UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 23, 2015
TEXAS ROADHOUSE, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
000-50972 |
|
20-1083890 |
(State or other jurisdiction |
|
(Commission |
|
(IRS Employer |
of incorporation) |
|
File Number) |
|
Identification No.) |
6040 Dutchmans Lane, Louisville, KY |
|
40205 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrants telephone number, including area code (502) 426-9984
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 23, 2015, Texas Roadhouse, Inc. (the Company) issued a press release announcing its financial results for the quarter and year ended December 30, 2014. Attached to this Current Report on Form 8-K as Exhibit 99.1 is a copy of the press release.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) EXHIBITS
99.1 Press Release issued by the company on February 23, 2015.
The information in this Current Report on Form 8-K at Item 2.02 and the Exhibit attached hereto shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
TEXAS ROADHOUSE, INC. |
|
|
|
|
|
|
Date: February 23, 2015 |
By: |
/s/ Scott M. Colosi |
|
|
Scott M. Colosi |
|
|
President and Chief Financial Officer |
3
INDEX TO EXHIBITS
Exhibit No. |
|
|
|
|
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99.1 |
|
Press Release issued by the Company on February 23, 2015. |
4
Exhibit 99.1
Texas Roadhouse, Inc. Announces Fourth Quarter 2014 Results
Increases Quarterly Dividend 13% to $0.17 per Share
LOUISVILLE, KY. (February 23, 2015) Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 30, 2014.
|
|
Fourth Quarter |
|
Year to Date |
|
($000s) |
|
2014 |
|
2013 |
|
% Change |
|
2014 |
|
2013 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
404,425 |
|
$ |
376,020 |
|
8 |
|
$ |
1,582,148 |
|
$ |
1,422,585 |
|
11 |
|
Income from operations |
|
27,043 |
|
26,054 |
|
4 |
|
130,449 |
|
119,715 |
|
9 |
|
Net income |
|
18,595 |
|
17,119 |
|
9 |
|
87,022 |
|
80,423 |
|
8 |
|
Diluted EPS |
|
$ |
0.26 |
|
$ |
0.24 |
|
11 |
|
$ |
1.23 |
|
$ |
1.13 |
|
9 |
|
NOTE: Fourth quarter and full year 2014 results include 13 and 52 weeks, respectively, compared to 14 and 53 weeks in the fourth quarter and full year of 2013.
Results for the fourth quarter included the following highlights:
· Diluted earnings per share increased 10.9% to $0.26 from $0.24 in the prior year. Diluted earnings per share in the prior year period was positively impacted by an estimated $0.03 to $0.04 as a result of the 14th week;
· Comparable restaurant sales increased 7.0% at company restaurants and 5.7% at franchise restaurants on a comparable 13-week basis;
· Seven Texas Roadhouse and two Bubbas 33 companyowned restaurants were opened, along with five Texas Roadhouse franchise-owned restaurants;
· Restaurant margin, as a percentage of restaurant sales, decreased 47 basis points to 16.5%, primarily due to food cost inflation of approximately 4.5%;
· Income tax rate decreased 156 basis points to 27.7%, primarily due to the retroactive reinstatement of certain federal tax credits during the current year quarter; and
· The Company repurchased 100,000 shares of its common stock for $2.8 million.
Results for the full year included the following highlights:
· Diluted earnings per share increased 9.4% to $1.23 from $1.13 in the prior year. Diluted earnings per share in the prior year was positively impacted by an estimated $0.03 to $0.04 as a result of the 53rd week;
· Comparable restaurant sales increased 4.7% at company restaurants and 4.9% at franchise restaurants on a comparable 52-week basis;
· 22 Texas Roadhouse and two Bubbas 33 company-owned restaurants were opened along with six franchise-owned restaurants;
· Restaurant margin, as a percentage of restaurant sales, decreased 26 basis points to 17.6%;
· Income tax rate increased 112 basis points to 30.0%, primarily due to the retroactive reinstatement of certain federal tax credits in 2013; and
· The Company repurchased 1,675,000 shares of its common stock for $42.7 million.
Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, We are very pleased with our 2014 results and the fact that we achieved our fifth consecutive year of positive comparable restaurant sales growth. We reported double digit revenue growth and strong diluted earnings per share growth for the year, despite continued commodity cost pressures and the impact of lapping an extra week last year. At the same
time, our healthy balance sheet and cash flow enabled us to return $74.1 million of capital to shareholders through share repurchases and quarterly dividend payments.
