Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Fourth Quarter 2018 Results

Increases Quarterly Dividend 20% to $0.30 per Share

 

LOUISVILLE, KY. (February 19, 2019)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 25, 2018.

 

 

 

Fourth Quarter

 

Year to Date

 

($000’s)

 

2018

 

2017

 

% Change

 

2018

 

2017

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

605,912

 

$

545,076

 

11.2

%

$

2,457,449

 

$

2,219,531

 

10.7

%

Income from operations

 

33,207

 

37,459

 

(11.4

)%

187,789

 

186,206

 

0.9

%

Net income

 

30,332

 

28,618

 

6.0

%

158,225

 

131,526

 

20.3

%

Diluted EPS

 

$

0.42

 

$

0.40

 

5.4

%

$

2.20

 

$

1.84

 

19.6

%

 

Results for the fourth quarter included the following highlights:

 

·                  Comparable restaurant sales increased 5.6% at company restaurants and 4.8% at domestic franchise restaurants;

·                  Restaurant margin, as a percentage of restaurant and other sales, decreased 112 basis points to 15.9%, primarily due to higher labor costs.  Restaurant margin dollars increased 3.7% to $95.6 million from $92.2 million in the prior year;

·                  Our income tax rate decreased to 5.8% from 19.8% in the prior year primarily due to the impact of new tax legislation;

·                  Diluted earnings per share increased 5.4% to $0.42 from $0.40 in the prior year primarily due to higher revenue and lower income tax expense partially offset by higher labor costs and higher general and administrative expenses; and

·                  Eleven company restaurants, including one Bubba’s 33, and one international franchise restaurant were opened.

 

Results for the year-to-date period included the following highlights:

 

·                  Comparable restaurant sales increased 5.4% at company restaurants and 4.3% at domestic franchise restaurants;

·                  Restaurant margin, as a percentage of restaurant and other sales, decreased 104 basis points to 17.4%, primarily due to higher labor costs.  Restaurant margin dollars increased 4.4% to $424.2 million from $406.4 million in the prior year;

·                  Our income tax rate decreased to 12.9% from 26.1% in the prior year primarily due to the impact of new tax legislation;

·                  Diluted earnings per share increased 19.6% to $2.20 from $1.84 in the prior year primarily due to higher revenue and lower income tax expense partially offset by higher labor costs. In addition, we overlapped a pre-tax charge of $14.9 million ($9.2 million after-tax), or $0.13 per diluted share, in the first quarter of 2017, related to the settlement of a legal matter; and

·                  28 company restaurants, including five Bubba’s 33, and five international franchise restaurants were opened.

 

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We finished the year strong, with double digit revenue growth for both the fourth quarter and full year.  This represented the 36th consecutive quarter of positive comparable restaurant sales, with growth of 5.6% driven by increased traffic.  In addition, our solid balance sheet and healthy cashflow allowed us to open 28 company restaurants this year, while also increasing

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Tuesday, February 19, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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