Texas Roadhouse (NASDAQ: TXRH) reported Q1 EPS of $0.50, $0.04 worse than the analyst estimate of $0.54. Revenue for the quarter came in at $515.6 million versus the consensus estimate of $515.88 million. Comparable restaurant sales growth of 4.6% at company restaurants and 3.1% at franchise restaurants.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, "We are pleased that our top-line momentum continued in the first quarter, driven by solid traffic growth. Strong comp sales, along with commodity deflation driven by lower beef costs helped us deliver near double digit earnings growth this quarter. As of today, we have opened ten company restaurants, as well as two international franchise openings, including our first in the Philippines. Beyond restaurant development, our balance sheet and cash flow remain healthy and we believe we are well-positioned for long-term growth."

2016 Outlook

The Company reported that comparable restaurant sales growth at company restaurants for the first four weeks of its second quarter of fiscal 2016 was approximately 5.1% compared to the prior year period.

Management reiterated the following expectations for 2016:

• Positive comparable restaurant sales growth;
• Approximately 30 company restaurant openings, including approximately seven Bubba’s 33 restaurants;
• 1.0% to 2.0% food cost deflation;
• An income tax rate of approximately 30.0%; and,
• Total capital expenditures of $165.0 million to $175.0 million.

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