Texas Roadhouse, Inc. Announces First Quarter 2023 Results

About this update from Texas Roadhouse, Inc.

[{"type":"text","content":"LOUISVILLE, Ky., May 04, 2023 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 weeks ended March 28, 2023. Financial Results Financial results for the 13 weeks ended March 28, 2023 and March 29, 2022 were as follows: First Quarter($000's) 2023 2022 % changeTotal revenue$1,174,356 $987,486 18.9%Income from operations 100,945 90,138 12.0%Net income 86,387 75,202 14.9%Diluted earnings per share$1.28 $1.08 18.4% Results for the first quarter, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 12.9% at company restaurants and increased 13.3% at domestic franchise restaurants;Average weekly sales at company restaurants were $148,437 of which 12.8% were to-go sales as compared to average weekly sales of $132,263 of which 14.8% were to-go sales in the prior year;Restaurant margin dollars increased 15.2% to $185.7 million from $161.2 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased 53 basis points to 15.9% as commodity inflation of 8.9% and wage and other labor inflation of 8.0% were partially offset by higher sales;Diluted earnings per share increased 18.4% primarily driven by higher restaurant margin dollars partially offset by higher general and administrative expenses;Six company restaurants and one international franchise restaurant were opened and eight domestic franchise restaurants were acquired; and,The Company repurchased 92,751 shares of common stock for $9.6 million. Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “I want to thank our restaurant operators for continuing to provide a legendary experience to our guests, which led to record traffic and sales levels as well as higher profitability for the quarter.” Morgan continued, “On the capital allocation front, our development pipeline remains strong, we acquired eight domestic franchise restaurants, and we further strengthened our capital position by repaying the remainder of our debt. We are confident that our restaurant growth, commitment to our operating fundamentals, and strong balance sheet will continue to provide us the flexibility to generate long-term shareholder value.” 2023 Outlook Comparable restaurant sales at company restaurants for the first...

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