Texas Roadhouse, Inc. Announces Second Quarter 2024 Results

About this update from Texas Roadhouse, Inc.

[{"type":"text","content":"LOUISVILLE, Ky., July 25, 2024 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 weeks ended June 25, 2024. Financial Results Financial results for the 13 and 26 weeks ended June 25, 2024 and June 27, 2023 were as follows: 13 Weeks Ended 26 Weeks Ended ($000's, except per share amounts) June 25, 2024 June 27, 2023 % change June 25, 2024 June 27, 2023 % change Total revenue $1,341,202 $1,171,203 14.5% $2,662,419 $2,345,559 13.5%Income from operations 142,816 95,412 49.7% 275,944 196,357 40.5%Net income 120,141 82,271 46.0% 233,347 168,658 38.4%Diluted earnings per share $1.79 $1.22 46.4% $3.48 $2.51 38.7% Results for the 13 weeks ended June 25, 2024, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 9.3% at company restaurants and increased 8.3% at domestic franchise restaurants;Average weekly sales at company restaurants were $158,991 of which $19,975 were to-go sales as compared to average weekly sales of $146,727 of which $18,496 were to-go sales in the prior year;Restaurant margin dollars increased 32.7% to $242.6 million from $182.8 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, increased to 18.2% from 15.7% in the prior year driven by higher sales. The benefit of a higher average guest check and improved labor productivity more than offset wage and other labor inflation of 4.4% and commodity inflation of 0.4%;Diluted earnings per share increased 46.4% primarily driven by higher restaurant margin dollars partially offset by higher general and administrative expenses and higher depreciation and amortization expenses;Six company restaurants and three franchise restaurants were opened; andCapital allocation spend included capital expenditures of $77.8 million, dividends of $40.7 million, and repurchases of common stock of $26.2 million. Results for the 26 weeks ended June 25, 2024, as compared to the prior year as applicable, included the following: Comparable restaurant sales increased 8.9% at company restaurants and increased 8.0% at domestic franchise restaurants;Average weekly sales at company restaurants were $159,184 of which $20,392 were to-go sales as compared to average weekly sales of $147,579 of which $18,762 were to-go sales...

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