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Texas Roadhouse, Inc. Announces Second Quarter 2022 Results

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Texas Roadhouse, Inc
Texas Roadhouse, Inc

LOUISVILLE, Ky., July 28, 2022 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 weeks ended June 28, 2022.

Financial Results

Financial results for the 13 and 26 weeks ended June 28, 2022 and June 29, 2021 were as follows:

 

Second Quarter

 

Year to Date

($000's)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

 

 

% change

 

2022

 

2021

 

 

% change

Total revenue

$

1,024,606

 

$

898,788

 

 

14.0

%

 

$

2,012,092

 

$

1,699,417

 

 

18.4

%

Income from operations

 

85,918

 

 

89,728

 

 

(4.2

%)

 

 

176,056

 

 

170,655

 

 

3.2

%

Net income

 

72,419

 

 

75,480

 

 

(4.1

%)

 

 

147,621

 

 

139,630

 

 

5.7

%

Diluted earnings per share

$

1.07

 

$

1.08

 

 

(0.8

%)

 

$

2.15

 

$

1.99

 

 

8.1

%

Results for the second quarter, as compared to the prior year as applicable, included the following:

  • Comparable restaurant sales increased 7.6% at company restaurants and increased 6.2% at domestic franchise restaurants;

  • Average weekly sales at company restaurants were $135,552 of which 13.1% were to-go sales as compared to average weekly sales of $126,442 of which 16.9% were to-go sales in the prior year;

  • Restaurant margin, as a percentage of restaurant and other sales, decreased 116 basis points to 16.6%. Restaurant margin was negatively impacted by commodity inflation of 11.8%, with higher costs across the basket, partially offset by the benefit of an increase in comparable restaurant sales. Restaurant margin dollars increased 6.6% to $168.7 million from $158.2 million in the prior year;

  • Diluted earnings per share decreased 0.8% to $1.07 from $1.08 in the prior year as higher restaurant margin dollars were more than offset by increased general and administrative expenses. This was driven by the timing of our annual managing partner conference which occurred in the third quarter in the prior year. Diluted earnings per share also benefitted from increased share repurchases;

  • Five company restaurants and one international franchise restaurant were opened;

  • The Company repurchased 1,673,387 shares of common stock for $128.2 million; and,

  • The Company ended the quarter with $180.4 million of cash on hand and debt of $75.0 million.

Results for the year-to-date period, as compared to the prior year as applicable, included the following:

  • Comparable restaurant sales increased 11.7% at company restaurants and increased 11.8% at domestic franchise restaurants;

  • Average weekly sales at company restaurants were $133,917 of which 13.9% were to-go sales as compared to average weekly sales of $120,360 of which 19.5% were to-go sales in the prior year;

  • Restaurant margin, as a percentage of restaurant and other sales, decreased 162 basis points to 16.5%. Restaurant margin was negatively impacted by commodity inflation of 14.4%, with higher costs across the basket, partially offset by the benefit of an increase in comparable restaurant sales. Restaurant margin dollars increased 7.9% to $329.9 million from $305.8 million in the prior year;

  • Diluted earnings per share increased to $2.15 from $1.99 in the prior year as higher restaurant margin dollars were partially offset by increased general and administrative expenses driven by the timing of our annual managing partner conference. Diluted earnings per share also benefitted from increased share repurchases;

  • Eight company restaurants and three international franchise restaurants were opened; and,

  • The Company repurchased 2,734,005 shares of common stock for $212.9 million.

Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “Thanks to the hard work of our operators, we continue to see solid revenue growth including strong sales volumes at our new restaurants.  In the second half of the year, we will remain focused on balancing the value that we provide to our guests with the significance of any menu pricing actions to help offset rising costs.”

