Texas Roadhouse, Inc. Announces Second Quarter 2024 Results
25 Julho 2024 - 5:03PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced
financial results for the 13 and 26 weeks ended June 25, 2024.
Financial Results
Financial results for the 13 and 26 weeks ended
June 25, 2024 and June 27, 2023 were as follows:
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
($000's, except per share
amounts) |
|
June 25, 2024 |
|
June 27, 2023 |
|
% change |
|
June 25, 2024 |
|
June 27, 2023 |
|
% change |
|
Total revenue |
|
$ |
1,341,202 |
|
$ |
1,171,203 |
|
14.5 |
% |
|
$ |
2,662,419 |
|
$ |
2,345,559 |
|
13.5 |
% |
Income from operations |
|
|
142,816 |
|
|
95,412 |
|
49.7 |
% |
|
|
275,944 |
|
|
196,357 |
|
40.5 |
% |
Net income |
|
|
120,141 |
|
|
82,271 |
|
46.0 |
% |
|
|
233,347 |
|
|
168,658 |
|
38.4 |
% |
Diluted earnings per
share |
|
$ |
1.79 |
|
$ |
1.22 |
|
46.4 |
% |
|
$ |
3.48 |
|
$ |
2.51 |
|
38.7 |
% |
Results for the 13 weeks ended June 25, 2024, as
compared to the prior year as applicable, included the
following:
- Comparable
restaurant sales increased 9.3% at company restaurants and
increased 8.3% at domestic franchise restaurants;
- Average weekly
sales at company restaurants were $158,991 of which $19,975 were
to-go sales as compared to average weekly sales of $146,727 of
which $18,496 were to-go sales in the prior year;
- Restaurant
margin dollars increased 32.7% to $242.6 million from $182.8
million in the prior year primarily due to higher sales.
Restaurant margin, as a percentage of restaurant and other
sales, increased to 18.2% from 15.7% in the prior year driven by
higher sales. The benefit of a higher average guest check and
improved labor productivity more than offset wage and other labor
inflation of 4.4% and commodity inflation of 0.4%;
- Diluted
earnings per share increased 46.4% primarily driven by higher
restaurant margin dollars partially offset by higher general and
administrative expenses and higher depreciation and amortization
expenses;
- Six company
restaurants and three franchise restaurants were opened; and
- Capital
allocation spend included capital expenditures of $77.8 million,
dividends of $40.7 million, and repurchases of common stock of
$26.2 million.
Results for the 26 weeks ended June 25, 2024, as
compared to the prior year as applicable, included the
following:
- Comparable
restaurant sales increased 8.9% at company restaurants and
increased 8.0% at domestic franchise restaurants;
- Average weekly
sales at company restaurants were $159,184 of which $20,392 were
to-go sales as compared to average weekly sales of $147,579 of
which $18,762 were to-go sales in the prior year;
- Restaurant
margin dollars increased 27.8% to $471.1 million from $368.5
million in the prior year primarily due to higher sales.
Restaurant margin, as a percentage of restaurant and other
sales, increased to 17.8% from 15.8% in the prior year driven by
higher sales. The benefit of a higher average guest check and
improved labor productivity more than offset wage and other labor
inflation of 4.4% and commodity inflation of 0.7%;
- Diluted
earnings per share increased 38.7% primarily driven by higher
restaurant margin dollars partially offset by higher general and
administrative expenses and higher depreciation and amortization
expenses;
- 15 company
restaurants and six franchise restaurants were opened; and
- Capital
allocation spend included capital expenditures of $155.5 million,
dividends of $81.5 million, and repurchases of common stock of
$35.1 million.
Jerry Morgan, Chief Executive Officer of Texas
Roadhouse, Inc. commented, “We continued our momentum in the
current quarter as strong traffic trends and some relief on
commodity inflation led to increased profitability across all of
our brands. With our operators delivering solid operating results,
and a balanced development pipeline, we are well positioned for the
second half of the year.”
Morgan continued, “We continue to grow our brand
globally and now have over 50 international franchise locations. In
addition, we recently unveiled our first purpose statement of
‘Serving Communities Across America…and the World’. We are
confident that through our focus on this purpose and our commitment
to providing legendary food and legendary service, we will continue
to generate strong operating results that will enhance long-term
shareholder value.”
