LOUISVILLE, Ky., Feb. 22, 2022 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 weeks ended December 28, 2021.
Financial Results
Financial results for the 13 and 52 weeks ended December 28, 2021 and December 29, 2020, and 14 and 53 weeks ended December 31, 2019 were as follows:
| Fourth Quarter | |||||||||||||||||
| ($000's) | % change | ||||||||||||||||
| 2021 | 2020 | 2019 | vs. 2020 | vs. 2019 | |||||||||||||
| Total revenue | $ | 895,586 | $ | 637,989 | $ | 725,238 | 40.4 | % | 23.5 | % | |||||||
| Income from operations | 64,839 | 20,396 | 53,411 | 217.9 | % | 21.4 | % | ||||||||||
| Net income | 53,058 | 19,549 | 42,686 | 171.4 | % | 24.3 | % | ||||||||||
| Diluted earnings per share | $ | 0.76 | $ | 0.28 | $ | 0.61 | 171.7 | % | 24.1 | % | |||||||
| Year to Date | |||||||||||||||||
| % change | |||||||||||||||||
| 2021 | 2020 | 2019 | vs. 2020 | vs. 2019 | |||||||||||||
| Total revenue | $ | 3,463,946 | $ | 2,398,123 | $ | 2,756,163 | 44.4 | % | 25.7 | % | |||||||
| Income from operations | 297,192 | 23,844 | 212,023 | 1146.4 | % | 40.2 | % | ||||||||||
| Net income | 245,294 | 31,255 | 174,452 | 684.8 | % | 40.6 | % | ||||||||||
| Diluted earnings per share | $ | 3.50 | $ | 0.45 | $ | 2.46 | 682.5 | % | 42.2 | % | |||||||
Note: The 53rd week in 2019 resulted in additional revenue of $59.5 million and diluted earnings per share of $0.10 to $0.11.
Results for the fourth quarter included the following:
- Comparable restaurant sales at company restaurants increased 33.1% and 21.2% compared to 2020 and 2019, respectively1. Comparable restaurant sales at domestic franchise restaurants increased 34.8% and 18.8% compared to 2020 and 2019, respectively;
- Average weekly sales at company restaurants were $121,976 of which 14.4% were to-go sales;
- 11 company restaurants, including one Bubba’s 33 and one Jaggers, were opened and two franchise restaurants were opened;
- Restaurant margin, as a percentage of restaurant and other sales, was 15.8% and restaurant margin dollars were $140.8 million. Restaurant margin benefited by an increase in comparable restaurant sales partially offset by commodity inflation of 17.6% primarily due to higher beef costs;
- Diluted earnings per share increased to $0.76 from $0.28 in the prior year due to a significant increase in restaurant margin dollars partially offset by an increase in general and administrative expenses and income tax expense;
- The Company repurchased 423,898 shares of common stock for $37.0 million; and,
- The Company ended the quarter with $335.6 million of cash on hand and reduced outstanding debt to $100 million.
Results for the year-to-date period included the following highlights:
- Comparable restaurant sales at company restaurants increased 37.8% and 18.3% compared to 2020 and 2019, respectively1. Comparable restaurant sales at domestic franchise restaurants increased 37.5% and 15.8% compared to 2020 and 2019, respectively;
- Average weekly sales at company restaurants were $120,706 of which 17.1% were to-go sales;
- 29 company restaurants, including five Bubba’s 33 and one Jaggers, were opened and four franchise restaurants were opened;
- Restaurant margin, as a percentage of restaurant and other sales, was 16.9% and restaurant margin dollars were $581.7 million. Restaurant margin benefited by an increase in comparable restaurant sales partially offset by commodity inflation of 10% primarily due to higher beef costs;
- Diluted earnings per share increased to $3.50 from $0.45 in the prior year due to a significant increase in restaurant margin dollars partially offset by an increase in general and administrative expenses and income tax expense; and,
- The Company repurchased 584,932 shares of common stock for $51.6 million.
Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “We had a historic year in terms of the number of guests that we served and the operating results that we generated. This is all due to the hard work and commitment of our operators and their ability to continue to deliver on our legendary standards in these challenging times. Looking ahead, I am excited about the leadership that we have in place throughout the organization and their ability to keep growing and developing all of our brands.”
Morgan continued, “Our strong cashflow generation allowed us to continue opening new stores as well as getting back to our normal strategy of quarterly cash dividends and share repurchases. In addition, we repaid a significant portion of our outstanding debt during the year. As we transition into 2022, we are well positioned to continue to grow sales, build new restaurants and handle the current inflationary environment.”
_____________________________
1 Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period measured for comparison to 2020 and for restaurants open a full 30 months before the beginning of the period measured for comparison to 2019.
Franchise acquisitions
On December 29, 2021, the first day of the 2022 fiscal year, the Company completed the acquisition of seven franchise restaurants in South Carolina and Georgia for an aggregate purchase price of approximately $27 million.
2022 Outlook
Comparable restaurant sales at company restaurants for the first seven weeks of our first quarter of fiscal 2022 increased 20.6% compared to 2021.
Management updated the following expectations for 2022:
- Store week growth of approximately 6.5%, including the impact of the seven franchise locations acquired;
- Approximately 25 Texas Roadhouse and Bubba's 33 company restaurant openings;
- Commodity cost inflation of approximately 17% in the first half of 2022 and 12% to 14% for the year; and,
- Wage and other labor inflation of approximately 7%.
Management reiterated the following expectations for 2022:
- Positive comparable restaurant sales growth including the benefit of 2021 menu pricing actions;
- An effective income tax rate of approximately 15% excluding the impact of any legislative changes enacted; and,
- Total capital expenditures of approximately $230 million including as many as six relocations.
Cash Dividend Payment
On February 17, 2022, our Board of Directors authorized the payment of a quarterly cash dividend of $0.46 per share of common stock. This payment will be distributed on March 25, 2022, to shareholders of record at the close of business on March 9, 2022.
Non-GAAP Measures
The Company prepares the consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Within the press release, the Company makes reference to restaurant margin (in dollars and as a percentage of restaurant and other sales). Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent and other operating costs. Restaurant margin should not be considered in isolation, or as an alternative, to income from operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded. Restaurant margin is widely regarded as a useful metric by which to evaluate restaurant-level operating efficiency and performance. In calculating restaurant margin, the Company excludes certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. The Company also excludes depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in restaurants. The Company also excludes impairment and closure expense as it believes this provides a clearer perspective of ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in the industry. A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.
Conference Call
Texas Roadhouse, Inc. is hosting a conference call today, February 22, 2022, at 5:00 p.m. Eastern Time to discuss these results. The call will be webcast live from the investor relations portion of the Company's website at www.texasroadhouse.com. Listeners may also access the call by dialing (888) 440-5667 or (646) 960-0476 for international calls and referencing the Texas Roadhouse, Inc. Fourth Quarter 2021 Earnings. A replay of the call will be available until March 3, 2022, by dialing (800) 770-2030 or (647) 362-9199 for international calls.
About the Company
Texas Roadhouse, Inc. is a growing restaurant company operating predominantly in the casual dining segment that first opened in 1993 and today has grown to over 660 restaurants system-wide in 49 states and ten foreign countries. For more information, please visit the Company’s Web site at www.texasroadhouse.com.
