Texas Roadhouse Lassos Rapidly Rebounding Sales in Q2, But Skips Guidance
Although the COVID-19 pandemic continued to weigh on results into the second quarter of 2020, Texas Roadhouse (NASDAQ: TXRH) still managed to round up better-than-expected metrics in its latest earnings report. The steaks, ribs, and beer chain revealed quarterly comparable restaurant sales, or comps, fell 32.8% year over year, a somewhat better figure than the 35.8% decline in comps analysts collectively predicted.
Comps also improved solidly from the start of the quarter to the end, beginning the period down 46.1% in April and ending down only 14.1% in June. Executives also supplied data on July, though it falls outside the fiscal quarter, noting that comps continued to edge back toward a positive level by being down 13% in July. April saw use of a to-go only business model, while dining rooms reopened in May, explaining the sharply improved comps of June and July.
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Source Fool.com
