Texas Roadhouse, Inc. (TXRH) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 27, 2018

Earnings Press Release
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Texas Roadhouse, Inc.
Ticker: TXRH CIK: 1289460

Exhibit 99.1

Texas Roadhouse, Inc. Announces First Quarter 2018 Results

LOUISVILLE, KY. (April 30, 2018)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 week period ended March 27, 2018.

	First Quarter
($000’s)	2018		2017		% Change

Total revenue	$	627,705	$	567,686	10.6	%
Income from operations	64,871		49,022		32.3	%
Net income	54,541		34,313		59.0	%
Diluted EPS	$	0.76	$	0.48	57.9	%

Results for the first quarter included the following highlights:

· Comparable restaurant sales increased 4.9% at company restaurants and 3.9% at domestic franchise restaurants;

· Diluted earnings per share increased 57.9% to $0.76 from $0.48 in the prior year primarily due to lower general and administrative expenses and the benefit of a lower income tax rate. General and administrative expenses included a pre-tax charge recorded in the prior year period of $14.9 million ($9.2 million after-tax), or $0.13 per diluted share, related to the settlement of a legal matter;

· Restaurant margin dollars increased 6.3% to $119.4 million from $112.3 million in the prior year and restaurant margin, as a percentage of restaurant and other sales, decreased 75 basis points to 19.2%;

· Our income tax rate decreased to 13.0% from 26.5% in the prior year period primarily due to the impact of new tax legislation; and

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

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We are pleased to report another solid quarter highlighted by double-digit revenue growth and comparable restaurant sales growth of 4.9%. This sales growth was largely driven by traffic gains which have continued into the second quarter. While restaurant margins remain challenged by ongoing labor inflation, our operators have remained focused on providing our guests with a legendary experience. On the development front, our new restaurant pipeline is in good shape with 11 company restaurants and two international franchise restaurants, including our first in Mexico, open so far this year.”

2018 Outlook

Comparable restaurant sales at company restaurants for the first four weeks of our second quarter of fiscal 2018 increased approximately 8.5% compared to the prior year period.

Management updated the following expectation for 2018:

· Commodity cost inflation of approximately 1.0% compared to previous guidance of relatively flat food costs.

Management reiterated the following expectations for 2018:

· Positive comparable restaurant sales growth;

The following information was filed by Texas Roadhouse, Inc. (TXRH) on Monday, April 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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