Texas Roadhouse Inc. reported Monday that its profit rose 24 percent in the fourth quarter ended Dec. 29.
Net income for the Louisville, Ky.-based casual-dining operator was nearly $23 million, or 33 cents per share, an increase from $18.6 million, or 26 cents per share, in the same period the previous year.
Same-store sales for the 483-unit chain increased 4.5 percent at company-owned restaurants, ending a year in which same-store sales rose 7.2 percent.
“We ended the year on a strong note,” Texas Roadhouse CEO Kent Taylor said in a statement. He noted that same-store sales have increased for 24 straight quarters. “In addition, our solid balance sheet and healthy cash flow allowed us to open 29 restaurants, while returning $58 million of excess capital to shareholders through quarterly dividend payments and share repurchases throughout the year.”
Taylor added that the chain’s traffic has increased in the first seven weeks of 2016. The chain plans to open 30 company-owned locations this year, he said.
Revenue in the quarter increased 12 percent, to $454.4 million, from $404.4 million, and increased 14 percent on the year to $1.8 billion, from $1.6 billion the previous year.
Net income for the year increased 11 percent, to $96.9 million, or $1.37 per share, from $87 million, or $1.23 per share, the previous year.
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