Morgan continued, “On the development front, we are pleased with how our current year pipeline is progressing. As of today, we have opened 10 new Texas Roadhouse and Bubba’s 33 restaurants and have another 15 under construction. We also expect our franchise partners could open as many as seven Texas Roadhouse restaurants this year. Additionally, we took advantage of market conditions to again repurchase a significant number of shares this quarter. We are confident that our development pipeline, sales performance, and solid balance sheet have us well positioned to continue providing strong shareholder value.”

Franchise Acquisitions

In the first half of 2022, the Company completed the acquisition of eight franchise restaurants for an aggregate purchase price of $33.1 million.

2022 Outlook

Comparable restaurant sales at company restaurants for the first four weeks of the third quarter of fiscal 2022 increased 3.9% compared to the prior year.

Management reiterated the following expectations for 2022:

  • Positive comparable restaurant sales growth;

  • Approximately 25 Texas Roadhouse and Bubba's 33 company restaurant openings; and,

  • Total capital expenditures of approximately $230 million including as many as three relocations.

Management updated the following expectations for 2022:

  • Store week growth of approximately 6%, including the impact of the eight franchise locations acquired;

  • Commodity cost inflation of approximately 12%;

  • Wage and other labor inflation of approximately 8%; and,

  • An effective income tax rate of approximately 14% excluding the impact of any legislative changes enacted.

Non-GAAP Measures

The Company prepares the consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Within the press release, the Company makes reference to restaurant margin (in dollars and as a percentage of restaurant and other sales). Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent and other operating costs. Restaurant margin should not be considered in isolation, or as an alternative, to income from operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded. Restaurant margin is widely regarded as a useful metric by which to evaluate restaurant-level operating efficiency and performance. In calculating restaurant margin, the Company excludes certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. The Company also excludes depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in restaurants. The Company also excludes impairment and closure expense as it believes this provides a clearer perspective of ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in the industry. A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.

Conference Call

Texas Roadhouse, Inc. is hosting a conference call today, July 28, 2022, at 5:00 p.m. Eastern Time to discuss these results. The call will be webcast live from the investor relations portion of the Company's website at www.texasroadhouse.com. Listeners may also access the call by dialing (888) 440-5667 or (646) 960-0476 for international calls and referencing the Texas Roadhouse, Inc. Second Quarter 2022 Earnings. A replay of the call will be available until August 8, 2022, by dialing (800) 770-2030 or (647) 362-9199 for international calls.

About the Company

Texas Roadhouse, Inc. is a growing restaurant company operating predominantly in the casual dining segment that first opened in 1993 and today has grown to over 680 restaurants system-wide in 49 states and ten foreign countries. For more information, please visit the Company’s Web site at www.texasroadhouse.com.

Forward-looking Statements

Certain statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon the current beliefs and expectations of the management of Texas Roadhouse. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, conditions beyond its control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting customers or food supplies; labor or supply chain shortages or limited availability of staff or product needed to meet our business standards; food safety and food-borne illness concerns; and other factors disclosed from time to time in its filings with the U.S. Securities and Exchange Commission. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Part I—Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 28, 2021. These factors should not be construed as exhaustive and should be read in conjunction with other filings with the Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.

Contacts:

 

 

Investor Relations
Michael Bailen
(502) 515-7298

Media
Travis Doster
(502) 638-5457


Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

13 Weeks Ended

 

 

26 Weeks Ended

 

 

 

June 28, 2022

 

June 29, 2021

 

 

June 28, 2022

 

June 29, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

Restaurant and other sales

$

1,018,057

 

 

$

892,444

 

 

$

1,999,029

 

 

$

1,687,367

 

Franchise royalties and fees

6,549

 

 

6,344

 

 

13,063

 

 

12,050

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

1,024,606

 

 

898,788

 

 

2,012,092

 

 

1,699,417

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operating costs (excluding depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

347,041

 

 

295,504

 

 

684,437

 

 

546,986

 

 

Labor

333,042

 

 

288,147

 

 

654,913

 

 

546,183

 

 

Rent

16,714

 

 