2024 Outlook
Comparable restaurant sales at company
restaurants for the first four weeks of our third quarter of fiscal
2024 increased 8.0% compared to 2023.
Management updated the following expectations
for 2024:
- Store week growth of approximately
7.5%, including a benefit of 2% from the 53rd week;
- Commodity cost inflation of
approximately 2%;
- An effective income tax rate of
approximately 14.5%; and
- Total capital expenditures of $360
million to $370 million.
Management reiterated the following expectations
for 2024:
- Positive comparable restaurant
sales growth including the benefit of menu pricing actions;
and
- Wage and other labor inflation of
4% to 5%.
Non-GAAP Measures
The Company prepares the consolidated financial
statements in accordance with U.S. generally accepted accounting
principles (“GAAP”). Within the press release, the Company makes
reference to restaurant margin (in dollars, as a percentage of
restaurant and other sales, and per store week). Restaurant margin
represents restaurant and other sales less restaurant-level
operating costs, including food and beverage costs, labor, rent,
and other operating costs. Restaurant margin should not be
considered in isolation, or as an alternative, to income from
operations. This non-GAAP measure is not indicative of overall
company performance and profitability in that this measure does not
accrue directly to the benefit of shareholders due to the nature of
the costs excluded. Restaurant margin is widely regarded as a
useful metric by which to evaluate core restaurant-level operating
efficiency and performance over various reporting periods on a
consistent basis. In calculating restaurant margin, the Company
excludes certain non-restaurant-level costs that support
operations, including general and administrative expenses, but do
not have a direct impact on restaurant-level operational efficiency
and performance. The Company excludes pre-opening expenses as they
occur at irregular intervals and would impact comparability to
prior period results. The Company excludes depreciation and
amortization expenses, substantially all of which relate to
restaurant-level assets, as they represent a non-cash charge for
the investment in restaurants. The Company excludes impairment and
closure expenses as it believes this provides a clearer perspective
of ongoing operating performance and a more useful comparison to
prior period results. Restaurant margin as presented may not be
comparable to other similarly titled measures of other companies in
the industry. A reconciliation of income from operations to
restaurant margin is included in the accompanying financial
tables.
Conference Call
Texas Roadhouse, Inc. is hosting a
conference call today, July 25, 2024, at 5:00 p.m.
Eastern Time to discuss these results. The call will be webcast
live from the investor relations portion of the Company’s website
at www.texasroadhouse.com. Listeners may also access the call by
dialing (888) 440-5667 or (646) 960-0476 for international calls
and referencing the Texas Roadhouse, Inc. Second Quarter 2024
Earnings. A replay of the call will be available until
August 1, 2024, by dialing (800) 770-2030 or (609) 800-9909
for international calls and using conference ID 7714420.
About the Company
Texas Roadhouse, Inc. is a growing
restaurant company operating predominantly in the casual dining
segment that first opened in 1993 and today has grown to over 760
restaurants system-wide in 49 states, one U.S. territory, and ten
foreign countries. For more information, please visit the Company’s
Web site at www.texasroadhouse.com.
Forward-looking Statements
Certain statements in this release are
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Such statements
are based upon the current beliefs and expectations of the
management of Texas Roadhouse, Inc. Actual results may vary
materially from those contained in forward-looking statements based
on a number of factors including, without limitation, conditions
beyond management’s control such as weather, natural disasters,
disease outbreaks, epidemics, or pandemics impacting customers or
food supplies; labor or supply chain shortages or limited
availability of staff or product needed to meet its business
standards; changes in consumer discretionary spending and
macroeconomic conditions, including inflationary pressures; food
safety, and food-borne illness concerns; and other factors
disclosed from time to time in its filings with the U.S. Securities
and Exchange Commission. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. These
factors include but are not limited to those described under
“Part I—Item 1A. Risk Factors” of the Annual Report on
Form 10-K for the fiscal year ended December 26,
2023. These factors should not be construed as exhaustive and
should be read in conjunction with other filings with the
Securities and Exchange Commission. Investors should take such
risks into account when making investment decisions. Shareholders
and other readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
on which they are made. The Company undertakes no obligation to
update any forward-looking statements, except as required by
applicable law.
