Business
Texas Roadhouse, Inc. Announces Third Quarter 2020 Results and Provides Business Update
LOUISVILLE, Ky., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 week periods
About this update from Texas Roadhouse, Inc.
[{"type":"text","content":"LOUISVILLE, Ky., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 week periods ended September 29, 2020 and provided a business update in response to the continued COVID-19 pandemic.\n Financial Results Financial results for the 13 and 39 week periods ended September 29, 2020 were as follows: Third Quarter Year to Date($000's) 2020 2019 % Change 2020 2019 % Change Total revenue $631,185 $650,489 (3.0%) $1,760,134 $2,030,925 (13.3%)Income from operations 34,976 44,884 (22.1%) 3,448 158,612 (97.8%)Net income 29,230 36,531 (20.0%) 11,706 131,766 (91.1%)Diluted earnings per share $0.42 $0.52 (19.9%) $0.17 $1.85 (90.9%) Results for the third quarter included the following: For the July, August, and September periods, comparable restaurant sales at company restaurants decreased 13.0%, 6.6%, and 0.5%, respectively. Sales during the period were positively impacted by the continued easing of dining room capacity restrictions throughout the country. For the quarter, comparable restaurant sales decreased 6.3% at domestic company restaurants and 9.6% at domestic franchise restaurants;Five company restaurants, including one Bubba’s 33 restaurant, and one international franchise restaurant were opened. Three international franchise locations remain temporarily closed as of the end of the quarter;Restaurant margin, as a percentage of restaurant and other sales, was 14.5% and restaurant margin dollars were $91.1 million. Restaurant margin was impacted by a decrease in comparable restaurant sales and higher costs related to the pandemic. These costs included $1.8 million of costs incurred for enhanced benefits for hourly restaurant employees which were more than offset by employee retention payroll tax credits of $4.5 million related to relief pay for hourly restaurant employees provided in the first half of the year;General and administrative expenses included a $3.0 million benefit related to the sale of a legal claim; and,The Company ended the quarter with debt of $240.0 million and $328.6 million of cash on hand. Results for the year-to-date period included the following highlights: Comparable restaurant sales decreased 16.0% at domestic company restaurants and 16.8% at domestic franchise restaurants;13 company restaurants, including three Bubba’s 33 restaurants, on...