Texas Roadhouse is a full service, casual dining restaurant chain. We offer an assortment of specially seasoned and aged steaks hand-cut daily on the premises and cooked to order over open gas-fired grills. In addition to steaks, we also offer our guests a selection of ribs, fish, seafood, chicken, pork chops, pulled pork, vegetable plates, and an assortment of hamburgers, salads and sandwiches. The majority of our entrees include two made-from-scratch side items, and we offer all our guests a free unlimited supply of in-shell peanuts and made-from-scratch yeast rolls. Today, the Company operates over 390 restaurants system-wide in 47 states.
1993 by W. Kent Taylor, Chairman and Chief Executive Officer
Over the past five years, the total number of Texas Roadhouse company and franchise restaurants increased from 193 restaurants as of the end of 2004 to over 390 restaurants as of the end of 2012.
The operating strategy that underlies the growth of our concept is built on the following key components:
- Offering performance-based manager compensation - We believe we attract and retain talented, experienced and highly motivated restaurant operators by offering performance-based compensation programs to our individual restaurant managers and multi-restaurant supervisors, who are called "managing partners" and "market partners," respectively.
- Offering high quality, freshly prepared food - A significant majority of our menu offerings consist of made-from-scratch entree and side items that are based on proprietary recipes and prepared daily at each restaurant. In addition, we heavily invest in the training of and adherence to our recipe and quality standards.
- Focusing on dinner - In a high percentage of our restaurants, we limit our operating hours to dinner only during the weekdays. We believe focusing on dinner allows our restaurant teams to offer high quality, more consistent food and service to our guests, and provides a better "quality of life" for our management teams, which allows us to attract and retain qualified management personnel.
- Offering attractive price points - We offer our food and beverages at moderate price points which we believe are as low or lower than those offered by our competitors. Our per guest check average for the restaurants we owned and operated in 2012 was approximately $15.44.
- Creating a fun and comfortable atmosphere - Our restaurants feature a rustic southwestern lodge decor accentuated with hand-painted murals, neon signs, southwestern prints, rugs and artifacts, and jukeboxes which continuously play upbeat country hits.
Long-Term Strategies to Grow Earnings Per Share
Our long-term strategies with respect to increasing net income and earnings per share, along with creating shareholder value, include the following:
- Expanding Our Restaurant Base - We will continue to evaluate opportunities to develop Texas Roadhouse restaurants in existing and new domestic and international markets. Domestically, we will remain focused primarily on mid-sized markets where we believe a significant demand for our restaurants exists because of population size, income levels and the presence of shopping and entertainment centers and a significant employment base.
- Maintaining and/or Improving Restaurant Level Profitability - We plan to maintain, or possibly increase, restaurant level profitability through a combination of increased comparable restaurant sales and operating cost management.
- Leveraging Our Scalable Infrastructure - To support our growth, we continue to make investments in our infrastructure. Over the past several years, we have made significant investments in our infrastructure including information systems, real estate, human resources, legal, marketing and operations. Our goal is to have general and administrative costs increase at a slower growth rate than our revenue. Whether we are able to continue leveraging our infrastructure will depend, in part, on our new restaurant openings and our comparable restaurant sales growth rate going forward.
- Returning Capital to Shareholders- We continue to evaluate opportunities to return capital to our shareholders through the payment of dividends and/or repurchases of common stock.
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