Texas Roadhouse, Inc. (NASDAQ: TXRH) reported Q2 EPS of $0.33, in-line with the analyst estimate of $0.33. Revenue for the quarter came in at $395.4 million versus the consensus estimate of $394.31 million. Comparable restaurant sales increased 2.9% at company restaurants and 3.5% at franchise restaurants.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, "We are pleased to report another quarter of double-digit revenue growth led by strong operating week growth and positive comparable restaurant sales, including solid traffic growth. Our restaurant development included six new restaurants during the quarter, including our first restaurant in Alaska and we now operate in 49 states and three foreign countries. Looking forward, we will continue to focus on opening restaurants in new and existing markets and driving traffic growth and market share gains through our ongoing commitment to legendary food and service. This philosophy, along with our ongoing dividend and share repurchase programs, will continue to drive shareholder value."

2014 Outlook

The Company reported that comparable restaurant sales at company restaurants for the first four weeks of its third quarter of fiscal 2014 increased approximately 4.0% compared to the prior year period.

Management reiterated the following expectations for 2014:

• Positive comparable restaurant sales growth;
• Low single digit food cost inflation;
• Total capital expenditures of $100.0 to $110.0 million; and
• 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.

Management updated the following expectation for 2014:

Approximately 25 company restaurant openings.

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