Texas Roadhouse, Inc. Announces Second Quarter 2022 Results

About this update from Texas Roadhouse, Inc.

[{"type":"text","content":"LOUISVILLE, Ky., July 28, 2022 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 weeks ended June 28, 2022. Financial Results Financial results for the 13 and 26 weeks ended June 28, 2022 and June 29, 2021 were as follows: Second Quarter Year to Date($000's) 2022 2021 % change 2022 2021 % changeTotal revenue$1,024,606 $898,788 14.0% $2,012,092 $1,699,417 18.4%Income from operations 85,918 89,728 (4.2%) 176,056 170,655 3.2%Net income 72,419 75,480 (4.1%) 147,621 139,630 5.7%Diluted earnings per share$1.07 $1.08 (0.8%) $2.15 $1.99 8.1% Results for the second quarter, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 7.6% at company restaurants and increased 6.2% at domestic franchise restaurants;Average weekly sales at company restaurants were $135,552 of which 13.1% were to-go sales as compared to average weekly sales of $126,442 of which 16.9% were to-go sales in the prior year;Restaurant margin, as a percentage of restaurant and other sales, decreased 116 basis points to 16.6%. Restaurant margin was negatively impacted by commodity inflation of 11.8%, with higher costs across the basket, partially offset by the benefit of an increase in comparable restaurant sales. Restaurant margin dollars increased 6.6% to $168.7 million from $158.2 million in the prior year;Diluted earnings per share decreased 0.8% to $1.07 from $1.08 in the prior year as higher restaurant margin dollars were more than offset by increased general and administrative expenses. This was driven by the timing of our annual managing partner conference which occurred in the third quarter in the prior year. Diluted earnings per share also benefitted from increased share repurchases;Five company restaurants and one international franchise restaurant were opened;The Company repurchased 1,673,387 shares of common stock for $128.2 million; and,The Company ended the quarter with $180.4 million of cash on hand and debt of $75.0 million. Results for the year-to-date period, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 11.7% at company restaurants and increased 11.8% at domestic franchise restaurants;Average weekly sales at company restaurants were $133,917 of which 13.9% were to-go sales as comp...

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