Forward-looking Statements
Certain statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the potential impact of the COVID-19 pandemic, including reinstated dining room capacity restrictions or closures, and other non-historical statements. Such statements are based upon the current beliefs and expectations of the management of Texas Roadhouse. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, conditions beyond its control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting customers or food supplies; labor or supply chain shortages or limited availability of staff to meet our business standards; food safety and food-borne illness concerns; and other factors disclosed from time to time in its filings with the U.S. Securities and Exchange Commission. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Part I—Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 29, 2020. These factors should not be construed as exhaustive and should be read in conjunction with other filings with the Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Contacts:
Investor Relations
Michael Bailen
(502) 515-7298
Media
Travis Doster
(502) 638-5457
| Texas Roadhouse, Inc. and Subsidiaries | |||||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| 13 Weeks Ended | 52 Weeks Ended | ||||||||||||||||
| December 28, 2021 | December 29, 2020 | December 28, 2021 | December 29, 2020 | ||||||||||||||
| Revenue: | |||||||||||||||||
| Restaurant and other sales | $ | 889,052 | $ | 633,032 | $ | 3,439,176 | $ | 2,380,177 | |||||||||
| Franchise royalties and fees | 6,534 | 4,957 | 24,770 | 17,946 | |||||||||||||
| Total revenue | 895,586 | 637,989 | 3,463,946 | 2,398,123 | |||||||||||||
| Costs and expenses: | |||||||||||||||||
| Restaurant operating costs (excluding depreciation and amortization shown separately below): | |||||||||||||||||
| Food and beverage | 311,478 | 205,117 | 1,156,628 | 780,646 | |||||||||||||
| Labor | 290,227 | 222,788 | 1,123,003 | 875,764 | |||||||||||||
| Rent | 15,508 | 13,956 | 60,005 | 54,401 | |||||||||||||
| Other operating | 131,054 | 107,111 | 517,808 | 403,726 | |||||||||||||
| Pre-opening | 7,008 | 5,803 | 24,335 | 20,099 | |||||||||||||
| Depreciation and amortization | 32,615 | 30,443 | 126,761 | 117,877 | |||||||||||||
| Impairment and closure, net | 184 | 1,392 | 734 | 2,263 | |||||||||||||
| General and administrative | 42,673 | 30,983 | 157,480 | 119,503 | |||||||||||||
| Total costs and expenses | 830,747 | 617,593 | 3,166,754 | 2,374,279 | |||||||||||||
| Income from operations | 64,839 | 20,396 | 297,192 | 23,844 | |||||||||||||
| Interest expense, net | 624 | 1,490 | 3,663 | 4,091 | |||||||||||||
| Equity (loss) income from investments in unconsolidated affiliates | (925 | ) | 97 | (637 | ) | (500 | ) | ||||||||||
| Income before taxes | 63,290 | 19,003 | 292,892 | 19,253 | |||||||||||||
| Income tax expense (benefit) | 8,547 | (1,673 | ) | 39,578 | (15,672 | ) | |||||||||||
| Net income including noncontrolling interests | 54,743 | 20,676 | 253,314 | 34,925 | |||||||||||||
| Less: Net income attributable to noncontrolling interests | 1,685 | 1,127 | 8,020 | 3,670 | |||||||||||||
| Net income attributable to Texas Roadhouse, Inc. and subsidiaries | $ | 53,058 | $ | 19,549 | $ | 245,294 | $ | 31,255 | |||||||||
