Texas Roadhouse (NASDAQ:TXRH) reported Q1 EPS of $1.08, $0.17 better than the analyst estimate of $0.91. Revenue for the quarter came in at $987.5 million versus the consensus estimate of $970.24 million.
GUIDANCE:
Comparable restaurant sales at company restaurants for the first five weeks of the second quarter of fiscal 2022 increased 9.3% compared to the prior year.
- Management reiterated the following expectations for 2022:
- Positive comparable restaurant sales growth including a menu price increase of 3.2% that was implemented in April;
- Approximately 25 Texas Roadhouse and Bubba's 33 company restaurant openings;
- Store week growth of approximately 6.5%, including the impact of the seven franchise locations acquired;
- Commodity cost inflation of 12% to 14% for the year;
- Wage and other labor inflation of approximately 7%;
- An effective income tax rate of approximately 15% excluding the impact of any legislative changes enacted; and,
- Total capital expenditures of approximately $230 million including as many as five relocations