Texas Roadhouse, Inc. Announces Fourth Quarter 2020 Results and Provides Business Update

About this update from Texas Roadhouse, Inc.

[{"type":"text","content":"LOUISVILLE, Ky., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 29, 2020 and provided a business update in response to the continued COVID-19 pandemic. Fourth Quarter Year to Date ($000's) 2020 2019 % Change 2020 2019 % Change Total revenue $637,989 $725,238 (12.0%) $2,398,123 $2,756,163 (13.0%) Income from operations 20,396 53,411 (61.8%) 23,844 212,023 (88.8%) Net income 19,549 42,686 (54.2%) 31,255 174,452 (82.1%) Diluted earnings per share $0.28 $0.61 (54.3%) $0.45 $2.46 (81.8%) Note: Fourth quarter and full year 2020 results include 13 and 52 weeks, respectively, compared to 14 and 53 weeks in the fourth quarter and full year of 2019, respectively. Results for the fourth quarter included the following: Total revenue was negatively impacted by lapping the $59.5 million benefit of the 14th week in 2019, which represented 7.9% of the decrease in total revenue for the quarter. Diluted earnings per share in the prior year quarter benefitted by $0.10 to $0.11 as a result of the 14th week;For the October, November, and December periods, comparable restaurant sales at domestic company restaurants increased 0.8%, decreased 6.3%, and decreased 18.2%, respectively. Sales during the period were negatively impacted by dining room closures and capacity restrictions throughout the country. For the quarter, comparable restaurant sales decreased 8.9% at domestic company restaurants and decreased 11.2% at domestic franchise restaurants;Nine company restaurants, including one Jaggers restaurant, our fast-casual concept, were opened and two franchise restaurants were opened;Restaurant margin, as a percentage of restaurant and other sales, was 13.3% and restaurant margin dollars were $84.1 million. Restaurant margin was impacted by a decrease in comparable restaurant sales and higher costs related to the pandemic. These costs included $0.5 million of costs incurred for relief pay and enhanced benefits for hourly restaurant employees, net of employee retention payroll tax credits of $2.5 million; and,The Company ended the quarter with debt of $240.0 million and $363.2 million of cash on hand. Results for the year-to-date period included the following: Comparable restaurant sales decreased 14.2% at domestic company restaurants and 15.5% at d...

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