Contacts: |
|
|
|
|
|
Investor RelationsMichael Bailen(502) 515 7298 |
|
MediaTravis Doster(502) 638 5457 |
|
|
|
Texas Roadhouse, Inc. and
SubsidiariesCondensed Consolidated Statements of
Income(in thousands, except per share
data)(unaudited) |
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
June 25, 2024 |
|
June 27, 2023 |
|
June 25, 2024 |
|
June 27, 2023 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
1,333,642 |
|
|
$ |
1,164,385 |
|
|
$ |
2,647,794 |
|
|
$ |
2,331,968 |
|
Franchise royalties and fees |
|
7,560 |
|
|
|
6,818 |
|
|
|
14,625 |
|
|
|
13,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
1,341,202 |
|
|
|
1,171,203 |
|
|
|
2,662,419 |
|
|
|
2,345,559 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (excluding depreciation and amortization
shown separately below): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage |
|
436,001 |
|
|
|
401,204 |
|
|
|
881,092 |
|
|
|
811,915 |
|
Labor |
|
438,212 |
|
|
|
391,337 |
|
|
|
865,759 |
|
|
|
777,156 |
|
Rent |
|
19,956 |
|
|
|
17,996 |
|
|
|
39,381 |
|
|
|
35,824 |
|
Other operating |
|
196,862 |
|
|
|
171,092 |
|
|
|
390,504 |
|
|
|
338,621 |
|
Pre-opening |
|
6,202 |
|
|
|
5,671 |
|
|
|
14,297 |
|
|
|
11,048 |
|
Depreciation and amortization |
|
42,915 |
|
|
|
37,413 |
|
|
|
84,408 |
|
|
|
73,640 |
|
Impairment and closure, net |
|
90 |
|
|
|
78 |
|
|
|
291 |
|
|
|
133 |
|
General and administrative |
|
58,148 |
|
|
|
51,000 |
|
|
|
110,743 |
|
|
|
100,865 |
|
Total costs and expenses |
|
1,198,386 |
|
|
|
1,075,791 |
|
|
|
2,386,475 |
|
|
|
2,149,202 |
|
Income from operations |
|
142,816 |
|
|
|
95,412 |
|
|
|
275,944 |
|
|
|
196,357 |
|
Interest income, net |
|
1,683 |
|
|
|
996 |
|
|
|
3,091 |
|
|
|
2,234 |
|
Equity income from investments
in unconsolidated affiliates |
|
286 |
|
|
|
287 |
|
|
|
543 |
|
|
|
1,042 |
|
Income before taxes |
|
144,785 |
|
|
|
96,695 |
|
|
|
279,578 |
|
|
|
199,633 |
|
Income tax expense |
|
21,710 |
|
|
|
12,270 |
|
|
|
40,513 |
|
|
|
26,604 |
|
Net income including
noncontrolling interests |
|
123,075 |
|
|
|
84,425 |
|
|
|
239,065 |
|
|
|
173,029 |
|
Less: Net income attributable
to noncontrolling interests |
|
2,934 |
|
|
|
2,154 |
|
|
|
5,718 |
|
|
|
4,371 |
|
Net income attributable to
Texas Roadhouse, Inc. and subsidiaries |
$ |
120,141 |
|
|
$ |
82,271 |
|
|
$ |
233,347 |
|
|
$ |
168,658 |
|
Net income per common share
attributable to Texas Roadhouse, Inc. and subsidiaries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.80 |
|
|
$ |
1.23 |
|
|
$ |
3.49 |
|
|
$ |
2.52 |
|
Diluted |
$ |
1.79 |
|
|
$ |
1.22 |
|
|
$ |
3.48 |
|
|
$ |
2.51 |
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
66,785 |
|
|
|
66,974 |
|
|
|
66,814 |
|
|
|
66,995 |
|
Diluted |
|
67,044 |
|
|
|
67,229 |
|
|
|
67,077 |
|
|
|
67,261 |
|
Cash dividends declared per
share |
$ |
0.61 |
|
|
$ |
0.55 |
|
|
$ |
1.22 |
|
|
$ |
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(in thousands) |
|
|
|
|
|
|
|
|
|
June 25, 2024 |
|
December 26, 2023 |
|
|
(unaudited) |
|
|
|
|
|
Cash and cash equivalents |
$ |
197,454 |
|
|
$ |
