Texas Roadhouse, Inc. (NASDAQ:TXRH) Q3 2022 Earnings Conference Call October 27, 2022 5:00 PM ET

Company Participants

Tonya Robinson – Chief Financial Officer

Jerry Morgan – Chief Executive Officer

Conference Call Participants

Brian Bittner – Oppenheimer

Eric Gonzalez – KeyBanc

Jared Garber – Goldman Sachs

Brian Harbour – Morgan Stanley

Jake Bartlett – Truist Securities

Peter Saleh – BTIG

David Tarantino – Baird

David Palmer – Evercore ISI

Jeffrey Bernstein – Barclays

Jeff Farmer – Gordon Haskett

Lauren Silberman – Credit Suisse

Dennis Geiger – UBS

Joshua Long – Stephens

Jim Sanderson – Northcoast Research

Sara Senatore – Bank of America

Andrew Strelzik – BMO Capital Markets

Brian Vaccaro – Raymond James

Operator

Good evening and welcome to the Texas Roadhouse Third Quarter Earnings Conference Call. [Operator Instructions] After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to introduce Tonya Robinson, the Chief Financial Officer of Texas Roadhouse. You may begin your conference.

Tonya Robinson

Thank you, Josh. And good evening, everyone. By now, you should have access to our earnings release for the third quarter ended September 27, 2022, it may also be found on our website at texasroadhouse.com in the Investors section.

Before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements. These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. We refer all of you to our earnings release and our recent filings with the SEC. These documents provide a more detailed discussion of the relevant factors that could cause actual results to differ materially from those forward-looking statements. In addition, we may refer to non-GAAP measures. If applicable, reconciliations of the non-GAAP measures to the GAAP information can be found in our earnings release.

On the call with me today is Jerry Morgan, Chief Executive Officer of Texas Roadhouse. Following our remarks, we will open the call for questions.

Now I would like to turn the call over to Jerry.

Jerry Morgan

Thanks, Tonya. And good evening. We are proud of our third quarter results, which were highlighted by strong top line performance driven by the hard work of our operators. We were especially pleased to see sales growth accelerate month-to-month, resulting in an 8.2% comparable sales growth for the full quarter. This top line momentum helped generate strong growth in restaurant margin dollars leading to nearly 24% earnings per share growth. These results were achieved in spite of the continued impact of cost pressures throughout the business.