Texas Roadhouse, Inc. Announces First Quarter 2022 Results

About this update from Texas Roadhouse, Inc.

[{"type":"text","content":"LOUISVILLE, Ky., May 05, 2022 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 weeks ended March 29, 2022. Financial Results Financial results for the 13 weeks ended March 29, 2022 and March 30, 2021 were as follows: First Quarter($000's) 2022 2021 % changeTotal revenue$987,486 $800,629 23.3%Income from operations 90,138 80,927 11.4%Net income 75,202 64,150 17.2%Diluted earnings per share$1.08 $0.91 18.5% Results for the first quarter, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 16.0% at company restaurants and increased 20.4% at domestic franchise restaurants;Average weekly sales at company restaurants were $132,263 of which 14.8% were to-go sales as compared to average weekly sales of $114,201 of which 22.3% were to-go sales in the prior year;Restaurant margin, as a percentage of restaurant and other sales, decreased 213 basis points to 16.4%. Restaurant margin was negatively impacted by commodity inflation of 17.0%, primarily due to higher protein costs, partially offset by the benefit of an increase in comparable restaurant sales. Restaurant margin dollars increased 9.2% to $161.2 million from $147.6 million in the prior year;Diluted earnings per share increased to $1.08 from $0.91 in the prior year primarily due to higher restaurant margin dollars;Three company restaurants and two international franchise restaurants were opened;The Company repurchased 1,060,618 shares of common stock for $84.7 million; and,The Company ended the quarter with $325.7 million of cash on hand and continued to maintain debt of $100 million. Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “We continue to be very pleased with the sales levels that are being generated thanks to the hard work of our operators. While higher costs are impacting our bottom line, we remain focused on what we can control – providing legendary food and legendary service each and every shift.” Morgan continued, “Our healthy cashflow continues to allow us to grow our brands through new store development. We also repurchased over one million shares of our common stock this quarter, which is our most significant buyback since before the pandemic. We believe our new store growth, share buybacks and the continued growth in our dividends...

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