| Net income per common share attributable to Texas Roadhouse, Inc. | |||||||||||||||||
| and subsidiaries: | |||||||||||||||||
| Basic | $ | 0.76 | $ | 0.28 | $ | 3.52 | $ | 0.45 | |||||||||
| Diluted | $ | 0.76 | $ | 0.28 | $ | 3.50 | $ | 0.45 | |||||||||
| Weighted average shares outstanding: | |||||||||||||||||
| Basic | 69,601 | 69,525 | 69,709 | 69,438 | |||||||||||||
| Diluted | 69,969 | 70,052 | 70,098 | 69,893 | |||||||||||||
| Cash dividends declared per share | $ | 0.40 | $ - | $ | 1.20 | $ | 0.36 | ||||||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| December 28, 2021 | December 29, 2020 | |||||||
| Cash and cash equivalents | $ | 335,645 | $ | 363,155 | ||||
| Other current assets, net | 227,880 | 147,496 | ||||||
| Property and equipment, net | 1,162,441 | 1,088,623 | ||||||
| Operating lease right-of-use assets, net | 578,413 | 530,625 | ||||||
| Goodwill | 127,001 | 127,001 | ||||||
| Intangible assets, net | 1,520 | 2,271 | ||||||
| Other assets | 79,052 | 65,990 | ||||||
| Total assets | $ | 2,511,952 | $ | 2,325,161 | ||||
| Current maturities of long-term debt | - | 50,000 | ||||||
| Other current liabilities | 602,144 | 456,318 | ||||||
| Operating lease liabilities, net of current portion | 622,892 | 572,171 | ||||||
| Long-term debt, excluding current maturities | 100,000 | 190,000 | ||||||
| Other liabilities | 113,432 | 113,621 | ||||||
| Texas Roadhouse, Inc. and subsidiaries stockholders' equity | 1,058,124 | 927,505 | ||||||
| Noncontrolling interests | 15,360 | 15,546 | ||||||
| Total liabilities and equity | $ | 2,511,952 | $ | 2,325,161 | ||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (in thousands) | ||||||||||
| (unaudited) | ||||||||||
| 52 Weeks Ended | ||||||||||
| December 28, 2021 | December 29, 2020 | |||||||||
| Cash flows from operating activities: | ||||||||||
| Net income including noncontrolling interests | $ | 253,314 | $ | 34,925 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
| Depreciation and amortization | 126,761 | 117,877 | ||||||||
| Share-based compensation expense | 38,139 | 29,431 | ||||||||
| Deferred income taxes | 8,896 | (19,932 | ) | |||||||
| Other noncash adjustments, net | 5,555 | 6,262 | ||||||||
| Change in working capital | 36,161 | 61,875 | ||||||||
| Net cash provided by operating activities | 468,826 | 230,438 | ||||||||
| Cash flows from investing activities: | ||||||||||
| Capital expenditures - property and equipment | (200,692 | ) | (154,401 | ) | ||||||
| Acquisition of franchise restaurants, net of cash acquired | - | (10,580 | ) | |||||||
| Proceeds from sale of property and equipment | - | 1,709 | ||||||||
| Proceeds from sale leaseback transactions | 5,588 | 2,167 | ||||||||
| Net cash used in investing activities | (195,104 | ) | (161,105 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| (Payments on) proceeds from revolving credit facility, net | (140,000 | ) | 240,000 | |||||||
| Repurchase of shares of common stock | (51,634 | ) | (12,621 | ) | ||||||
| Dividends paid | (83,658 | ) | (24,989 | ) | ||||||
| Other financing activities, net | (25,940 | ) | (16,447 | ) | ||||||
| Net cash (used in) provided by financing activities | (301,232 | ) | 185,943 | |||||||
| Net (decrease) increase in cash and cash equivalents | (27,510 | ) | 255,276 | |||||||