14,956

 

 

33,082

 

 

29,408

 

 

Other operating

152,524

 

 

135,606

 

 

296,678

 

 

258,985

 

Pre-opening

5,323

 

 

6,319

 

 

9,614

 

 

10,587

 

Depreciation and amortization

34,420

 

 

31,650

 

 

68,040

 

 

62,519

 

Impairment and closure, net

411

 

 

17

 

 

(235)

 

 

521

 

General and administrative

49,213

 

 

36,861

 

 

89,507

 

 

73,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Total costs and expenses

938,688

 

 

809,060

 

 

1,836,036

 

 

1,528,762

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

85,918

 

 

89,728

 

 

176,056

 

 

170,655

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

395

 

 

975

 

 

792

 

 

2,435

Equity income from investments in unconsolidated affiliates

545

 

 

239

 

 

879

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

86,068

 

 

88,992

 

 

176,143

 

 

168,242

Income tax expense

11,531

 

 

11,067

 

 

24,278

 

 

23,887

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

74,537

 

 

77,925

 

 

151,865

 

 

144,355

Less: Net income attributable to noncontrolling interests

2,118

 

 

2,445

 

 

4,244

 

 

4,725

Net income attributable to Texas Roadhouse, Inc. and subsidiaries

$

72,419

 

 

$

75,480

 

 

$

147,621

 

 

$

139,630

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.07

 

 

$

1.08

 

 

$

2.16

 

 

$

2.00

 

Diluted

$

1.07

 

 

$

1.08

 

 

$

2.15

 

 

$

1.99

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

67,654

 

 

69,790

 

 

68,370

 

 

69,713

 

Diluted

67,890

 

 

70,161

 

 

68,631

 

 

70,150

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

$

0.46

 

 

$

0.40

 

 

$

0.92

 

 

$

0.40

 

 

 

 

 

 

 

 

 

 

 

 

 


Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

June 28,2022

 

December 28, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$ 180,411

 

 

$ 335,645

Other current assets, net

 

100,533

 

 

227,880

Property and equipment, net

 

1,207,996

 

 

1,162,441

Operating lease right-of-use assets, net

 

611,934

 

 

578,413

Goodwill

 

148,732

 

 

127,001

Intangible assets, net

 

7,001

 

 

1,520

Other assets

 

65,111

 

 

79,052

 

 

 

 

 

 

Total assets

 

$ 2,321,718

 

 

$ 2,511,952

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

528,459

 

 

602,144

Operating lease liabilities, net of current portion

 

657,476

 

 

622,892

Long-term debt

 

75,000

 

 

100,000

Other liabilities

 

106,764

 

 

113,432

Texas Roadhouse, Inc. and subsidiaries stockholders' equity

 

938,892

 

 

1,058,124

Noncontrolling interests

 

15,127

 

 

15,360

 

 

 

 

 

 

Total liabilities and equity

 

$ 2,321,718

 

 

$ 2,511,952

 

 

 

 

 

 


Texas Roadhouse, Inc. and Subsidiaries

 

Condensed Consolidated Statements of Cash Flows

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26 Weeks Ended

 

 

 

 

 

June 28, 2022

 

June 29, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income including noncontrolling interests

 

$ 151,865

 

 

$ 144,355

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

 

Depreciation and amortization

 

68,040

 

 

62,519

 

 

Share-based compensation expense

 

18,612

 

 

19,817

 

 

Deferred income taxes

 

3,906

 

 

2,948

 

 

Other noncash adjustments, net

 

2,144

 

 

1,955

 

Change in working capital

 

54,136

 

 

65,252

 

 

 

Net cash provided by operating activities

 

298,703

 

 

296,846

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures - property and equipment

 

(108,567)

 

 

(85,068)

 

Acquisition of franchise restaurants, net of cash acquired

 

(33,069)

 

 

-

 

Proceeds from sale of investment in unconsolidated affiliate

 

