Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 27, 2011.
|Fourth Quarter||Year to Date|
|($000's)||2011||2010||% Change||2011||2010||% Change|
|Income from operations||18,210||15,734||16||95,239||90,617||5|
Results for the fourth quarter included:
- Comparable restaurant sales increased 5.6% at all company restaurants and 5.7% at all franchise restaurants;
- Ten company restaurants opened;
- Restaurant margins, as a percentage of restaurant sales, decreased 25 basis points to 16.8%;
- Diluted earnings per share increased 28% to $0.17 from $0.14 in the prior year period;
- The Company repurchased 968,700 shares of its common stock for a total purchase price of $12.7 million.
Results for the full year included:
- Comparable restaurant sales increased 4.7% at all company restaurants and 4.3% at all franchise restaurants;
- 20 company restaurants and one international franchise restaurant opened;
- Restaurant margins, as a percentage of restaurant sales, decreased 45 basis points to 18.1%;
- Diluted earnings per share increased 11% to $0.88 from $0.80 in the prior year;
- The Company repurchased 3,972,100 shares of its common stock for a total purchase price of $59.1 million.
Kent Taylor, Chief Executive Officer of Texas Roadhouse, commented, “We are very pleased with our 2011 results and are particularly encouraged that our strong sales trends were driven largely by increased traffic. Despite a challenging consumer environment and continued commodity cost pressures, we reported double-digit revenue and earnings per share growth in 2011, while our strong balance sheet and healthy cash flows enabled us to return $76 million of excess capital to shareholders through share repurchases and quarterly dividend payments.”
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