Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Fourth Quarter 2017 Results

Increases Quarterly Dividend 19.0% to $0.25 per Share

 

LOUISVILLE, KY. (February 20, 2018)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 26, 2017.

 

 

 

Fourth Quarter

 

Year to Date

 

($000’s)

 

2017

 

2016

 

% Change

 

2017

 

2016

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

545,076

 

$

484,710

 

12.5

%

$

2,219,531

 

$

1,990,714

 

11.5

%

Income from operations

 

37,459

 

30,839

 

21.5

%

186,206

 

171,900

 

8.3

%

Net income

 

28,618

 

20,725

 

38.1

%

131,526

 

115,598

 

13.8

%

Diluted EPS

 

$

0.40

 

$

0.29

 

37.0

%

$

1.84

 

$

1.63

 

13.0

%

 

Results for the fourth quarter included the following highlights:

 

·                  Comparable restaurant sales increased 5.8% at company restaurants, including a positive impact of approximately 0.4% related to the calendar shift of the Christmas holiday, and 4.7% at domestic franchise restaurants;

·                  Diluted earnings per share increased 37.0% to $0.40 from $0.29 in the prior year primarily due to restaurant margin performance and a lower income tax rate;

·                  Restaurant margin dollars increased 11.9% to $92.2 million from $82.4 million in the prior year and restaurant margin, as a percentage of restaurant sales, decreased 11 basis points to 17.0%.  The decrease was primarily driven by labor inflation, partially offset by the benefit of lower food costs;

·                  Our income tax rate decreased to 19.8% from 28.8% in the prior year primarily due to the impact of new tax legislation enacted in the current quarter, which resulted in a $3.1 million reduction in income tax expense, or $0.04 per diluted share; and

·                  Seven company restaurants and two international franchise restaurants were opened.

 

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

 

·                  Comparable restaurant sales increased 4.5% at company restaurants and 4.2% at domestic franchise restaurants;

·                  Diluted earnings per share increased 13.0% to $1.84 from $1.63 in the prior year;

·                  Restaurant margin dollars increased 10.2% to $406.4 million from $368.9 million in the prior year and restaurant margin, as a percentage of restaurant sales, decreased 24 basis points to 18.4%, primarily driven by labor 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 $7.3 million ($4.5 million after-tax), or $0.06 per diluted share, related to a separate legal matter;

·                  Our income tax rate decreased to 26.1% from 29.8% in the prior year primarily due to the impact of new accounting rules adopted in 2017 related to share-based compensation and the impact of new tax legislation, which combined resulted in a $6.5 million reduction in income tax expense, or $0.09 per diluted share; and

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

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Tuesday, February 20, 2018 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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