316

 

 

-

 

Proceeds from sale of property and equipment

 

2,188

 

 

-

 

Proceeds from sale leaseback transactions

 

-

 

 

3,285

 

 

 

Net cash used in investing activities

 

(139,132)

 

 

(81,783)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Payments on revolving credit facility, net

 

(25,000)

 

 

(50,000)

 

Repurchase of shares of common stock

 

(212,859)

 

 

-

 

Dividends paid

 

(62,547)

 

 

(27,932)

 

Other financing activities, net

 

(14,399)

 

 

(16,867)

 

 

 

Net cash used in financing activities

 

(314,805)

 

 

(94,799)

 

 

 

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

(155,234)

 

 

120,264

 

Cash and cash equivalents - beginning of period

 

335,645

 

 

363,155

 

Cash and cash equivalents - end of period

 

$ 180,411

 

 

$ 483,419

 

 

 

 

 

 

 

 

 

 


Texas Roadhouse, Inc. and Subsidiaries

Reconciliation of Income from Operations to Restaurant Margin

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

26 Weeks Ended

 

 

June 28, 2022

 

June 29, 2021

 

June 28, 2022

 

June 29, 2021

 

 

 

 

 

 

 

 

 

Income from operations

 

$

85,918

 

 

$

89,728

 

 

$

176,056

 

 

$

170,655

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

 

6,549

 

 

 

6,344

 

 

 

13,063

 

 

 

12,050

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

Pre-opening

 

 

5,323

 

 

 

6,319

 

 

 

9,614

 

 

 

10,587

 

Depreciation and amortization

 

 

34,420

 

 

 

31,650

 

 

 

68,040

 

 

 

62,519

 

Impairment and closure, net

 

 

411

 

 

 

17

 

 

 

(235

)

 

 

521

 

General and administrative

 

 

49,213

 

 

 

36,861

 

 

 

89,507

 

 

 

73,573

 

 

 

 

 

 

 

 

 

 

Restaurant margin

 

$

168,736

 

 

$

158,231

 

 

$

329,919

 

 

$

305,805

 

 

 

 

 

 

 

 

 

 

Restaurant margin(as a percentage of restaurant and other sales)

 

 

16.6

%

 

 

17.7

%

 

 

16.5

%

 

 

18.1

%

 

 

 

 

 

 

 

 

 


Texas Roadhouse, Inc. and Subsidiaries

Supplemental Financial and Operating Information

($ amounts in thousands, except weekly sales by group)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

 

 

Year to Date

 

 

 

 

 

 

2022

 

 

 

2021

 

Change

2022

 

 

2021

 

Change

Restaurant openings

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

4

 

 

 

6

 

(2)

 

 

7

 

 

8

 

(1)

 

 

Company - Bubba's 33

 

1

 

 

 

2

 

(1)

 

 

1

 

 

3

 

(2)

 

 

Company - Jaggers

 

0

 

 

 

0

 

0

 

 

0

 

 

0

 

0

 

 

Franchise - Texas Roadhouse - U.S.

 

0

 

 

 

0

 

0

 

 

0

 

 

0

 

0

 

 

Franchise - Texas Roadhouse - International

 

1

 

 

 

2

 

(1)

 

 

3

 

 

2

 

1

 

 

Total

 

6

 

 

 

10

 

(4)

 

 

11

 

 

13

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant acquisitions/dispositions

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

1

 

 

 

0

 

1

 

 

8

 

 

0

 

8

 

 

Franchise - Texas Roadhouse - U.S.

 

(1)

 

 

 

0

 

(1)

 

 

(8)

 

 

0

 

(8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants open at the end of the quarter

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

541

 

 

 

511

 

30

 

 

 

 

 

 

 

 

Company - Bubba's 33

 

37

 

 

 

34

 

3

 

 

 

 

 

 

 

 

Company - Jaggers

 

4

 

 

 

3

 

1

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse - U.S.

