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Dec 26, 2023
Texas Roadhouse Q4 2023 Earnings Report
Texas Roadhouse reported strong Q4 2023 results, marked by double-digit comparable sales growth and strategic capital allocation.
Key Takeaways
Texas Roadhouse, Inc. announced financial results for the fourth quarter of 2023, which ended on December 26, 2023. Total revenue increased by 15.3% to $1,164.4 million, and diluted earnings per share increased by 21.3% to $1.08. Comparable restaurant sales increased by 9.9% at company restaurants and 8.9% at domestic franchise restaurants.
Comparable restaurant sales increased 9.9% at company restaurants and 8.9% at domestic franchise restaurants.
Average weekly sales at company restaurants were $141,653, including $17,793 in to-go sales.
Restaurant margin dollars increased 21.4% to $176.7 million.
The company opened 12 company restaurants and 7 franchise restaurants.
Texas Roadhouse
Texas Roadhouse
Forward Guidance
Texas Roadhouse provided outlook for 2024, including commodity cost inflation of approximately 5% and an effective income tax rate of approximately 14%.
Positive Outlook
- Positive comparable restaurant sales growth including the benefit of 2023 menu pricing actions
- Store week growth of approximately 8%, including a benefit of 2% from the 53rd week
Challenges Ahead
- Commodity cost inflation of approximately 5%
- Wage and other labor inflation of 4% to 5%
- Total capital expenditures of $340 million to $350 million