Texas Roadhouse, Inc. (NASDAQ: TXRH) reported Q1 EPS of $0.37, $0.01 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $397.14 million versus the consensus estimate of $394.07 million. Comparable restaurant sales increased 2.8% at company restaurants and 3.8% at franchise restaurants.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, "Our operating momentum continued during the first quarter with double-digit revenue growth. Positive comparable restaurant sales growth, including solid traffic growth, once again drove our top-line results and we are pleased to see our sales momentum extend into the second quarter. As we look ahead, we believe we are well-positioned for long-term success. We continue to open restaurants with six openings so far this year. Beyond new restaurant development, our balance sheet and cash flow remain healthy as we continue to internally fund our growth while returning excess capital to our shareholders through dividend payments and share repurchases."

2014 Outlook

The Company reported that comparable restaurant sales at company restaurants for the first four weeks of its second quarter of fiscal 2014 increased approximately 1.6% compared to the prior year period. Additionally, the Company noted that these results were negatively impacted by approximately 1.5% due to the calendar shift of Easter weekend to this four week April period as compared to the Company's first quarter of the prior year.

Management reiterated the following expectations for 2014:

• Positive comparable restaurant sales growth;
• 25 to 30 company restaurant openings;
• Low single digit food cost inflation;
• An income tax rate of approximately 30.0% to 31.0% which is higher than the 2013 income tax rate primarily as a result of the expiration of certain federal tax credits at the end of 2013; and
• Total capital expenditures of $100.0 to $110.0 million.

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