Texas Roadhouse (NASDAQ: TXRH) reported Q3 EPS of $0.95, $0.11 worse than the analyst estimate of $1.06. Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.12 billion.

Management reiterated the following expectations for 2023:

Positive comparable restaurant sales growth including the benefit of menu pricing actions;
Store week growth of approximately 6% including the impact of franchise locations acquired;
Commodity cost inflation of 5% to 6%; and,
Wage and other labor inflation of 6% to 7%.
Management updated the following expectations for 2023:
As many as 27 Texas Roadhouse and Bubba’s 33 company restaurant openings;
An effective income tax rate of approximately 13%; and,
Total capital expenditures of approximately $340 million.

2024 Outlook

Management provided the following initial expectations for 2024:
Positive comparable restaurant sales growth including the benefit of 2023 menu pricing actions;
Store week growth of approximately 8%, including a benefit of 2% from the 53rd week;
Commodity cost inflation of 5% to 6%;
Wage and other labor inflation of 4% to 5%;
An effective income tax rate of 14% to 15%; and,
Total capital expenditures of $340 million to $350 million.

For earnings history and earnings-related data on Texas Roadhouse (TXRH) click here.