 

62

 

 

 

69

 

(7)

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse - International

 

34

 

 

 

30

 

4

 

 

 

 

 

 

 

 

Total

 

678

 

 

 

647

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

 

 

 

 

 

2022

 

 

 

2021

 

Change

 

 

 

 

 

Company restaurants (all concepts)

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant and other sales

$

1,018,057

 

 

$

892,444

 

14.1

 

%

 

 

 

 

 

 

Store weeks

 

7,536

 

 

 

7,085

 

6.4

 

%

 

 

 

 

 

 

Comparable restaurant sales (1)

 

7.6

 

%

 

80.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operating costs (as a % of restaurant and other sales)

 

 

 

 

 

 

 

 

 

 

 

Food and beverage costs

 

34.1

 

%

 

33.1

%

98

 

bps

 

 

 

 

 

 

Labor

 

32.7

 

%

 

32.3

%

43

 

bps

 

 

 

 

 

 

Rent

 

1.6

 

%

 

1.7

%

(3

)

bps

 

 

 

 

 

 

Other operating

 

15.0

 

%

 

15.2

%

(21

)

bps

 

 

 

 

 

 

Total

 

83.4

 

%

 

82.3

%

116

 

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin

 

16.6

 

%

 

17.7

%

(116

)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin ($ in thousands)

$

168,736

 

 

$

158,231

 

6.6

 

%

 

 

 

 

 

 

 

Restaurant margin $/Store week

$

22,390

 

 

$

22,333

 

0.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

Store weeks

 

7,006

 

 

 

6,617

 

5.9

 

%

 

 

 

 

 

 

 

Comparable restaurant sales

 

7.6

 

%

 

79.0

%

 

 

 

 

 

 

 

 

 

Average unit volume (2)

$

1,786

 

 

$

1,662

 

7.4

 

%

 

 

 

 

 

 

 

Weekly sales by group:

 

 

 

 

 

 

 

 

 

Comparable restaurants (503 and 476 units)

$

137,599

 

 

$

128,716

 

 

 

 

 

 

 

 

 

 

Average unit volume restaurants (22 and 19 units)

$

132,222

 

 

$

110,459

 

 

 

 

 

 

 

 

 

 

Restaurants less than 6 months old (16 and 16 units)

$

145,756

 

 

$

134,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bubba's 33 restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

Store weeks

 

478

 

 

 

429

 

11.4

 

%

 

 

 

 

 

 

 

Comparable restaurant sales

 

8.1

 

%

 

115.4

%

 

 

 

 

 

 

 

 

 

Average unit volume

$

1,475

 

 

$

1,332

 

10.7

 

%

 

 

 

 

 

 

 

Weekly sales by group:

 

 

 

 

 

 

 

 

 

Comparable restaurants (31 and 26 units)

$

110,740

 

 

$

106,675

 

 

 

 

 

 

 

 

 

 

Average unit volume restaurants (4 and 5 units)

$

134,386

 

 

$

80,685

 

 

 

 

 

 

 

 

 

 

Restaurants less than 6 months old (2 and 3 units)

$

128,134

 

 

$

143,672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise restaurants

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

$

6,549

 

 

$

6,344

 

3.2

 

%

 

 

 

 

 

 

Store weeks

 

1,238

 

 

 

1,269

 

(2.5

)

%

 

 

 

 

 

 

Comparable restaurant sales

 

8.7

 

%

 

86.3

%

 

 

 

 

 

 

 

 

U.S. franchise restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales

 

6.2

 

%

 

76.5

%

 

 

 

 

 

 

 

 

 

Average unit volume

$

1,857

 

 

$

1,766

 

5.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period, excluding sales from restaurants permanently closed during the period.

 

(2) Average unit volume includes sales from restaurants open for a full six months before the beginning of the period, excluding sales from restaurants permanently closed during the period.

Amounts may not foot due to rounding.