Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Second Quarter 2018 Results

 

LOUISVILLE, KY. (July 30, 2018)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 week periods ended June 26, 2018.

 

 

 

Second Quarter

 

Year to Date

 

($000’s)

 

2018

 

2017

 

% Change

 

2018

 

2017

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

629,237

 

$

566,262

 

11.1

%

$

1,256,942

 

$

1,133,948

 

10.8

%

Income from operations

 

54,267

 

54,214

 

0.1

%

119,138

 

103,236

 

15.4

%

Net income

 

44,227

 

37,581

 

17.7

%

98,768

 

71,894

 

37.4

%

Diluted EPS

 

$

0.62

 

$

0.53

 

16.9

%

$

1.37

 

$

1.01

 

36.5

%

 

Results for the second quarter included the following highlights:

 

·                  Comparable restaurant sales increased 5.7% at company restaurants and 3.9% at domestic franchise restaurants;

·                  Diluted earnings per share increased 16.9% to $0.62 from $0.53 in the prior year;

·                  Restaurant margin dollars increased 6.5% to $113.4 million from $106.5 million in the prior year and restaurant margin, as a percentage of restaurant and other sales, decreased 77 basis points to 18.2% primarily due to higher labor costs;

·                  General and administrative expenses increased primarily due to higher costs of $2.5 million associated with our annual managing partner conference which marked our 25th anniversary;

·                  Our income tax rate decreased to 15.6% from 27.9% in the prior year period primarily due to the impact of new tax legislation; and

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

 

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

 

·                  Comparable restaurant sales increased 5.3% at company restaurants and 4.0% at domestic franchise restaurants;

·                  Diluted earnings per share increased 36.5% to $1.37 from $1.01 in the prior year;

·                  Restaurant margin dollars increased 6.4% to $232.8 million from $218.7 million in the prior year and restaurant margin, as a percentage of restaurant and other sales, decreased 76 basis points to 18.7% primarily due to higher labor costs;

·                  General and administrative expenses decreased primarily due to a pre-tax charge of $14.9 million ($9.2 million after-tax), or $0.13 per diluted share, recorded in the first quarter of 2017, related to the settlement of a legal matter which was partially offset by higher costs associated with our annual managing partner conference in 2018;

·                  Our income tax rate decreased to 14.2% from 27.2% in the prior year period primarily due to the impact of new tax legislation; and

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

 

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “Our top-line results for the second quarter were strong with double-digit revenue growth, including 5.7% comparable restaurant sales growth.  We

 


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