Louisville, Ky., – Texas Roadhouse, Inc. today announced financial results for the 13 week period ended March 31, 2015.
Results for the first quarter included the following highlights:
*Diluted earnings per share increased 23.0% to $0.46 from $0.37 in the prior year;
*Comparable restaurant sales increased 8.9% at company restaurants and 8.0% at franchise restaurants;
*Three company-owned restaurants were opened, including one Bubba’s 33 restaurant; and,
*Restaurant margin, as a percentage of restaurant sales, decreased 20 basis points to 19.0%. The impact of higher average unit volume was more than offset by commodity inflation of approximately 5.2%, mostly driven by beef.
“We are off to a strong start for the year with another quarter of solid revenue growth driven by increasing guest counts and new restaurant development,” said Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc. “We credit our success to our value proposition with consumers and our ability to execute at the restaurant level even in the face of continued commodity inflation. Our development plans for 2015 remain on track with 25 to 30 company restaurant openings this year.”
The Company reported that comparable restaurant sales at company restaurants for the first four weeks of its second quarter of fiscal 2015 increased approximately 8.4% compared to the prior year period.
Management reiterated the following expectations for 2015:
*Positive comparable restaurant sales growth;
*25 to 30 company restaurant openings, including as many as five Bubba’s 33 restaurants;
*Food cost inflation of 3% to 4%;
*An income tax rate of approximately 30.0% to 31.0% depending on the reinstatement of certain federal tax credits; and
*Total capital expenditures of $135 million to $145 million.