During the pandemic, some people worried about Texas Roadhouse, a famous restaurant. There were rumours that it might have money problems and close down.
Texas Roadhouse is well-known for its Western theme and tasty steaks and ribs, and lots of people love going there. Because of COVID-19, many businesses, including restaurants, faced challenges. In this article, we’ll look at what’s happening with Texas Roadhouse, why people think it’s having problems, and what the company is doing about it. It’s important to know what’s going on with places we like to eat at, especially during tough times.
Is Texas Roadhouse Going Out Of Business in 2024? Texas Roadhouse is not going out of business! Some individual restaurants closed, but the whole chain is doing well. They plan to open even more restaurants, aiming for 900 in the U.S. They’re even trying smaller towns, and people love it.
Texas Roadhouse is making a lot of money. Each restaurant brings in over $6 million, making the company profitable. So, don’t worry about the rumours. Texas Roadhouse is not just surviving. They’re getting ready to serve more delicious food in the years to come!
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Background Of Texas Roadhouse
Texas Roadhouse is a restaurant chain in America that’s famous for its Southwestern-style steaks. It also has two other kinds of restaurants called Bubba’s 33 and Jaggers.
The main company, Texas Roadhouse Inc., is based in Louisville, Kentucky. Started in 1993, Texas Roadhouse has grown steadily and has lots of places to eat across the U.S.
People love it because they serve really good steaks that are cut by hand, along with homemade sides and great margaritas. In 2014, they started Bubba’s 33 to make the brand even bigger in the restaurant world.
Is Texas Roadhouse Shutting Down?
Is Texas Roadhouse shutting down? No, it’s not. A few years ago, some thought the Texas Roadhouse in Gatlinburg was closed for good, but that’s not true for all Texas Roadhouses. In fact, the business is growing, and things are looking good.
Back in 2017, Texas Roadhouse had 549 locations, making 2 billion U.S. dollars across the country. Fast forward five years, and the numbers have doubled – now it’s 4.014 billion U.S. dollars in revenue, and they have 697 stores.
The company didn’t stop there, after five years, they expanded even more. There are now 652 Texas Roadhouses, Five Jaggers, and 40 Bubba’s 33 units, which is another type of restaurant they have.
Texas Roadhouse keeps opening new places. In 2023, they opened 20 to 25 restaurants. In 2022 alone, they opened 23 restaurants and seven international branches.
They’re not done yet. They’re planning to open more Bubba’s restaurants, and they’ve already opened 25 to 30 of them. The company is doing well, and they’re aiming to have about 900 Texas Roadhouse locations worldwide, making around 8 billion U.S. dollars. So, Texas Roadhouse is not closing down; it’s growing and doing better than ever!
Is Texas Going Out Of Business: Texas Roadhouse and Expert Insights
Texas Roadhouse wants everyone to know they’re not going out of business. They’re telling their customers and business partners that they plan to keep running their restaurants all over the U.S.
Bubba’s 33, which is a part of Texas Roadhouse Inc., also shows they are committed to the casual dining business. Even though the restaurant industry has faced big problems because of the pandemic, Texas Roadhouse is staying strong.
Some Texas Roadhouse locations had to close, and there were money issues that made people wonder if the chain would make it through 2023.
But the leaders of Texas Roadhouse say they’re determined to face these challenges and make sure the chain stays around for a long time. They want their loyal customers to be sure—they are not closing down. They’re working hard to get through tough times and keep serving their delicious food.
What Does Texas Roadhouse Offer?
Well, they’re famous for their tasty, seasoned, and grilled steaks. But that’s not all! They’ve got a variety of other delicious options like ribs, chicken, pork chops, pulled pork, seafood, veggies, hamburgers, sandwiches, and salads.
Now, there are three main types of places from this company:
- There’s Texas Roadhouse, where you can enjoy their great steaks.
- There’s Jaggers, a quick and casual restaurant.
- There’s Bubba’s 33, a family-friendly sports restaurant that serves chicken sandwiches, burgers, and hand-breaded chicken tenders.
So, Texas Roadhouse offers a lot of tasty choices, and they’re opening more places for people to enjoy their delicious food!
Why Is Texas Roadhouse So Popular?
People love Texas Roadhouse because they make really good steaks and other tasty dishes. Every restaurant has a butcher and a baker who work together to make fresh food every five minutes. This means that everything, like the meat and bread rolls, is always super fresh.
One Texas Roadhouse in West Wichita is especially popular. It’s one of the busiest Texas Roadhouse locations in the whole country. Across the U.S., there are nearly 600 Texas Roadhouses, and each one serves delicious dinners. West Wichita’s Texas Roadhouse is the best in terms of sales.
Even though 2022 was tough for restaurants, Texas Roadhouse kept growing. They’re known for giving great dining experiences, and they keep coming up with new ideas. That’s why people keep coming back!
Texas Roadhouse wants everyone to know they’re not closing down after being in business for 80 years. Instead, they’re focused on staying successful and being one of the best steakhouse chains in the U.S.
Who Competes with Texas Roadhouse?
Figuring out the top competitor for Texas Roadhouse is a bit tricky, depending on how you see the competition. Let’s find out!
