Jeffrey Bernstein's questions to Texas Roadhouse Inc (TXRH) leadership • Q3 2024
Question
Jeffrey Bernstein of Barclays asked for commentary on the 'extremely competitive environment' and whether the comp slowdown from September to October was meaningful. He also requested a breakdown of the 30 planned unit openings for 2025.
Answer
CEO Jerry Morgan stated their strategy is to 'double down' on operational excellence in response to competition. Executive Michael Bailen clarified the comp slowdown was a function of lower pricing rollover; traffic actually accelerated from mid-4% in September to mid-5% in October. For 2025, the 30 company openings will be approximately low-20s for Texas Roadhouse, six to eight for Bubba's 33, and a couple for Jaggers.