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This year is a good year for Texas Roadhouse. Because of the chain's success and high foot traffic, another price increase is possible later this year.
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Same-store sales increased 9.1% and consumer visitation up 4.7% in the second quarter of 2023. Texas Roadhouse had a fantastic first quarter, with record visitor counts and a 12.9% increase in same-store revenue.
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"There is no doubt that our customers continue to support our commitment to serving made-from-scratch food within a fun and friendly atmosphere," said the chain's CEO last week during an earnings call.
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Despite rising sales, the chain has had low profit margins. Texas Roadhouse's restaurant revenue has been reduced due to labor and beef price increases.
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Customers may be required to pay the exaggerated fees if situations worsen. On the previous earnings call, Morgan did not rule out raising prices to offset rising costs.
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"We are going to continue to monitor it," he said, referring to beef pricing. It's on our menu. It refers to current company expenses.
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Texas Roadhouse's operators will soon consider price increases. He didn't indicate how much the firm hiked their prices. Texas Roadhouse did not respond immediately to our inquiry about price increases.
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In October, Texas Roadhouse may boost its pricing again. The second quarter of 2023 had a 2.2% increase in prices. A 2.2% price increase is considerable for a low-cost chain.
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Beef and labor prices at Texas Roadhouse may fall in the coming months. Otherwise, they may soon have to pay extra for steak dinners.
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