Texas Roadhouse Inc. reported on Monday a 23-percent increase in net income, saying it was a strong finish to 2013. Fiscal 2013 marked the Louisville, Ky.-based casual-dining chain’s fourth consecutive year of positive same-store sales.
On Dec. 31, the company completed the sale of its Aspen Creek concept and two restaurants in a $6 million deal. In exchange, the company received two franchise locations of Texas Roadhouse in Ohio and $1.5 million in cash, for which the company recorded a pre-tax gain of $1.8 million in the fourth quarter.
The company plans to open 25 to 30 new restaurants in 2014, after opening a total of 26 company-owned and four franchised units in 2013.
4Q NET INCOME
Result: $17.1 million, or 24 cents per share% Increase: 23% (from $13.9 million, or 19 cents per share)
4Q REVENUE
Result: $376 million% Increase: 21% (from $309.5 million)
4Q SAME-STORE SALES
% Increase at company-owned units: 2.1%
% Increase at franchised units: 4.5%
Source: Company report
FULL YEAR NET INCOME
Result: $80.4 million, or $1.13 per share% Increase: 13% (from $71.1 million, or $1.00 per share)
FULL YEAR REVENUE
Result: $1.4 billion% Increase: 12% (from $1.3 billion)
FULL YEAR SAME-STORE SALES
% Increase at company-owned restaurants: 3.4%
% Increase at franchised units: 4.3%
Source: Company report
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Contact Lisa Jennings at [email protected].
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