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Texas Roadhouse posts 4.4% same-store sales increase at company units

Third-quarter results ‘solid,’ CEO Kent Taylor says, and pipeline for openings ‘strong’

Texas Roadhouse Inc. posted same-store sales increases of 4.4% at its company-owned units in the third quarter ended Sept. 24, the company reported Monday.

While many casual-dining competitors saw sluggish sales in the quarter, the Louisville, Ky.-based brand said same-store sales increased at company-owned units as well as rose 3.2% at franchised domestic restaurants.

The increase was continuing into the fourth quarter, the company said in its guidance, saying that in the first four weeks of the period, same-store sales were up 5.3%.

For the casual-dining segment In September, for example, the average quarterly same-store sales growth in the latest quarter was 0.5%.

“We are pleased to deliver a solid quarter of results driven by improved restaurant margins and comparable restaurant sales growth of 4.4%,” said Kent Taylor, Texas Roadhouse CEO, in a statement. “Our operators continue to execute on our core strategy of getting guests in the door and providing a legendary experience.”

For the third-quarter, Texas Roadhouse’s net income rose 25.4% to $36.5 million, or 52 cents a share, compared to $29.1 million, or 40 cents a share, in the same period last year. Revenues increased 9.4% to $650.5 million from $594.6 million in the prior-year quarter.

Texas Roadhouse, founded in 1993, has more than 600 restaurants in 49 states and 10 other countries.

Taylor said the company is targeting at least 30 company and franchised restaurant openings, including as many as eight Bubba’s 33 units, its secondary concept, in 2020.

“On the development front, our restaurant pipeline is as strong as it has ever been,” Taylor said.

Contact Ron Ruggless at [email protected]

Follow him on Twitter: @RonRuggless

TAGS: Finance
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