Texas Roadhouse Reports Q1 Results

On Monday, May 5, 2014, Texas Roadhouse TXRH announced its first quarter 2014 results. Shares of the company were down 3.02 percent or $0.77 per share to $24.72 after hours. The company opened six company restaurants and one franchise restaurant. Additionally, the company repurchased 960,000 shares of common stock for an aggregate total of $24.2 million. Kent Taylor, Chief Executive Officer of Texas Roadhouse, 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." The company reiterated the following 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.