America's Largest Steakhouse Chain Just Increased Its Prices
American chain serving Texas style meals just raised its prices - The chain is enjoying soaring sales, so even higher prices can't get in the way.
America's largest steakhouse chain is seeing customers flock back to its locations as COVID-19 dining restrictions begin to ease across the country. In fact, Texas Roadhouse is so popular that it can afford to raise its prices.
The chain serving Texas-style fare with a back-road feel has just reported soaring sales numbers for the first quarter of the year. Company-owned steakhouses are up by 18.5% in same-store sales compared to the same time period last year, and 8.
6% up compared to 2019.
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Thanks to the huge demand, the chain has had to extend its hours of operation at 200 or so of its reopened restaurants, according to the chain's CFO Tonya Robinson.
"We've got probably 200 or so restaurants that have opened earlier. They're opening at 3 [p.m.] versus 4 [p.m.]," Robinson said on a recent earnings call.
Another change the chain is implementing is an increase in prices.
Robinson said the company raised its menu prices by 1.4% so far this year, and is ultimately looking to land at 1.75% increase to offset some of the new financial pressures the company and its operators are feeling due to an increase in workers' wages.
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