Texas Roadhouse 2Q Profit Declines on Higher Expenses, Revenue Jumps

Dow Jones08-07

Texas Roadhouse reported a slight decrease in second quarter profit due to higher expenses, but a double-digit jump in revenue as more customers came to its restaurants.

The company reported on Thursday net income of $121.9 million, or $1.85 a share, compared with $124.1 million, or $1.86 a share, a year earlier.

The company attributed the decline to higher depreciation and amortization and higher general and administrative expenses.

Revenue rose 11% to $1.68 billion. Analysts polled by FactSet expected $1.67 billion.

Comparable restaurant sales increased 6.2%.

Chief Executive Jerry Morgan said that strong traffic drove up average weekly sales. He added that the company expects meaningful growth opportunities across all three of its brands.

Texas Roadhouse opened nine company restaurants and one franchise restaurant last quarter.

The company forecast positive comparable restaurant sales growth, including the benefits of menu pricing actions, for the full-year.

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