Taylor continued, Looking ahead to 2015, our development pipeline is in great shape and we expect to open 25 to 30 company restaurants, as well as four to six franchise restaurants. Although we expect to face continued cost pressures in the near term, we remain excited by the ongoing momentum in our top-line and will continue to focus on our long-term brand positioning and growth potential.
2015 Outlook
The Company reported that comparable restaurant sales at company restaurants for the first seven weeks of fiscal 2015 increased approximately 12% compared to the prior year period.
Management reiterated the following expectations for 2015:
· Positive comparable restaurant sales growth; and
· 25 to 30 company restaurant openings, including as many as five Bubbas 33 restaurants.
Management updated the following expectations for 2015:
· Food cost inflation of 3% to 4%;
· An income tax rate of approximately 30.0% to 31.0% depending on the reinstatement of certain federal tax credits; and
· Total capital expenditures of $135 million to $145 million.
Cash Dividend Payment
On February 18, 2015, the Companys Board of Directors authorized the payment of a quarterly cash dividend of $0.17 per share of common stock. This payment, which will be distributed on April 3, 2015 to shareholders of record at the close of business on March 18, 2015, represents a 13% increase from the cash dividend of $0.15 per share of common stock declared during each quarter of 2014.
Conference Call
The Company is hosting a conference call today, February 23, 2015 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (877) 719-9791 or (719) 325-4765 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 7805752 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 operates over 450 restaurants system-wide in 49 states and four foreign countries. For more information, please visit the Companys 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.
# # #
Contacts:
Investor Relations
Tonya Robinson
502-515-7269
Media
Travis Doster
502-638-5457
Texas Roadhouse, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
|
|
13 and 14 Weeks Ended |
|
52 and 53 Weeks Ended |
|
|
|
December 30, 2014 |
|
December 31, 2013 |
|
December 30, 2014 |
|
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
Restaurant sales |
|
$ |
400,790 |
|
$ |
372,879 |
|
$ |
1,568,556 |
|
$ |
1,410,118 |
|
Franchise royalties and fees |
|
3,635 |
|
3,141 |
|
13,592 |
|
12,467 |
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
404,425 |
|
376,020 |
|
1,582,148 |
|
1,422,585 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Restaurant operating costs (excluding depreciation and amortization shown separately below): |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
143,592 |
|
130,972 |
|
553,144 |
|
492,306 |
|
Labor |
|
116,744 |
|
109,007 |
|
459,119 |
|
411,394 |
|
Rent |
|
8,624 |
|
7,588 |
|
33,174 |
|
28,978 |
|
Other operating |
|
65,848 |
|
62,166 |
|
246,339 |
|
224,882 |
|
Pre-opening |
|
5,775 |
|
6,081 |
|
18,452 |
|
17,891 |
|
Depreciation and amortization |
|
15,497 |
|
14,698 |
|
59,179 |
|
51,562 |
|
Impairment and closure |
|
626 |
|
212 |
|
636 |
|
399 |
|
Gain on sale of other concept |
|
|
|
(1,800 |
) |
|
|
(1,800 |
) |
General and administrative |
|
20,676 |
|
21,042 |
|
81,656 |
|
77,258 |
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
|
377,382 |
|
349,966 |
|
1,451,699 |
|
1,302,870 |
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
27,043 |
|
26,054 |
|
130,449 |
|
119,715 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
520 |
|
514 |
|
2,084 |
|
2,201 |
|
Equity income from investments in unconsolidated affiliates |
|
627 |
|
142 |
|
1,602 |
|
713 |
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
27,150 |
|
25,682 |
|
129,967 |
|
118,227 |
|
Provision for income taxes |
|
7,528 |
|
7,523 |
