Business
Texas Roadhouse, Inc. Announces Second Quarter 2020 Results and Provides Business Update
LOUISVILLE, Ky., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 week periods
About this update from Texas Roadhouse, Inc.
[{"type":"text","content":"LOUISVILLE, Ky., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 week periods ended June 30, 2020 and provided a business update in response to the continued COVID-19 pandemic.\n Statement from Kent Taylor, Founder and CEO Let me start by thanking our operators and support teams for their hard work, dedication, courage, and commitment during the most challenging times we’ve experienced. Our operators were able to quickly transition nearly 600 full-service restaurants to a To-Go only model in March and then transition the majority of those same restaurants back to a hybrid operating model of limited capacity dining rooms together with enhanced To-Go service in May and June. Along the way, they came up with creative ways to drive traffic through increased outdoor dining, executing To-Go, managing wait times and other initiatives, with a priority of keeping our employees and guests safe. As we began re-opening our dining rooms in May, it was clear that our guests were excited to return. Since then, we have been encouraged to see our sales trend favorably through a solid combination of re-opened dining rooms, outdoor dining, and strong To-Go sales. With these increased sales, we have also seen our cashflows steadily improve. While we know there are challenges that remain relating to the pandemic and its impact on our business, I know that our operators will continue to face them head on. Financial Results Financial results for the 13 and 26 week periods ended June 30, 2020 were as follows: Second Quarter Year to Date ($000's) 2020 2019 % Change 2020 2019 % Change Total revenue $476,425 $689,828 (30.9%) $1,128,949 $1,380,436 (18.2%) (Loss) income from operations (47,318) 53,283 (188.8%) (31,528) 113,728 (127.7%) Net (loss) income (33,553) 44,845 (174.8%) (17,524) 95,235 (118.4%) Diluted (loss) earnings per share$(0.48) $0.63 (177.4%) $(0.25) $1.32 (119.1%) Results for the second quarter included the following: For the April, May, and June periods, comparable restaurant sales at company restaurants decreased 46.7%, 41.9%, and 14.1%, respectively. Sales during the June period were positively impacted by the re-opening of dining rooms in a limited capacity in the majority of company restaurants. For the quarter, comparable restaurant sales decreased 32.8% at c...