Texas Roadhouse, Inc. (NASDAQ:TXRH) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET

Company Participants

Tonya Robinson - Chief Financial Officer

Gerald Morgan - President and Chief Executive Officer

Conference Call Participants

Christopher O'Cull - Stifel, Nicolaus & Company, Inc.

Brian Harbour - Morgan Stanley

David Tarantino - Robert W. Baird & Co.

David Palmer - Evercore ISI

Dennis Geiger - UBS

Peter Saleh - BTIG, LLC

Brett Levy - MKM Partners

Jeffrey Farmer - Gordon Haskett

Andy Barish - Jefferies & Co.

James Sanderson - Northcoast Research

Jon Tower - Citigroup Inc.

Brian Vaccaro - Raymond James & Associates, Inc.

Rahul Krotthapalli - JPMorgan Chase & Co.

Lauren Silberman - Credit Suisse AG

Operator

Good evening, and welcome to the Texas Roadhouse First Quarter Earnings Conference Call. Today's call is being recorded, and all participants are now in a listen-only mode. 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, Savannah, and good evening, everyone. By now you should have access to our earnings release for the first quarter ended March 29, 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, including factors related to the COVID-19 pandemic. 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.

Gerald Morgan

Thanks, Tonya. Good evening. We were pleased to see sales volumes accelerate as we move through the first quarter, resulting in average weekly sales of over $132,000 per restaurant. Our strong topline was the primary driver of earnings per share growth that approached 20% for the first quarter. These results are a testament to the hard work of each and every one of our Roadies. I would especially like to thank our operators and our staffing and procurement teams, who have done an amazing job, managing through a tough inflationary purchasing and hiring environment.