 

 

 

 

 

2,886

 

 

 

 

0.9

 

%

Comparable restaurant sales growth (1)

 

 

 

5.2

 

%

 

 

 

4.0

 

%

 

 

 

 

 

 

 

4.4

 

%

 

 

 

4.2

 

%

 

 

 

 

Average unit volume (2)

 

 

$

1,128

 

 

 

 

$

1,058

 

 

 

 

6.6

 

%

 

 

$

3,473

 

 

 

 

$

3,273

 

 

 

 

6.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-opening expense

 

 

$

3,945

 

 

 

 

$

4,746

 

 

 

 

(16.9

)

%

 

 

$

12,677

 

 

 

 

$

11,810

 

 

 

 

7.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

$

15,164

 

 

 

 

$

12,462

 

 

 

 

21.7

 

%

 

 

$

43,682

 

 

 

 

$

36,864

 

 

 

 

18.5

 

%

As a % of revenue

 

 

 

3.9

 

%

 

 

 

3.7

 

%

 

 

21

 

bps

 

 

 

3.7

 

%

 

 

 

3.5

 

%

 

 

19

 

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

$

19,469

 

 

 

 

$

17,060

 

 

 

 

14.1

 

%

 

 

$

60,980

 

 

 

 

$

56,216

 

 

 

 

8.5

 

%

As a % of revenue

 

 

 

5.1

 

%

 

 

 

5.1

 

%

 

 

(4

)

bps

 

 

 

5.2

 

%

 

 

 

5.4

 

%

 

 

(19

)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) 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 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 any sales at restaurants closed during the period.

 

(3) Average unit volume restaurants include restaurants open a full six to 18 months before the beginning of the period measured.

 

(4) Restaurant margin represents restaurant sales less cost of sales, labor, rent and other operating costs (as a percentage of restaurant sales). Restaurant margin is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. Restaurant margin is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative, to income from operations or other similarly titled measures of other companies.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts may not foot due to rounding.

SOURCE Texas Roadhouse

Contacts:

Tonya Robinson
Texas Roadhouse, Inc.
Investor Relations:
502-515-7269

Travis Doster
Texas Roadhouse, Inc.
Media Relations
502-638-5457

###

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