104,246 |
|
Other current assets, net |
|
135,832 |
|
|
|
252,228 |
|
Property and equipment,
net |
|
1,523,393 |
|
|
|
1,474,722 |
|
Operating lease right-of-use
assets, net |
|
726,378 |
|
|
|
694,014 |
|
Goodwill |
|
169,684 |
|
|
|
169,684 |
|
Intangible assets, net |
|
2,374 |
|
|
|
3,483 |
|
Other assets |
|
106,796 |
|
|
|
94,999 |
|
Total assets |
$ |
2,861,911 |
|
|
$ |
2,793,376 |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
644,327 |
|
|
|
745,434 |
|
Operating lease liabilities,
net of current portion |
|
779,517 |
|
|
|
743,476 |
|
Other liabilities |
|
160,377 |
|
|
|
146,955 |
|
Texas Roadhouse, Inc. and
subsidiaries stockholders’ equity |
|
1,262,636 |
|
|
|
1,141,662 |
|
Noncontrolling interests |
|
15,054 |
|
|
|
15,849 |
|
Total liabilities and
equity |
$ |
2,861,911 |
|
|
$ |
2,793,376 |
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
SubsidiariesCondensed Consolidated Statements of
Cash Flows(in
thousands)(unaudited) |
|
|
|
|
|
|
|
26 Weeks Ended |
|
June 25, 2024 |
|
June 27, 2023 |
Cash flows from
operating activities: |
|
|
|
|
|
Net income including noncontrolling interests |
$ |
239,065 |
|
|
$ |
173,029 |
|
Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
|
|
Depreciation and amortization |
|
84,408 |
|
|
|
73,640 |
|
Share-based compensation expense |
|
18,378 |
|
|
|
16,744 |
|
Deferred income taxes |
|
(4,254 |
) |
|
|
1,767 |
|
Other noncash adjustments, net |
|
1,662 |
|
|
|
2,831 |
|
Change in working capital, net
of acquisitions |
|
38,088 |
|
|
|
20,222 |
|
Net cash provided by operating activities |
|
377,347 |
|
|
|
288,233 |
|
Cash flows from
investing activities: |
|
|
|
|
|
Capital expenditures -
property and equipment |
|
(155,478 |
) |
|
|
(154,580 |
) |
Acquisition of franchise
restaurants, net of cash acquired |
|
— |
|
|
|
(39,153 |
) |
Proceeds from sale of
investments in unconsolidated affiliates |
|
— |
|
|
|
632 |
|
Proceeds from sale of property
and equipment |
|
197 |
|
|
|
— |
|
Proceeds from sale leaseback
transactions |
|
9,126 |
|
|
|
7,097 |
|
Net cash used in investing activities |
|
(146,155 |
) |
|
|
(186,004 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
Payments on revolving credit
facility |
|
— |
|
|
|
(50,000 |
) |
Repurchase of shares of common
stock |
|
(35,139 |
) |
|
|
(33,058 |
) |
Dividends paid to
shareholders |
|
(81,509 |
) |
|
|
(73,698 |
) |
Other financing activities,
net |
|
(21,336 |
) |
|
|
(12,010 |
) |
Net cash used in financing activities |
|
(137,984 |
) |
|
|
(168,766 |
) |
Net increase (decrease) in cash and cash equivalents |
|
93,208 |
|
|
|
(66,537 |
) |
Cash and cash equivalents -
beginning of period |
|
104,246 |
|
|
|
173,861 |
|
Cash and cash equivalents -
end of period |
$ |
197,454 |
|
|
$ |
107,324 |
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
SubsidiariesReconciliation of Income from
Operations to Restaurant Margin($ in
thousands)(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
|
June 25, 2024 |
|
June 27, 2023 |
|
June 25, 2024 |
|
June 27, 2023 |
|
Income from operations |
$ |
142,816 |
|
|
