Texas Roadhouse(TXRH) - 2024 Q2 - Quarterly Results

Restaurant Sales and Performance - Comparable restaurant sales increased 8.9% at company restaurants and 8.0% at domestic franchise restaurants[2] - Average weekly sales at company restaurants were $159,184, with to-go sales accounting for $20,392[5] - Store week growth was approximately 7.5%, including a 2% benefit from the 53rd week[7] - Texas Roadhouse restaurants' average unit volume increased by 9.1% to $2,123 for the 13 weeks ended June 25, 2024, compared to $1,946 for the same period in 2023[39] - U.S. franchise restaurants' average unit volume increased by 6.5% to $2,268 for the 13 weeks ended June 25, 2024, compared to $2,129 for the same period in 2023[39] Restaurant Margins and Profitability - Restaurant margin dollars increased 32.7% to $242.6 million, with restaurant margin as a percentage of sales rising to 18.2% from 15.7%[3] - Restaurant margin dollars for the 26 weeks increased 27.8% to $471.1 million, with margin as a percentage of sales rising to 17.8% from 15.8%[19] - Restaurant margin for the 13 weeks ended June 25, 2024, grew to $242,611 thousand, a 32.7% increase from $182,756 thousand in the prior year[31] - Restaurant margin percentage improved by 250 basis points to 18.2% for the 13 weeks ended June 25, 2024, compared to 15.7% for the same period in 2023[39] Earnings and Financial Performance - Diluted earnings per share increased 38.7% driven by higher restaurant margin dollars[5] - Net income attributable to Texas Roadhouse, Inc. and subsidiaries for the 13 weeks ended June 25, 2024, rose to $120,141 thousand, a 46.1% increase from $82,271 thousand in the prior year[29] - Diluted earnings per share for the 13 weeks ended June 25, 2024, increased to $1.79, up 46.4% from $1.22 in the same period last year[29][34] - Net income rose by 46.0% to $120,141 for the 13 weeks ended June 25, 2024, compared to $82,271 for the same period in 2023[37] - Diluted earnings per share increased by 46.4% to $1.79 for the 13 weeks ended June 25, 2024, compared to $1.22 for the same period in 2023[37] Revenue Growth - Total revenue for the 13 weeks ended June 25, 2024, increased to $1,341,202 thousand, up 14.5% from $1,171,203 thousand in the same period last year[29] - Total revenue increased by 14.5% to $1,341,202 for the 13 weeks ended June 25, 2024, compared to $1,171,203 for the same period in 2023[37] - Restaurant and other sales grew by 14.5% to $1,333,642 for the 13 weeks ended June 25, 2024, compared to $1,164,385 for the same period in 2023[39] Capital Allocation and Expenditures - Capital allocation spend included $155.5 million in capital expenditures, $81.5 million in dividends, and $35.1 million in stock repurchases[5] - Total capital expenditures for 2024 are expected to be between $360 million and $370 million[7] Labor Costs and Inflation - Wage and other labor inflation is projected to be between 4% and 5%[8] Restaurant Expansion and Growth - The company opened 15 company restaurants and 6 franchise restaurants in the first 26 weeks of 2024[19] - Total company restaurants increased by 36 to 650 at the end of the quarter, compared to 614 in the same period last year[33] - Total franchise restaurants increased by 17 to 112 at the end of the quarter, compared to 95 in the same period last year[33] - Store weeks increased by 5.6% to 8,408 for the 13 weeks ended June 25, 2024, compared to 7,960 for the same period in 2023[39] - Bubba's 33 restaurants' store weeks increased by 13.3% to 596 for the 13 weeks ended June 25, 2024, compared to 526 for the same period in 2023[39] - Texas Roadhouse franchise restaurants' store weeks increased by 13.9% to 1,389 for the 13 weeks ended June 25, 2024, compared to 1,220 for the same period in 2023[39] Financial Position and Assets - Cash and cash equivalents as of June 25, 2024, stood at $197,454 thousand, up 89.4% from $104,246 thousand as of December 26, 2023[36] - Total assets as of June 25, 2024, increased to $2,861,911 thousand, up 2.5% from $2,793,376 thousand as of December 26, 2023[36] - Texas Roadhouse, Inc. and subsidiaries stockholders' equity increased to $1,262,636 thousand as of June 25, 2024, up 10.6% from $1,141,662 thousand as of December 26, 2023[36]