|
38,990 |
|
34,140 |
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
|
$ |
19,622 |
|
$ |
18,159 |
|
$ |
90,977 |
|
$ |
84,087 |
|
Less: Net income attributable to noncontrolling interests |
|
1,027 |
|
1,040 |
|
3,955 |
|
3,664 |
|
Net income attributable to Texas Roadhouse, Inc. and subsidiaries |
|
$ |
18,595 |
|
$ |
17,119 |
|
$ |
87,022 |
|
$ |
80,423 |
|
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.27 |
|
$ |
0.24 |
|
$ |
1.25 |
|
$ |
1.15 |
|
Diluted |
|
$ |
0.26 |
|
$ |
0.24 |
|
$ |
1.23 |
|
$ |
1.13 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
69,500 |
|
70,581 |
|
69,719 |
|
70,089 |
|
Diluted |
|
70,359 |
|
71,813 |
|
70,608 |
|
71,362 |
|
Texas Roadhouse, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
|
|
|
|
(As Adjusted) (1) |
|
|
|
December 30, 2014 |
|
December 31, 2013 |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
86,122 |
|
$ |
94,874 |
|
Other current assets |
|
61,604 |
|
50,869 |
|
Property and equipment, net |
|
649,637 |
|
586,212 |
|
Goodwill |
|
116,571 |
|
117,197 |
|
Intangible assets, net |
|
6,203 |
|
7,876 |
|
Other assets |
|
23,005 |
|
20,616 |
|
|
|
|
|
|
|
Total assets |
|
$ |
943,142 |
|
$ |
877,644 |
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
129 |
|
243 |
|
Other current liabilities |
|
215,842 |
|
175,609 |
|
Long-term debt, excluding current maturities |
|
50,693 |
|
50,990 |
|
Other liabilities |
|
61,522 |
|
56,942 |
|
Texas Roadhouse, Inc. and subsidiaries stockholders equity |
|
607,892 |
|
587,659 |
|
Noncontrolling interests |
|
7,064 |
|
6,201 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
943,142 |
|
$ |
877,644 |
|
(1) December 31, 2013 has been adjusted 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)
|
|
52 and 53 Weeks Ended |
|
|
|
December 30, 2014 |
|
December 31, 2013 |
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
Net income including noncontrolling interests |
|
$ |
90,977 |
|
$ |
84,087 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
Depreciation and amortization |
|
59,179 |
|
51,562 |
|
Share-based compensation expense |
|
14,883 |
|
14,740 |
|
Other noncash adjustments |
|
4,078 |
|
1,142 |
|
Change in working capital |
|
22,596 |
|
22,305 |
|
Net cash provided by operating activities |
|
191,713 |
|
173,836 |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Capital expenditures - property and equipment |
|
(125,445 |
) |
(111,478 |
) |
Investment in unconsolidated affiliates |
|
|
|
(1,180 |
) |
Proceeds from sale of other concept, net |
|
|
|
1,387 |
|
Proceeds from sale of property and equipment, including insurance proceeds |
|
1,205 |
|
23 |
|
Net cash used in investing activities |
|
(124,240 |
) |
(111,248 |
) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Repurchase shares of common stock |
|
(42,744 |
) |
(12,761 |
) |
Dividends paid |
|
(31,333 |
) |
(46,877 |
) |
Other financing activities |
|
(2,148 |
) |
10,178 |
|
Net cash used in financing activities |
|
(76,225 |
) |
(49,460 |
) |
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(8,752 |
) |
13,128 |
|
Cash and cash equivalents - beginning of period |
|
94,874 |
|
81,746 |
|
Cash and cash equivalents - end of period |
|
$ |
86,122 |
|
$ |
94,874 |
|
Texas Roadhouse, Inc. and Subsidiaries
Supplemental Financial and Operating Information
($ amounts in thousands, except weekly sales by group)
(unaudited)
|
|
Fourth Quarter |
|
Change |
|
Year to Date |
|
Change |
|
|
|
2014 |
|
2013 |
|
vs LY |
|
2014 |
|
2013 |
|
vs LY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant openings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
7 |
|
12 |
|
(5 |
) |
22 |
|
25 |
|
(3 |
) |
Company - Bubbas 33 |
|
2 |
|
0 |
|
2 |
|
2 |
|
1 |
|
1 |
|
Company - Other |
|
1 |
|
0 |
|
1 |
|
1 |
|
0 |
|
1 |
|
Franchise - Texas Roadhouse |
|
5 |
|
1 |
|
4 |
|
6 |
|
4 |
|
2 |
|
Total |
|