Darden Restaurants:
Darden Restaurants owns lots of popular casual dining chains like Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, and Bahama Breeze. They have a wider reach, and more people know about them than Texas Roadhouse. Darden offers different types of food to appeal to more people, while Texas Roadhouse mainly focuses on its steakhouse theme. However, Darden’s brands might not compete directly with Texas Roadhouse since they offer different types of cuisine.
For instance, Olive Garden serves Italian, and LongHorn Steakhouse is more upscale compared to Texas Roadhouse’s casual and value-oriented approach.
Outback Steakhouse:
Outback Steakhouse is another big steakhouse chain with a similar casual atmosphere and menu focus to Texas Roadhouse. They both target customers who love steak. Outback has an Australian theme and a slightly bigger menu with seafood and chicken options, which might attract some customers who wouldn’t pick Texas Roadhouse.
However, Texas Roadhouse often does better than Outback when it comes to money metrics like average unit volume and profitability. People like their focus on fresh, good-quality ingredients and reasonable prices.
Some other big competitors:
- Buffalo Wild Wings
- P.F. Chang’s China Bistro
- Panera Bread
- Wendy’s
- Applebee’s Canada
- Pizza Hut
- Noodles & Company
- Ruby Tuesday
- Red Lobster
- TGI Fridays
- Denny’s
- The Cheesecake Factory
- Ruth’s Chris Steak House
- Red Robin
- Morton’s The Steakhouse
- Chili’s Grill & Bar
- Logan’s Roadhouse
- IHOP
Did Texas Roadhouse Overcome Closure Concerns and Thrive in 2023?
Despite past rumours and worries about closing, Texas Roadhouse did not go out of business. The company’s leaders were committed to keeping the restaurants running and maintaining their status as a top steakhouse chain. Texas Roadhouse assured its customers that it wasn’t closing after being in business for 80 years. The company’s actions and plans for the future showed that they were optimistic about what was ahead.
In 2022, there were concerns about sales, but the company expected an increase in 2023. This positive momentum suggested a growing demand for dine-in restaurants.
Texas Roadhouse planned to open 23 more restaurants that year, with a goal of reaching 900 from 697. If Texas Roadhouse reached its goal, it could have been a big win, giving them a strong position among casual-dining competitors. The COVID-19 outbreak led to many restaurants closing in 2020, but casual dining chains like Texas Roadhouse benefited.
In 2022, Texas Roadhouse ranked 4th in revenue, with Olive Garden and Applebee’s ahead. If they opened 900 restaurants, they could have generated an annual revenue of 6 million U.S. dollars.
How Are Texas Roadhouse and Its Stock Performing in 2024?
Texas Roadhouse says it’s sticking around and wants to open more steakhouse restaurants all over the U.S.
Their recent yearly results are out, and it’s good news for their shareholders. The company’s stock went up by 9.6% to $148 after the results were released. They made about $4.6 billion in revenue and earned $4.54 per share. Analysts usually update their predictions after each earnings report, so we checked to see if they changed their minds about Texas Roadhouse.
According to analysts, Texas Roadhouse is expected to make $5.28 billion in revenue in 2024, which would be a 14% increase from the previous year. They’re also expected to earn $5.57 per share, a 22% jump from before. Before the latest earnings report, analysts thought they would make $5.18 billion in revenue and $5.30 per share in 2024. Analysts are more confident in the company now.
The average price target for Texas Roadhouse’s stock went up by 12% to $144. However, some analysts have different opinions. The most optimistic analyst thinks the stock could go up to $165, while the most pessimistic one thinks it could go down to $105. Even though analysts have different views, the range of estimates isn’t too wide, which means they mostly agree on where the stock could go.
To understand these predictions better, we can compare them to Texas Roadhouse’s past performance and how other companies in the same industry are doing. Analysts think Texas Roadhouse will keep growing at a rate of 14% per year until 2024, which is the same as its growth rate over the past five years. Other companies in the same industry are expected to grow by 9.8% per year. So, Texas Roadhouse is expected to grow faster than its competitors.
Final Thoughts
Texas Roadhouse is not going out of business in 2024! Despite challenges, the steakhouse giant remains strong and even plans to expand its footprint across the U.S.
Recent yearly results show a 9.6% stock increase, and analysts predict a 14% revenue growth in 2024. With a commitment to quality and customer support, Texas Roadhouse assures patrons it’s here to stay.
The positive outlook and strategic plans indicate a bright future for this beloved chain, debunking any rumours of closure. So, keep your appetite ready for more sizzling steaks and hearty rolls from Texas Roadhouse!
Frequently Asked Questions:
Is Texas Roadhouse Going Out Of Business In 2024?
No, Texas Roadhouse is not going out of business. There’s no official news about Texas Roadhouse restaurants closing.
Is Texas Roadhouse Ending Business After 80 Years?
No evidence supports the idea that Texas Roadhouse plans to close after over 80 years.
Any Rumors About Bubba’s 33 Closing?
No reports suggest Bubba’s 33, a Texas Roadhouse subsidiary, is closing soon.
How is the Pandemic Affecting Texas Roadhouse?
The pandemic affected Texas Roadhouse, like other casual dining places. But, the company is working to overcome the challenges.
What’s Texas Roadhouse’s Future Plan?
Texas Roadhouse is committed to growing its steakhouse chain across the U.S.
How’s Texas Roadhouse Growing Amid Restaurant Challenges?
Despite industry challenges, Texas Roadhouse remains strong, maintaining locations and steady growth.
