Texas Roadhouse, Inc. Announces Second Quarter 2023 Results

About this update from Texas Roadhouse, Inc.

[{"type":"text","content":"LOUISVILLE, Ky., July 27, 2023 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 weeks ended June 27, 2023. Financial Results Financial results for the 13 and 26 weeks ended June 27, 2023 and June 28, 2022 were as follows: Second Quarter Year to Date ($000's) 2023 2022 % change 2023 2022 % change Total revenue$1,171,203 $1,024,606 14.3% $2,345,559 $2,012,092 16.6% Income from operations 95,412 85,918 11.1% 196,357 176,056 11.5% Net income 82,271 72,419 13.6% 168,658 147,621 14.3% Diluted earnings per share$1.22 $1.07 14.7% $2.51 $2.15 16.6% Results for the second quarter, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 9.1% at company restaurants and increased 9.2% at domestic franchise restaurants;Average weekly sales at company restaurants were $146,727 of which $18,496 were to-go sales as compared to average weekly sales of $135,552 of which $17,794 were to-go sales in the prior year;Restaurant margin dollars increased 8.3% to $182.8 million from $168.7 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased 88 basis points to 15.7% as commodity inflation of 6.0% and wage and other labor inflation of 7.0% were partially offset by higher sales;Diluted earnings per share increased 14.7% primarily driven by higher restaurant margin dollars partially offset by higher depreciation and amortization and higher general and administrative expenses;Three company restaurants and three franchise restaurants were opened; and,The Company repurchased 213,975 shares of common stock for $23.4 million. Results for the year-to-date period, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 11.0% at company restaurants and increased 11.2% at domestic franchise restaurants;Average weekly sales at company restaurants were $147,579 of which $18,762 were to-go sales as compared to average weekly sales of $133,917 of which $18,671 were to-go sales in the prior year;Restaurant margin dollars increased 11.7% to $368.5 million from $329.9 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased 70 basis points to 15.8% as commodi...

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