15 |
|
13 |
|
2 |
|
31 |
|
30 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant acquisitions/dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
1 |
|
2 |
|
(1 |
) |
1 |
|
2 |
|
(1 |
) |
Company - Bubbas 33 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Company - Other |
|
0 |
|
(2 |
) |
2 |
|
0 |
|
(2 |
) |
2 |
|
Franchise - Texas Roadhouse |
|
(1 |
) |
(2 |
) |
1 |
|
(1 |
) |
(2 |
) |
1 |
|
Total |
|
0 |
|
(2 |
) |
2 |
|
0 |
|
(2 |
) |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open at the end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
368 |
|
345 |
|
23 |
|
|
|
|
|
|
|
Company - Bubbas 33 |
|
3 |
|
1 |
|
2 |
|
|
|
|
|
|
|
Company - Other |
|
1 |
|
0 |
|
1 |
|
|
|
|
|
|
|
Franchise - Texas Roadhouse |
|
79 |
|
74 |
|
5 |
|
|
|
|
|
|
|
Total |
|
451 |
|
420 |
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-owned restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant sales |
|
$ |
400,790 |
|
$ |
372,879 |
|
7.5 |
% |
$ |
1,568,556 |
|
$ |
1,410,118 |
|
11.2 |
% |
Store weeks |
|
4,766 |
|
4,744 |
|
0.5 |
% |
18,565 |
|
17,426 |
|
6.5 |
% |
Comparable restaurant sales growth (1) |
|
7.0 |
% |
2.1 |
% |
|
|
4.7 |
% |
3.4 |
% |
|
|
Texas Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales growth (1) |
|
7.0 |
|
2.1 |
|
|
|
4.7 |
|
3.4 |
% |
|
|
Average unit volume (2) |
|
$ |
1,083 |
|
$ |
1,015 |
|
6.7 |
% |
$ |
4,355 |
|
$ |
4,186 |
|
4.0 |
% |
Weekly sales by group: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurants (324 units) |
|
$ |
83,563 |
|
|
|
|
|
|
|
|
|
|
|
Average unit volume restaurants (28 units) (3) |
|
$ |
80,659 |
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months old (16 units) |
|
$ |
102,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (as a % of restaurant sales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
35.8 |
% |
35.1 |
% |
70 |
bps |
35.3 |
% |
34.9 |
% |
35 |
bps |
Labor |
|
29.1 |
% |
29.2 |
% |
(11 |
)bps |
29.3 |
% |
29.2 |
% |
10 |
bps |
Rent |
|
2.2 |
% |
2.0 |
% |
12 |
bps |
2.1 |
% |
2.1 |
% |
6 |
bps |
Other operating |
|
16.4 |
% |
16.7 |
% |
(24 |
)bps |
15.7 |
% |
15.9 |
% |
(24 |
)bps |
Total |
|
83.5 |
% |
83.1 |
% |
47 |
bps |
82.4 |
% |
82.1 |
% |
26 |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin (4) |
|
16.5 |
% |
16.9 |
% |
(47 |
)bps |
17.6 |
% |
17.9 |
% |
(26 |
)bps |
Restaurant margin ($ in thousands) |
|
$ |
65,982 |
|
$ |
63,148 |
|
4.5 |
% |
$ |
276,782 |
|
$ |
252,559 |
|
9.6 |
% |
Restaurant margin $/Store week |
|
$ |
13,844 |
|
$ |
13,311 |
|
4.0 |
% |
$ |
14,909 |
|
$ |
14,493 |
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-owned restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise royalties and fees |
|
$ |
3,635 |
|
$ |
3,141 |
|
15.7 |
% |
$ |
13,592 |
|
$ |
12,467 |
|
9.0 |
% |
Store weeks |
|
998 |
|
1,051 |
|
(5.0 |
)% |
3,910 |
|
3,937 |
|
(0.7 |
)% |
Comparable restaurant sales growth (1) |
|
5.7 |
% |
4.5 |
% |
|
|
4.9 |
% |
4.3 |
% |
|
|
Average unit volume (2) |
|
$ |
1,171 |
|
$ |
1,094 |
|
7.0 |
% |
$ |
4,627 |
|
$ |
4,346 |
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense |
|
$ |
5,775 |
|
$ |
6,081 |
|
(5.0 |
)% |
$ |
18,452 |
|
$ |
17,891 |
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
15,497 |
|
$ |
14,698 |
|
5.4 |
% |
$ |
59,179 |
|
$ |
51,562 |
|
14.8 |
% |
As a % of revenue |
|
3.8 |
% |
3.9 |
% |
(8 |
)bps |
3.7 |
% |
3.6 |
% |
12 |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
$ |
20,676 |
|
$ |
21,042 |
|
(1.7 |
)% |
$ |
81,656 |
|
$ |
77,258 |
|
5.7 |
% |
As a % of revenue |
|
5.1 |
% |
5.6 |
% |
(48 |
)bps |
5.2 |
% |
5.4 |
% |
(27 |
)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. Q4 2013 and 2013 YTD were adjusted to include 13 and 52 weeks, respectively.
(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.
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