Texas Roadhouse, Inc. announced its third-quarter 2024 financial results, reporting total revenue of $1.27 billion, an increase of 13.5% compared to the prior year. This growth was primarily driven by continued traffic increases across all three of its restaurant brands. Comparable restaurant sales at company-owned locations rose by 8.5%.
The company's diluted earnings per share for the quarter were $1.26, which was below the consensus estimate of $1.31, but an increase from $0.95 in Q3 2023. Despite the EPS miss, restaurant margin dollars increased, reflecting operational efficiency. Management highlighted the hard work of operators in maintaining guest traffic in a competitive environment.
Looking ahead, Texas Roadhouse reported an 8.3% increase in comparable restaurant sales for the first four weeks of the fourth quarter of fiscal 2024. The company also implemented a menu price increase of approximately 0.9% in late September and tentatively agreed to acquire 13 domestic franchise restaurants, targeting a close date at the beginning of fiscal year 2025.
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