Texas Roadhouse Dives Midday as Labor Costs Jump
Published Apr 30, 2019 11:59AM ET
Investing.com - Restaurant chain Texas Roadhouse tumbled midday after missing on quarterly results.
The stock fell 11%, while the S&P 500 consumer discretionary fell 0.05%.
Texas Roadhouse (NASDAQ:TXRH) reported a first-quarter profit of 70 cents per share after the bell yesterday, well below the consensus forecast of 82 cents per share according to analysts surveyed by Investing.com.
Sales came in at $690.61 million, shy of expectations of $694 million.
The company said its restaurant margin sank 17.9% due mainly to an increase in labor costs.
Same-store sales for the first four weeks of the second quarter fell 2.9%, Briefing.com reported.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.