Texas Roadhouse (NASDAQ: TXRH) reported Q1 EPS of $0.91, $0.33 better than the analyst estimate of $0.58. Revenue for the quarter came in at $800.63 million versus the consensus estimate of $741.14 million.

Comparable restaurant sales at company restaurants increased 18.5% and 8.6% compared to 2020 and 2019, respectively.

The last several weeks have been extremely difficult for the Texas Roadhouse family as we mourn the passing of our Founder, CEO, and friend, Kent Taylor. The vision and leadership that Kent provided since opening the first store in 1993 was without question the foundation for the thriving, multi-concept restaurant company that we are today. The entire leadership team is committed to preserving Kent’s legacy and the unique culture he established as we continue to grow Texas Roadhouse just as he did over the past 28 years.

We also have reflected on the impact of the pandemic on our business. A year ago today, all of our dining rooms were still closed and while we knew brighter days were ahead, we never could have anticipated where we are today. Our operating results have exceeded even pre-pandemic levels thanks to our operators’ ability to navigate a number of factors, including the easing of dining room capacity restrictions, guest excitement to get back into our restaurants and the continued strength of our To-Go sales. Going forward, our primary focus will be ensuring that our guests continue to have a legendary experience each and every time they choose us. This will include continuing to manage capacity restrictions, recruiting and retaining front-line employees, and maintaining a safe environment for everyone.

GUIDANCE:

Management updated the following expectation for 2021:

• Commodity cost inflation of approximately 4.0%.

Management reiterated the following expectations for 2021:

• 25 to 30 company restaurant openings across all concepts;
• Store week growth of 4.0% to 5.0%; 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.