Business
Texas Roadhouse, Inc. Announces Fourth Quarter 2022 Results
Increases Quarterly Dividend by 20% to $0.55 per Share LOUISVILLE, Ky., Feb. 16, 2023 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today
About this update from Texas Roadhouse, Inc.
[{"type":"text","content":"Increases Quarterly Dividend by 20% to $0.55 per Share\nLOUISVILLE, Ky., Feb. 16, 2023 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 weeks ended December 27, 2022. Financial Results Financial results for the 13 and 52 weeks ended December 27, 2022 and December 28, 2021 were as follows: Fourth Quarter Year to Date($000's) 2022 2021 % change 2022 2021 % changeTotal revenue$1,009,529 $895,586 12.7% $4,014,919 $3,463,94615.9%Income from operations 68,853 64,839 6.2% 320,197 297,192 7.7%Net income 59,869 53,058 12.8% 269,818 245,294 10.0%Diluted earnings per share$0.89 $0.76 17.4% $3.97 $3.50 13.5% Results for the fourth quarter, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 7.3% at company restaurants and increased 7.2% at domestic franchise restaurants;Average weekly sales at company restaurants were $130,176 of which 12.6% were to-go sales as compared to average weekly sales of $121,976 of which 14.4% were to-go sales in the prior year;Restaurant margin, as a percentage of restaurant and other sales, decreased 132 basis points to 14.5% as commodity inflation of 6.6% and wage and other labor inflation of 7.8% were partially offset by higher sales. Restaurant margin dollars increased 3.4% to $145.6 million from $140.8 million in the prior year primarily due to higher sales;Diluted earnings per share increased 17.4% primarily driven by higher restaurant margin dollars and lower general and administrative expenses. Diluted earnings per share also benefitted from increased share repurchases that occurred in the first half of 2022; and,10 company restaurants and two international franchise restaurants were opened. Results for the year-to-date period, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 9.7% at company restaurants and increased 9.4% at domestic franchise restaurants;Average weekly sales at company restaurants were $131,802 of which 13.3% were to-go sales as compared to average weekly sales of $120,706 of which 17.1% were to-go sales in the prior year;Restaurant margin, as a percentage of restaurant and other sales, decreased 118 basis points to 15.7% as commodity inflation of 10.8% and wage and other labor inflation of 8.3% were partially offs...