Texas Roadhouse reported a comp sales increase of 7.3% in Q4 and is up nearly 16% so far this year.
Texas Roadhouse recently announced their Q4 earnings, revealing a 7.3% increase in sales at company-owned restaurants and a 7.2% increase in sales at domestic franchise restaurants. The company’s average weekly sales for the quarter were over $130,000, with 12.6% being from to-go orders, compared to just under $122,000 and 14.4% the previous year. Despite many of its competitors experiencing negative trends, Texas Roadhouse has continued to see positive traffic, with a 1.1% increase in Q4. The company’s first seven weeks of 2023 have seen a weekly sales average of $146,000 and a 15.8% increase in comp sales compared to the previous year. This increase is attributed to both pricing and an increase in traffic. Investor relations director Michael Bailen noted that the company has seen more guests over the past seven weeks than in any other period in their history.
On February 17, the company celebrated its 30th anniversary. CEO Jerry Morgan expressed his enthusiasm for the popularity of the restaurant chain, stating that the company generated over $4 billion in annual revenue for the first time in 2022, and he anticipates this growth to continue.