Texas Roadhouse hits record high on increased profitability, easing costs pressures

seekingalpha05-04

Buoyed by a 12% increase in sales and expectations for cost pressures to moderate, shares of Texas Roadhouse (NASDAQ:TXRH) were sent to a record high on Friday, giving a boost to other names in the ...

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Besides the better-than-expected profit and sales, investors took note of easing cost pressures that have weighed on profit margins. Commodity inflation is expected to increase by just 3% in 2024 compared to +8.9% in 2023, while wage and labor inflation are seen easing to +4.3% from +8.0% year-over-year. For Q2, management expects bottom-line labor costs to be up 4% in Q2.  Comparable restaurant sales increased 8.4% at company restaurants, slowing from 12.9% year-over-year, but have already accelerated by 9.3% for the first five weeks of Q2.  Restaurant margin, as a percentage of restaurant and other sales, increased to 17.4% from 15.9% in the prior year driven by higher sales partially offset by higher general liability insurance expense. The benefit of a higher average guest check and improved labor productivity more than offset wage and other labor inflation.  “Notwithstanding near- and medium-term margin headwinds, we continue to view TXRH as one of the primary share gainers within the casual dining category for the foreseeable future,” Wedbush analyst Nick Setyan said in Friday’s research note, one of several Wall Street firms that raised their price targets results. 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