Texas Roadhouse, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, reflecting a robust performance compared to the previous fiscal period. For the 13 weeks ended September 24, 2024, total revenue reached $1,273.0 million, marking a 13.5% increase from $1,121.8 million in the same quarter of 2023. Restaurant and other sales also rose to $1,265.3 million, up from $1,115.2 million in the prior year. Year-to-date revenue for the 39 weeks ended September 24, 2024, was $3,935.4 million, compared to $3,467.3 million in 2023.
Net income for the third quarter was $84.4 million, a 32.3% increase from $63.8 million in Q3 2023. This growth in profitability was reflected in the earnings per share, which rose to $1.26 (diluted) from $0.95 in the previous year. The company’s operating income for the quarter was $102.0 million, up from $73.9 million in Q3 2023, indicating improved operational efficiency.
The restaurant margin for the third quarter increased to $202.1 million, a 24.1% rise from $162.8 million in the same period last year. This margin as a percentage of restaurant and other sales improved to 16.0% from 14.6%. The increase in sales was attributed to higher guest traffic and an increase in average check size, driven by menu price adjustments.
Texas Roadhouse continued its expansion strategy, operating 657 restaurants and franchising an additional 115 as of September 24, 2024, compared to 623 and 99, respectively, in the previous year. The company opened 19 new restaurants in 2024, contributing to a 5.8% increase in store weeks.
The company’s financial position strengthened, with cash and cash equivalents rising to $189.2 million from $104.2 million at the end of the previous fiscal year. Total assets increased to $2.9 billion, while total current liabilities decreased to $627.6 million from $745.4 million. Retained earnings also grew significantly, reaching $1.3 billion compared to $1.1 billion in the prior year.
Texas Roadhouse maintained a strong capital allocation strategy, with capital expenditures of $91.1 million in the third quarter and a total of $246.5 million year-to-date. The company also continued its stock repurchase program, buying back $9.6 million worth of shares in the third quarter.
Overall, Texas Roadhouse's performance in Q3 2024 demonstrated strong revenue growth, improved profitability, and strategic expansion, positioning the company favorably for future growth.
About Texas Roadhouse, Inc.
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