Texas Roadhouse (TXRH) Misses Q4 EPS by 21c, Revenues Miss
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
- J&J (JNJ) Privately Asked Rival Covid-19 Vaccine Makers to Inspect Clotting Risks, AstraZeneca (AZN) Said Yes but Pfizer (PFE) and Moderna (MRNA) Declined - Report
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Texas Roadhouse (NASDAQ: TXRH) reported Q4 EPS of $0.28, $0.21 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $637.99 million versus the consensus estimate of $679 million.
Results for the fourth quarter included the following:
- Total revenue was negatively impacted by lapping the $59.5 million benefit of the 14th week in 2019, which represented 7.9% of the decrease in total revenue for the quarter. Diluted earnings per share in the prior year quarter benefitted by $0.10 to $0.11 as a result of the 14th week;
- For the October, November, and December periods, comparable restaurant sales at domestic company restaurants increased 0.8%, decreased 6.3%, and decreased 18.2%, respectively. Sales during the period were negatively impacted by dining room closures and capacity restrictions throughout the country. For the quarter, comparable restaurant sales decreased 8.9% at domestic company restaurants and decreased 11.2% at domestic franchise restaurants;
- Nine company restaurants, including one Jaggers restaurant, our fast-casual concept, were opened and two franchise restaurants were opened;
- Restaurant margin, as a percentage of restaurant and other sales, was 13.3% and restaurant margin dollars were $84.1 million. Restaurant margin was impacted by a decrease in comparable restaurant sales and higher costs related to the pandemic. These costs included $0.5 million of costs incurred for relief pay and enhanced benefits for hourly restaurant employees, net of employee retention payroll tax credits of $2.5 million; and,
- The Company ended the quarter with debt of $240.0 million and $363.2 million of cash on hand.
As previously announced, due to the uncertainty surrounding the pandemic, the Company had not yet provided a financial outlook for the fiscal year ending December 28, 2021. However, based on improved cashflow and stabilizing operations at company restaurants, the Company is providing the following expectations for 2021:
- 25 to 30 company restaurant openings across all concepts;
- Store week growth of 4.0% to 5.0%;
- Commodity cost inflation of approximately 3.0%; and
- Total capital expenditures of $210 million to $220 million.
To the extent that state and local guidelines begin to significantly reduce capacity and/or re-close dining rooms, the Company could pull back on development and reduce capital spend accordingly.
For earnings history and earnings-related data on Texas Roadhouse (TXRH) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bank of New York (BK) Tops Q1 EPS by 10c, Revenues Beat
- Navios Maritime Acquisition (NNA) Misses Q4 EPS by 50c, Revenues Miss
- Adverum Biotechnologies (ADVM) to Present New Data from the OPTIC Trial of ADVM-022 Intravitreal Gene Therapy for Wet AMD at ARVO 2021
Create E-mail Alert Related CategoriesCorporate News, Earnings, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!