Exhibit 99.1

 

Texas Roadhouse, Inc. Announces First Quarter 2017 Results

 

LOUISVILLE, KY. (May 1, 2017)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13-week period ended March 28, 2017.

 

 

 

First Quarter

 

($000’s)

 

2017

 

2016

 

% Change

 

 

 

 

 

 

 

 

 

Total revenue

 

$

567,686

 

$

515,559

 

10

%

Income from operations

 

49,022

 

52,811

 

(7

)%

Net income

 

34,313

 

35,593

 

(4

)%

Diluted EPS

 

$

0.48

 

$

0.50

 

(4

)%

 

Results for the first quarter included the following highlights:

 

·                  Comparable restaurant sales increased 3.1% at company restaurants and 3.8% at domestic franchise restaurants;

·                  Restaurant margin, as a percentage of restaurant sales, decreased 21 basis points to 19.9%, primarily driven by wage rate inflation, partially offset by the benefit of lower food costs;

·                  Results for the quarter included a pre-tax charge of $14.9 million ($9.2 million after-tax), or $0.13 per diluted share, related to a previously disclosed legal matter which was settled during March 2017.  The impact of the legal charge was partially offset by a pre-tax charge recorded in the first quarter of 2016 of $5.5 million ($3.4 million after-tax) related to a separate legal matter which had an impact of $0.05 on diluted earnings per share in that quarter;

·                  Diluted earnings per share decreased 4.4% to $0.48 from $0.50 in the prior year; and,

·                  Six company-owned restaurants and two franchise restaurants were opened.

 

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We are pleased with our top-line momentum and operating performance in the first quarter of 2017 with positive comparable restaurant sales and traffic growth, which continued through the first four weeks of the second quarter.  We credit our success to our operators’ ability to execute on our mission of Legendary Food and Legendary Service every single shift.  In addition, we remain committed to investing in new restaurant growth that generates solid returns and allows us to maintain a conservative capital structure.”

 

Franchise Acquisition

 

Effective December 28, 2016, we acquired four franchise restaurants in Florida and Georgia for an aggregate purchase price of $16.5 million.  The purchase price was paid in cash.  Going forward, two of the restaurants are wholly-owned, while two are majority-owned.  The acquisitions are expected to have an accretive impact in 2017.

 

2017 Outlook

 

Comparable restaurant sales at company restaurants for the first four weeks of our second quarter of fiscal 2017 increased approximately 2.6% compared to the prior year period.

 

Management reiterated the following expectations for 2017:

 

·                  Positive comparable restaurant sales growth;

·                  Approximately 30 company restaurant openings, including approximately six Bubba’s 33 restaurants;

·                  Food cost deflation of approximately 1.0% to 2.0%;

·                  Mid-single digit labor inflation;

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Monday, May 1, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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