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The restaurant industry has been extremely competitive lately, but one thing steak house specialist Texas Roadhouse (TXRH 0.80%) has been able to do is generate impressive growth. Even when many of its peers faced difficult circumstances, Texas Roadhouse used a compelling product and highly effective business practices to outperform its competitors. In its third-quarter report, Texas Roadhouse investors fully expected that approach to continue to win, so they were shocked when the company said profits were down from last year.
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Let's take a closer look at Texas Roadhouse to see how it fared and what's next for 2017.
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Texas Roadhouse's fourth-quarter results were even worse than the dire trends investors have seen in recent quarters. The steak chain's revenue growth dropped to just 7 percent. – 484.7 million USD, which is much less than almost 10 percent. Net income was even more disappointing - it decreased by 10% to 20.7 million. It reported $0.29 earnings per share, which was $0.09 below the consensus of the stock's followers.
Taking a closer look at the numbers, Texas Roadhouse's comparable sales numbers showed the extent to which the steakhouse chain is facing a new challenge. Corporate restaurant sales rose 1.2%, while local franchise restaurant sales grew slightly more at 2%. It was even slower than in 2016. in the third quarter, even taking into account approx. After the change of the day of the week on which the Christmas holiday fell, it decreased by 0.5 percent.
Additionally, Texas Roadhouse was unable to provide the cost controls that many investors take for granted. Restaurant margins fell nearly half a percentage point to 17.1%, and Texas Roadhouse blamed higher costs on wage inflation, higher payroll taxes, gift card fees and insurance reserve adjustments. Only reduced food costs helped offset the impact on the restaurant company's bottom line.
One thing that hasn't slowed down has been the pace of Texas Roadhouse's expansion plans. The steakhouse opened nine new company-owned restaurants during the quarter, including four of Bubba's 33 locations. This mix was more Bubba-leaning than we've seen in recent seasons, showing a greater comfort with the restaurant concept.
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CEO Kent Taylor hailed the results for a strong 2016. context. "We are pleased to deliver another strong performance," said Taylor, who included growth with "double-digit revenue growth and restaurant margin expansion." The CEO also pointed to a streak of 28 consecutive quarters of comparable restaurant sales growth, which is certainly better than most competitors.
Texas Roadhouse is very optimistic about its future, expecting 30 more company-owned restaurants and seven franchise locations. In Taylor's words, "The strength of our brand continues to be our people and our operational focus on providing legendary food and legendary service."
Still, Texas Roadhouse's expectations for 2017 seem modest. Deflation in food costs is not expected to be as large as the restaurant chain expected, with a decline of 1% to 2%, or less than the mid-single-digit percentage decline initially expected by Texas Roadhouse. But the company did not substantially change its original guidance from last quarter, which included calls for positive comparable restaurant sales growth and inflation in the mid-single-digit percentage range.
Texas Roadhouse rewarded dividend investors with an increase in payout. The chain will now pay $0.21 per share quarterly, up 10.5% from 2016. dividend level. This dividend growth rate was slower than the 17.5% annual average since Texas Roadhouse began paying dividends in 2011, but it still demonstrates its commitment to shareholders.
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Texas Roadhouse investors weren't happy with the report, and shares fell more than 10 percent after the announcement. As long-term investors adjust to slower growth and even occasional revenue shocks, Texas Roadhouse will have to do everything it can to rev up its engines to deliver the kind of results shareholders have grown accustomed to seeing from the steak house specialist. . .
Dan Caplinger has no positions in any of the stocks mentioned. The Motley Fool owns and recommends Texas Roadhouse. The Motley Fool has a disclosure policy.
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IntranetPro allowed training materials to be quickly assembled and distributed to all stores. This helped the company move quickly to the new model. Removed a bunch of extra entries and centralized the tools
Texas Roadhouse is an American steakhouse chain headquartered in Louisville, Kentucky. Known for its food, culture and free peanuts, Texas Roadhouse is an American institution. With more than 70,000 employees and 700+ locations in 49 states, TxRH is also a casual dining powerhouse.
In 2018, the company planned to change the intranet. After a thorough review of the options, they chose IntranetPro to implement for their organization because of its ease of use, powerful internal communication features, and focus on company and departmental culture.
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No one at Texas Roadhouse could have predicted that 24 months after their IntranetPro distribution, THRXLive would be one of the most significant challenges in the company's history. The COVID-19 pandemic began to spread in the United States in 2020. March/April, and Texas Roadhouse had to rely more than ever on its intranet to navigate uncharted waters.
In response to the crisis, Texas Roadhouse went from 95% occupancy to 100% occupancy almost overnight.
Smart strategy, compassionate leadership, a single source of truth for crisis communication, and a robust change management program based on IntranetPro helped this transformation.
The state's changes in response to COVID-19 forced rapid action, so Texas Roadhouse relied on familiar tools and used THRXLive extensively in response to the pandemic. Using the news feature offered by IntranetPro, they quickly created the Corona Virus Resource Center, a single source of truth critical to connecting hundreds of locations with the Texas Roadhouse response plan. This hub started as a single website, but quickly grew as different departments and support staff realized the value of having this important information in one accessible place. The Resource Center allows Texas Roadhouse to share updated important business documents:
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IntranetPro was the single source of truth between our support center and the operators...a clear line of communication proved invaluable when we transitioned from dining to flagship restaurants.
With locations across the U.S., Texas Roadhouse knew that a one-size-fits-all response to the crisis wouldn't work. Rapidly changing regulations at the state and county level further emphasize the need for a hyperlocal response.
Texas Roadhouse's marketing and design teams created a customizable document system to solve this problem. Over 400 design templates have been created and stored on the intranet using all THRXLive documents. This content allows operators (known as Roadies) to download and customize each to their unique needs, from parking layouts to pricing structures to exclusive offers.
This combination of headquarters planning and local execution has resulted in the best combinations. First Responder Deals, Texas Roadhouse Farmers Market Days, and To-Go BBQ Packages are some of the ideas that have worked. More than just customers have recognized their powerful testimonials; Influential has selected Texas Roadhouse as one of the top ten brands managing the COVID-19 crisis.
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Because I run a business, I don't have much time to search for all the tools I need during this crisis. Everything I need is in one place and I just scroll to find it. It is updated regularly and no more millions of emails. letters I don't have time to read.
Texas Roadhouse has always been "people first," and IntranetPro has underscored the importance of that aspect with the pandemic.
Daily calls between operators and headquarters during the first six weeks of the pandemic helped Internal. Communication creates new and profitable content for the entire organization. News posts based on these sessions covered a wide range of topics, from dining set-up to mask-making. Hundreds of comments
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