$ |
95,412 |
|
|
$ |
275,944 |
|
$ |
196,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Franchise royalties and
fees |
|
7,560 |
|
|
|
6,818 |
|
|
|
14,625 |
|
|
13,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening |
|
6,202 |
|
|
|
5,671 |
|
|
|
14,297 |
|
|
11,048 |
|
Depreciation and
amortization |
|
42,915 |
|
|
|
37,413 |
|
|
|
84,408 |
|
|
73,640 |
|
Impairment and closure,
net |
|
90 |
|
|
|
78 |
|
|
|
291 |
|
|
133 |
|
General and
administrative |
|
58,148 |
|
|
|
51,000 |
|
|
|
110,743 |
|
|
100,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
$ |
242,611 |
|
|
$ |
182,756 |
|
|
$ |
471,058 |
|
$ |
368,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin (as a
percentage of restaurant and other sales) |
|
18.2 |
% |
|
|
15.7 |
% |
|
|
17.8 |
% |
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
SubsidiariesSupplemental Financial and Operating
Information($ amounts in thousands, except
restaurant margin per store week and weekly sales
by group)(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
June 25, 2024 |
|
June 27, 2023 |
|
Change |
Company restaurants (all
concepts) |
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
1,333,642 |
|
|
$ |
1,164,385 |
|
|
14.5 |
% |
Store weeks |
|
8,408 |
|
|
|
7,960 |
|
|
5.6 |
% |
Comparable restaurant sales (1) |
|
9.3 |
% |
|
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (as a % of restaurant and other
sales) |
|
|
|
|
|
|
|
|
|
Food and beverage costs |
|
32.7 |
% |
|
|
34.5 |
% |
|
176 |
bps |
Labor |
|
32.8 |
% |
|
|
33.6 |
% |
|
76 |
bps |
Rent |
|
1.5 |
% |
|
|
1.5 |
% |
|
5 |
bps |
Other operating |
|
14.8 |
% |
|
|
14.7 |
% |
|
(7 |
) bps |
Total |
|
81.8 |
% |
|
|
84.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin % |
|
18.2 |
% |
|
|
15.7 |
% |
|
250 |
bps |
Restaurant margin $ |
$ |
242,611 |
|
|
$ |
182,756 |
|
|
32.8 |
% |
Restaurant margin $/Store week |
$ |
28,855 |
|
|
$ |
22,961 |
|
|
25.7 |
% |
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse restaurants
only: |
|
|
|
|
|
|
|
|
|
Store weeks |
|
7,708 |
|
|
|
7,343 |
|
|
5.0 |
% |
Comparable restaurant sales (1) |
|
9.4 |
% |
|
|
9.4 |
% |
|
|
Average unit volume (2) |
$ |
2,123 |
|
|
$ |
1,946 |
|
|
9.1 |
% |
Weekly sales by group: |
|
|
|
|
|
|
|
|
|
Comparable restaurants (553 and 533 units) |
$ |
163,797 |
|
|
$ |
149,847 |
|
|
9.3 |
% |
Average unit volume restaurants (20 and 20 units) |
$ |
150,736 |
|
|
$ |
144,554 |
|
|
4.3 |
% |
Restaurants less than 6 months old (21 and 13 units) |
$ |
151,647 |
|
|
$ |
158,608 |
|
|
(4.4 |
)% |
|
|
|
|
|
|
|
|
|
|
Bubba’s 33 restaurants
only: |
|
|
|
|
|
|
|
|
|
Store weeks |
|
596 |
|
|
|
526 |
|
|
13.3 |
% |
Comparable restaurant sales (1) |
|
5.5 |
% |
|
|
3.9 |
% |
|
|
Average unit volume (2) |
$ |
1,580 |
|
|
$ |
1,514 |
|
|
4.4 |
% |
Weekly sales by group: |
|
|
|
|
|
|
|
|
|
Comparable restaurants (38 and 35 units) |
$ |
122,868 |
|
|
$ |
117,906 |
|
|
4.2 |
% |
Average unit volume restaurants (5 and 3 units) |
$ |
111,244 |
|
|
$ |
99,324 |
|
|
12.0 |
% |
Restaurants less than 6 months old (5 and 3 units) |
