https://investor.texasroadhouse.com/press-releases/press-release-details/2024/Texas-RoadhouseInc.-Announces-Fourth-Quarter-2023-Results/default.aspxResults for the 13 weeks ended December 26, 2023, as compared to the prior year as applicable, included the following:
Comparable restaurant sales increased 9.9% at company restaurants and increased 8.9% at domestic franchise restaurants;
Average weekly sales at company restaurants were $141,653 of which $17,793 were to-go sales as compared to average weekly sales of $130,176 of which $16,414 were to-go sales in the prior year;
Restaurant margin dollars increased 21.4% to $176.7 million from $145.6 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, increased 75 basis points to 15.3% driven by higher sales partially offset by commodity inflation of 3.2%, wage and other labor inflation of 5.5% and higher general liability insurance expense;
Diluted earnings per share increased 21.3% primarily driven by higher restaurant margin dollars partially offset by higher general and administrative expenses and higher depreciation and amortization expenses;
12 company restaurants and seven franchise restaurants were opened; and
The Company repurchased 40,707 shares of common stock for $4.8 million.
Results for the 52 weeks ended December 26, 2023, as compared to the prior year as applicable, included the following:
Comparable restaurant sales increased 10.1% at company restaurants and increased 9.8% at domestic franchise restaurants;
Average weekly sales at company restaurants were $143,837 of which $18,088 were to-go sales as compared to average weekly sales of $131,802 of which $17,504 were to-go sales in the prior year;
Restaurant margin dollars increased 12.8% to $708.0 million from $627.5 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased 36 basis points to 15.4% primarily due to commodity inflation of 5.6%, wage and other labor inflation of 6.6% and higher general liability insurance expense partially offset by higher sales;
Diluted earnings per share increased 14.3% primarily driven by higher restaurant margin dollars partially offset by higher general and administrative expenses and higher depreciation and amortization expenses;
30 company restaurants and 15 franchise restaurants were opened; and
The Company repurchased 455,026 shares of common stock for $50.0 million.
