Texas Roadhouse Inc. President Scott Colosi has retired, effective Thursday, and CEO and brand founder Kent Taylor has assumed his duties, the company said Friday.
Colosi had worked with the Louisville, Ky.-based casual-dining company for 17 years, joining Texas Roadhouse in 2002 as chief financial officer and assuming the role of president in 2011.
Photo: Ron Ruggless
Scott Colosi at the ICR investment conference in Orlando, Fla., in January
“Scott has provided tremendous value to Texas Roadhouse over the past 17 years,” Taylor said in a statement. “He was instrumental in taking us public in 2004 and has contributed significantly to the growth of our brands. We wish Scott the best of luck as he embarks on his retirement.”
Recently under Colosi, Texas Roadhouse had tackled increasing labor costs and shortages.
For the first quarter ended March 26, Texas Roadhouse reported net income slipped 7.6% to $50.4 million, or 70 cents a share, from $54.5 million, or 76 cents a share, in the same period last year. Revenues increased 10% to $690.6 million from $627.7 million in the prior-year quarter.
Same-store sales increased 5.2% at company-owned restaurants and 4.3% at domestic franchised locations.
Texas Roadhouse, which first opened in 1993 and also operates the Bubba’s 33 brand, has more than 590 restaurants in 49 states and 10 other countries.
Texas Roadhouse did not respond in time to requests for comment.
Contact Joanna Fantozzi at [email protected]
Follow her on Twitter: @JoannaFantozzi