Texas Roadhouse, Inc. Announces Third Quarter 2021 Results

About this update from Texas Roadhouse, Inc.

[{"type":"text","content":"LOUISVILLE, Ky., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 weeks ended September 28, 2021. Financial Results Financial results for the 13 and 39 weeks ended September 28, 2021, September 29, 2020, and September 24, 2019 were as follows: Third Quarter($000's) % change 2021 2020 2019 vs. 2020 vs. 2019Total revenue$868,943 $631,185 $650,489 37.7% 33.6%Income from operations 61,698 34,976 44,884 76.4% 37.5%Net income 52,606 29,230 36,531 80.0% 44.0%Diluted earnings per share$0.75 $0.42 $0.52 79.3% 43.6% Year to Date % change 2021 2020 2019 vs. 2020 vs. 2019Total revenue$2,568,360 $1,760,134 $2,030,925 45.9% 26.5%Income from operations 232,353 3,448 158,612 6638.8% 46.5%Net income 192,236 11,706 131,766 1542.2% 45.9%Diluted earnings per share$2.74 $0.17 $1.85 1535.1% 48.3% Results for the third quarter included the following: Comparable restaurant sales at company restaurants increased 30.2% and 22.3% compared to 2020 and 2019, respectively1. Comparable restaurant sales at domestic franchise restaurants increased 33.5% and 20.4% compared to 2020 and 2019, respectively;Average weekly sales at company restaurants were $120,094 of which 15.1% were to-go sales;Seven company restaurants, including one Bubba’s 33 were opened;Restaurant margin, as a percentage of restaurant and other sales, increased 111 basis points to 15.7% compared to the prior year as the increase in comparable restaurant sales was partially offset by higher food and beverage costs. The higher costs were driven by commodity inflation of 13.9% primarily related to higher beef costs. Restaurant margin dollars increased to $135.1 million from $91.1 million in the prior year;Diluted earnings per share increased to $0.75 from $0.42 in the prior year due to the increase in restaurant margin dollars partially offset by an increase in general and administrative expenses;The Company resumed the repurchase of shares under the stock repurchase program, purchasing 161,034 shares of common stock for $14.7 million; and,The Company ended the quarter with $436.6 million of cash on hand and continued to maintain debt of $190.0 million. Results for the year-to-date period included the following highlights: Comparable restaurant sales at company restaurants increased 39.5% and 17.3% compared to 2020 and 20...

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