| Cash and cash equivalents - beginning of period | 363,155 | 107,879 | ||||||||
| Cash and cash equivalents - end of period | $ | 335,645 | $ | 363,155 | ||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||||
| Reconciliation of Income from Operations to Restaurant Margin | ||||||||||||
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| 13 & 14 Weeks Ended | ||||||||||||
| December 28, 2021 | December 29, 2020 | December 31, 2019 | ||||||||||
| Income from operations | $ | 64,839 | $ | 20,396 | $ | 53,411 | ||||||
| Less: | ||||||||||||
| Franchise royalties and fees | 6,534 | 4,957 | 5,781 | |||||||||
| Add: | ||||||||||||
| Pre-opening | 7,008 | 5,803 | 7,355 | |||||||||
| Depreciation and amortization | 32,615 | 30,443 | 30,970 | |||||||||
| Impairment and closure, net | 184 | 1,392 | (1,293 | ) | ||||||||
| General and administrative | 42,673 | 30,983 | 38,221 | |||||||||
| Restaurant margin | $ | 140,785 | $ | 84,060 | $ | 122,883 | ||||||
| Restaurant margin (as a percentage of restaurant and other sales) | 15.8 | % | 13.3 | % | 17.1 | % | ||||||
| 52 & 53 Weeks Ended | ||||||||||||
| December 28, 2021 | December 29, 2020 | December 31, 2019 | ||||||||||
| Income from operations | $ | 297,192 | $ | 23,844 | $ | 212,023 | ||||||
| Less: | ||||||||||||
| Franchise royalties and fees | 24,770 | 17,946 | 21,986 | |||||||||
| Add: | ||||||||||||
| Pre-opening | 24,335 | 20,099 | 20,156 | |||||||||
| Depreciation and amortization | 126,761 | 117,877 | 115,544 | |||||||||
| Impairment and closure, net | 734 | 2,263 | (899 | ) | ||||||||
| General and administrative | 157,480 | 119,503 | 149,389 | |||||||||
| Restaurant margin | $ | 581,732 | $ | 265,640 | $ | 474,227 | ||||||
| Restaurant margin (as a percentage of restaurant and other sales) | 16.9 | % | 11.2 | % | 17.3 | % | ||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||||||||
| Supplemental Financial and Operating Information | ||||||||||||||||
| ($ amounts in thousands, except weekly sales by group) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Fourth Quarter | Change | Year to Date | Change | |||||||||||||
| 2021 | 2020 | vs 2020 | 2021 | 2020 | vs 2020 | |||||||||||
| Restaurant openings | ||||||||||||||||
| Company - Texas Roadhouse | 9 | 8 | 1 | 23 | 18 | 5 | ||||||||||
| Company - Bubba's 33 | 1 | 0 | 1 | 5 | 3 | 2 | ||||||||||
| Company - Jaggers | 1 | 1 | 0 | 1 | 1 | 0 | ||||||||||
| Franchise - Texas Roadhouse - U.S. | 1 | 1 | 0 | 1 | 2 | (1) | ||||||||||
| Franchise - Texas Roadhouse - International | 1 | 1 | 0 | 3 | 2 | 1 | ||||||||||
| Total | 13 | 11 | 2 | 33 | 26 | 7 | ||||||||||
| Restaurants open at the end of the quarter | ||||||||||||||||
| Company - Texas Roadhouse | 526 | 503 | 23 | |||||||||||||
| Company - Bubba's 33 | 36 | 31 | 5 | |||||||||||||
| Company - Jaggers | 4 | 3 | 1 | |||||||||||||
| Franchise - Texas Roadhouse - U.S. | 70 | 69 | 1 | |||||||||||||
| Franchise - Texas Roadhouse - International | 31 | 28 | 3 | |||||||||||||
| Total | 667 | 634 | 33 | |||||||||||||
| Fourth Quarter | Change | Change | ||||||||||||||
| 2021 | 2020 | 2019 | vs 2020 | vs 2019 | ||||||||||||
| Company restaurants (all concepts) | ||||||||||||||||
| Restaurant and other sales | $ | 889,052 | $ | 633,032 | $ | 719,457 | 40.4 | % | 23.6 | % | ||||||
