Texas Roadhouse Q2 2020 Earnings Report
Key Takeaways
Texas Roadhouse reported its financial results for the second quarter of 2020, which were impacted by the COVID-19 pandemic and the re-opening of dining rooms. Comparable restaurant sales were affected by capacity restrictions. The company's cash position increased due to working capital inflows and improved sales.
Comparable restaurant sales were impacted by the re-opening of dining rooms across the country.
The company operated under a fully To-Go model in April, while May and June included various capacity restrictions.
Cash on hand position increased approximately $51.9 million due to working capital inflows, proceeds from the revolving credit facility, and increased sales performance.
As of the end of July, over 95% of company restaurants had dining rooms operating in a limited capacity.
Texas Roadhouse
Texas Roadhouse
Forward Guidance
Due to the current unprecedented global market and economic conditions, the Company withdrew the financial outlook for the fiscal year ending December 29, 2020. The Company cannot yet reasonably estimate the impact to the business and therefore cannot provide an updated outlook.