$ |
142,429 |
|
|
$ |
123,594 |
|
|
15.2 |
% |
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse franchise
restaurants only: |
|
|
|
|
|
|
|
|
|
Store weeks |
|
1,389 |
|
|
|
1,220 |
|
|
13.9 |
% |
Comparable restaurant sales |
|
6.6 |
% |
|
|
10.8 |
% |
|
|
U.S. franchise restaurants only: |
|
|
|
|
|
|
|
|
|
Comparable restaurant sales (1) |
|
8.3 |
% |
|
|
9.2 |
% |
|
|
Average unit volume (2) |
$ |
2,268 |
|
|
|
2,129 |
|
|
6.5 |
% |
_______________(1) Comparable restaurant sales reflect the change
in sales for all company restaurants across all concepts,
unless otherwise noted, over the same period of the prior year for
restaurants open a full 18 months before the beginning of the
period, excluding sales from restaurants permanently closed during
the period.(2) Average unit volume includes sales from restaurants
open for a full six months before the beginning of the period,
excluding sales from restaurants permanently closed during the
period, if applicable.Amounts may not foot due to rounding. |
|
Texas
Roadhouse, Inc. and SubsidiariesRestaurant
Unit Activity(unaudited) |
|
|
|
13 Weeks Ended |
|
|
26 Weeks Ended |
|
|
|
June 25, 2024 |
June 27, 2023 |
Change |
|
June 25, 2024 |
June 27, 2023 |
Change |
Restaurant openings |
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
3 |
2 |
|
1 |
|
|
12 |
6 |
|
6 |
|
Company - Bubba’s 33 |
|
3 |
1 |
|
2 |
|
|
3 |
1 |
|
2 |
|
Company - Jaggers |
|
— |
— |
|
— |
|
|
— |
2 |
|
(2 |
) |
Total company restaurants |
|
6 |
3 |
|
3 |
|
|
15 |
9 |
|
6 |
|
|
|
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - Domestic |
|
— |
1 |
|
(1 |
) |
|
1 |
1 |
|
— |
|
Franchise - Jaggers - Domestic |
|
— |
— |
|
— |
|
|
1 |
— |
|
1 |
|
Franchise - Texas Roadhouse - Int'l (1) |
|
3 |
2 |
|
1 |
|
|
4 |
3 |
|
1 |
|
Total franchise restaurants |
|
3 |
3 |
|
— |
|
|
6 |
4 |
|
2 |
|
|
|
|
|
|
|
|
|
|
Total restaurants |
|
9 |
6 |
|
3 |
|
|
21 |
13 |
|
8 |
|
|
|
|
|
|
|
|
|
|
Restaurant
acquisitions/dispositions |
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
— |
— |
|
— |
|
|
— |
8 |
|
(8 |
) |
Franchise - Texas Roadhouse - Domestic |
|
— |
— |
|
— |
|
|
— |
(8 |
) |
8 |
|
|
|
|
|
|
|
|
|
|
Restaurant closures |
|
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - Domestic |
|
— |
(1 |
) |
1 |
|
|
— |
(1 |
) |
1 |
|
|
|
|
|
|
|
|
|
|
Restaurants open at the end of
the quarter |
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
594 |
566 |
|
28 |
|
|
|
|
|
Company - Bubba’s 33 |
|
48 |
41 |
|
7 |
|
|
|
|
|
Company - Jaggers |
|
8 |
7 |
|
1 |
|
|
|
|
|
Total company restaurants |
|
650 |
614 |
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - Domestic |
|
56 |
54 |
|
2 |
|
|
|
|
|
Franchise - Jaggers - Domestic |
|
3 |
— |
|
3 |
|
|
|
|
|
Franchise - Texas Roadhouse - Int'l (1) |
|
53 |
41 |
|
12 |
|
|
|
|
|
Total franchise restaurants |
|
112 |
95 |
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restaurants |
|
762 |
709 |
|
53 |
|
|
|
|
|
_______________(1) Includes Puerto Rico. |
|
Texas Roadhouse (NASDAQ:TXRH)
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