| Store weeks | 7,288 | 6,908 | 7,118 | 5.5 | % | 2.4 | % | |||||||||
| Comparable restaurant sales (1) | 33.1 | % | (8.9 | )% | 4.4 | % | ||||||||||
| Restaurant operating costs (as a % of restaurant and other sales) | ||||||||||||||||
| Food and beverage costs | 35.0 | % | 32.4 | % | 32.4 | % | 263 | bps | 262 | bps | ||||||
| Labor | 32.6 | % | 35.2 | % | 33.1 | % | (255 | )bps | (42 | )bps | ||||||
| Rent | 1.7 | % | 2.2 | % | 1.9 | % | (46 | )bps | (11 | )bps | ||||||
| Other operating | 14.7 | % | 16.9 | % | 15.6 | % | (218 | )bps | (84 | )bps | ||||||
| Total | 84.2 | % | 86.7 | % | 82.9 | % | (256 | )bps | 124 | bps | ||||||
| Restaurant margin | 15.8 | % | 13.3 | % | 17.1 | % | 256 | bps | (124 | )bps | ||||||
| Restaurant margin ($ in thousands) | $ | 140,785 | $ | 84,060 | $ | 122,883 | 67.5 | % | 14.6 | % | ||||||
| Restaurant margin $/Store week | $ | 19,318 | $ | 12,169 | $ | 17,264 | 58.7 | % | 11.9 | % | ||||||
| Texas Roadhouse restaurants only: | ||||||||||||||||
| Store weeks | 6,779 | 6,476 | 6,714 | 4.7 | % | 1.0 | % | |||||||||
| Comparable restaurant sales (1) | 33.3 | % | (9.0 | )% | 4.3 | % | ||||||||||
| Average unit volume (2) | $ | 1,606 | $ | 1,208 | $ | 1,336 | 32.9 | % | 20.2 | % | ||||||
| Weekly sales by group: | ||||||||||||||||
| Comparable restaurants (489, 470, and 448 units) | $ | 123,860 | $ | 93,530 | $ | 102,824 | ||||||||||
| Average unit volume restaurants (2) (16, 19, and 21 units) | $ | 113,657 | $ | 78,402 | $ | 94,379 | ||||||||||
| Restaurants less than 6 months old (21, 14, and 15 units) | $ | 130,295 | $ | 90,994 | $ | 106,328 | ||||||||||
| Bubba's 33 restaurants only: | ||||||||||||||||
| Store weeks | 463 | 403 | 377 | 15.0 | % | 23.0 | % | |||||||||
| Comparable restaurant sales (1) | 30.8 | % | (7.8 | )% | 5.7 | % | ||||||||||
| Average unit volume (2) | $ | 1,279 | $ | 989 | $ | 1,093 | 29.3 | % | 17.0 | % | ||||||
| Weekly sales by group: | ||||||||||||||||
| Comparable restaurants (29, 25, and 21 units) | $ | 99,465 | $ | 77,534 | $ | 86,549 | ||||||||||
| Average unit volume restaurants (2) (3, 4, and 4 units) | $ | 87,844 | $ | 66,892 | $ | 71,122 | ||||||||||
| Restaurants less than 6 months old (4, 2, and 3 units) | $ | 136,579 | $ | 48,997 | $ | 76,778 | ||||||||||
| Franchise restaurants | ||||||||||||||||
| Franchise royalties and fees | $ | 6,534 | $ | 4,957 | $ | 5,781 | 31.8 | % | 13.0 | % | ||||||
| Store weeks | 1,301 | 1,260 | 1,330 | 3.2 | % | (2.2 | )% | |||||||||
| Comparable restaurant sales (1) | 30.6 | % | (10.7 | )% | 3.0 | % | ||||||||||
| U.S. franchise restaurants only: | ||||||||||||||||
| Comparable restaurant sales (1) | 34.8 | % | (11.2 | )% | 3.4 | % | ||||||||||
| Average unit volume (2) | $ | 1,658 | $ | 1,242 | $ | 1,387 | 33.5 | % | 19.5 | % | ||||||
| (1) Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period, excluding sales from restaurants permanently closed during the period. | ||||||||||||||||
| (2) Average unit volume includes sales from restaurants open for a full six months before the beginning of the period, excluding sales from restaurants permanently closed during the period. For comparative purposes, Q4 2019 was adjusted to include 13 and 52 weeks, respectively. | ||||||||||||||||
| Amounts may not foot due to rounding. | ||||||||||||||||
