VIDEO: Texas Roadhouse to increase prices?
INDIANAPOLIS (WISH) — Texas Roadhouse May Increase Prices.
Texas Roadhouse’s popularity is soaring but that may not be enough to prevent another price increase.
The company just reported a 9.1% increase in sales and a 4.7% increase in customer traffic in the second quarter of 2023.
Profit margins have been a different story though as elevated costs for labor and beef have been shaving away at earnings.
An analyst recently asked if Texas Roadhouse would consider raising its prices to offset the elevated costs.
Chain CEO Jerry Morgan responded, “We will continue to monitor [beef prices]. It’s a big part of our menu. It is the cost of doing business right now. We do need to be very cautious and careful on the pricing to make sure that we are continuing to drive our value component and then deliver on the experience.”
Texas Roadhouse was founded on February 17, 1993, at the Green Tree Mall in Clarksville, Indiana, across the Ohio River from Louisville, Kentucky. Founder W. Kent Taylor, a Louisville native, lived in Colorado and worked at nightclubs and restaurants there. In 1990, Taylor returned to his hometown of Louisville, Kentucky. He began work as a Kentucky Fried Chicken manager and had dreams to open a Colorado-themed restaurant. Former Kentucky Governor John Y. Brown, Jr. helped Taylor fulfill his dream by backing him with $80,000. In 1991, Taylor opened Buckhead Mountain Grill. Taylor was his own executive chef.
Texas Roadhouse’s mission statement is “Legendary Food, Legendary Service”. Their mascot is an armadillo named Andy. The company’s restaurants offer entertainment in the form of line dancing. The waiters, waitresses and hosts perform these dances throughout the night. The employees participate in intercompany competitions: bartenders compete in “The Real Bar” competition, and meat cutters in the annual “Meat Hero Competition”
Each restaurant had a table called “Willie’s Corner”, with pictures and memorabilia of Willie Nelson. In 2002, Nelson signed a deal to become an official partner of Texas Roadhouse. Since then, Nelson has heavily promoted the chain, including a special on Food Network. Willie Nelson is the owner of the Texas Roadhouse in South Austin, TX.