Texas Roadhouse, Inc. Announces First Quarter 2024 Results

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[{"type":"text","content":"LOUISVILLE, Ky., May 02, 2024 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH) today announced financial results for the 13 weeks ended March 26, 2024. Financial Results Financial results for the 13 weeks ended March 26, 2024 and March 28, 2023 were as follows: 13 Weeks Ended($000's, except per share amounts) March 26, 2024 March 28, 2023 % changeTotal revenue $1,321,217 $1,174,356 12.5%Income from operations 133,128 100,945 31.9%Net income 113,206 86,387 31.0%Diluted earnings per share $1.69 $1.28 31.4% Results for the 13 weeks ended March 26, 2024, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 8.4% at company restaurants and increased 7.7% at domestic franchise restaurants;Average weekly sales at company restaurants were $159,378 of which $20,815 were to-go sales as compared to average weekly sales of $148,437 of which $19,030 were to-go sales in the prior year;Restaurant margin dollars increased 23.0% to $228.4 million from $185.7 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, increased to 17.4% from 15.9% in the prior year driven by higher sales partially offset by higher general liability insurance expense. The benefit of a higher average guest check and improved labor productivity more than offset wage and other labor inflation of 4.3% and commodity inflation of 0.9%;Diluted earnings per share increased 31.4% primarily driven by higher restaurant margin dollars partially offset by higher general and administrative expenses and higher depreciation and amortization expenses;Nine company restaurants and three franchise restaurants were opened; andCapital allocation spend included capital expenditures of $77.7 million, dividends of $40.8 million, and repurchases of common stock of $8.9 million. Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “We are off to a tremendous start in 2024 with strong traffic trends continuing to drive our sales growth. These results demonstrate the success of our operators’ commitment to providing legendary food and service to each guest on every shift.” Morgan continued, “On the development front, as of today, we have opened 10 company restaurants in 2024 with another 18 currently under construction. We remain confident that our...

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