Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Third Quarter 2017 Results

 

LOUISVILLE, KY. (October 30, 2017)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 week periods ended September 26, 2017.

 

 

 

Third Quarter

 

Year to Date

 

($000’s)

 

2017

 

2016

 

% Change

 

2017

 

2016

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

540,507

 

$

481,637

 

12.2

%

$

1,674,455

 

$

1,506,004

 

11.2

%

Income from operations

 

45,511

 

38,468

 

18.3

%

148,747

 

141,061

 

5.4

%

Net income

 

31,014

 

25,675

 

20.8

%

102,908

 

94,873

 

8.5

%

Diluted EPS

 

$

0.43

 

$

0.36

 

19.9

%

$

1.44

 

$

1.34

 

7.6

%

 

Results for the third quarter included the following highlights:

 

·                  Comparable restaurant sales increased 4.5% at company restaurants and 4.7% at domestic franchise restaurants;

 

·                  Restaurant margin, as a percentage of restaurant sales, decreased 31 basis points to 17.8%, primarily driven by wage rate inflation, partially offset by the benefit of lower food costs;

 

·                  Diluted earnings per share increased 19.9% to $0.43 from $0.36 in the prior year. This includes overlapping a pre-tax charge recorded in the prior year quarter of $1.2 million ($0.8 million after-tax) related to the settlement of a legal matter; and

 

·                  Seven company-owned restaurants, including two Bubba’s 33 restaurants, and one franchise restaurant were opened.

 

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

 

·                  Comparable restaurant sales increased 4.0% at both company restaurants and domestic franchise restaurants;

 

·                  Restaurant margin, as a percentage of restaurant sales, decreased 28 basis points to 18.9%, primarily driven by wage rate inflation, partially offset by the benefit of lower food costs;

 

·                  A pre-tax charge of $14.9 million ($9.2 million after-tax), or $0.13 per diluted share, was recorded in the first quarter of 2017, related to the settlement of a legal matter.  The impact of the legal charge was partially offset by a pre-tax charge recorded in 2016 of $6.7 million ($4.1 million after-tax) related to a separate legal matter which had an impact of $0.06 on diluted earnings per share;

 

·                  Diluted earnings per share increased 7.6% to $1.44 from $1.34 in the prior year; and

 

·                  20 company-owned restaurants, including four Bubba’s 33 restaurants, and three franchise restaurants were opened.

 

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We are pleased to deliver another solid quarter of results including a 19.9% increase in diluted earnings per share driven by double-digit revenue growth.  Comparable restaurant sales grew 4.5%, driven primarily by traffic gains of 3.5%.  In addition, our positive sales momentum has continued into the fourth quarter.  None of this growth would be possible without the commitment from our operators and everyone associated with our legendary brand.”

 

Taylor continued, “As we look to 2018, our balance sheet and strong cashflow have us well positioned for continued growth including approximately 30 planned restaurant openings. In addition, our allocation strategy will continue to be focused on returning capital to shareholders, primarily through our dividend program.”

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Monday, October 30, 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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