Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Fourth Quarter 2015 Results

Increases Quarterly Dividend 12% to $0.19 per Share

 

LOUISVILLE, KY. (February 22, 2016)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 29, 2015.

 

 

 

Fourth Quarter

 

Year to Date

 

($000’s)

 

2015

 

2014

 

% Change

 

2015

 

2014

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

454,351

 

$

404,425

 

12

 

$

1,807,368

 

$

1,582,148

 

14

 

Income from operations

 

33,713

 

27,043

 

25

 

144,565

 

130,449

 

11

 

Net income

 

22,982

 

18,595

 

24

 

96,894

 

87,022

 

11

 

Diluted EPS

 

$

0.32

 

$

0.26

 

23

 

$

1.37

 

$

1.23

 

11

 

 

Results for the fourth quarter included the following highlights:

 

·                  Comparable restaurant sales growth of 4.5% at company restaurants and 4.0% at franchise restaurants;

·                  Restaurant margin, as a percentage of restaurant sales, increased 112 basis points to 17.6%, primarily driven by lower other operating costs and lower food costs;

·                  Diluted earnings per share increased 22.7% to $0.32 from $0.26 in the prior year;

·                  Seven company-owned Texas Roadhouse restaurants were opened; and,

·                  The Company repurchased 189,700 shares of its common stock for $6.7 million.

 

Results for the full year included the following highlights:

 

·                  Comparable restaurant sales growth of 7.2% at company restaurants and 6.5% at franchise restaurants;

·                  Restaurant margin, as a percentage of restaurant sales, decreased 30 basis points to 17.3%.  Food cost inflation of approximately 4.9%, driven by beef, more than offset the impact of higher average unit volume;

·                  Diluted earnings per share increased 11.1% to $1.37 from $1.23 in the prior year;

·                  29 company-owned restaurants were opened, including four Bubba’s 33 restaurants; and,

·                  The Company repurchased 321,789 shares of its common stock for $11.4 million.

 

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We ended the year on a strong note, with double digit revenue and diluted earnings per share growth for both the fourth quarter and the full year.  This represents our 24th consecutive quarter of positive comparable restaurant sales growth, which is a testament to our Managing Partners.  In addition, our solid balance sheet and healthy cash flow allowed us to open 29 restaurants, while returning $58 million of excess capital to shareholders through quarterly dividend payments and share repurchases throughout the year.”

 

Taylor continued, “We have assembled a substantial pipeline of new locations and are on track to open approximately 30 company restaurants this year.  Our top-line momentum has continued into 2016 and we are pleased to have seen continued traffic growth during the first seven weeks of the year.  Looking ahead, we will stay focused on solidifying our long-term brand position and capitalizing on our growth potential.”

 

2016 Outlook

 

The Company reported that comparable restaurant sales growth of at company restaurants for the first seven weeks of its first quarter of fiscal 2016 was approximately 4.4% compared to the prior year period.

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Monday, February 22, 2016 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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