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Texas Roadhouse Dives Midday as Labor Costs Jump

Investing.com - Restaurant chain Texas Roadhouse tumbled midday after missing on quarterly results.

The stock fell 11%, while the S&P 500 consumer discretionary fell 0.05%.

Texas Roadhouse (NASDAQ:TXRH) reported a first-quarter profit of 70 cents per share after the bell yesterday, well below the consensus forecast of 82 cents per share according to analysts surveyed by Investing.com.

Sales came in at $690.61 million, shy of expectations of $694 million.

The company said its restaurant margin sank 17.9% due mainly to an increase in labor costs.

Same-store sales for the first four weeks of the second quarter fell 2.9%, Briefing.com reported.

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