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Texas Roadhouse shares take a tumble after same-store sales miss

Employees line dance in the restaurant aisles during the opening day of Texas Roadhouse in Nottingham, MD.
Jahi Chikwendiu | The Washington Post | Getty Images
Employees line dance in the restaurant aisles during the opening day of Texas Roadhouse in Nottingham, MD.

Shares of Texas Roadhouse fell more than 13 percent in midday trade Wednesday, after the company reported disappointing same-store sales.

The closely watched metric showed comparable sales at company stores grew 1.2 percent for the fourth quarter, missing an estimate of 3.1 percent from FactSet and down from 4.5 percent growth a year ago.

In a release, the Kentucky-based steakhouse chain attributed the decline to "the calendar shift of the Christmas holiday."

Christmas fell on a Sunday in 2016, versus Friday in 2015.

Fourth-quarter earnings of 29 cents per share also missed a Thomson Reuters consensus estimate of 38 cents and fell 3 cents from a year ago. Texas Roadhouse said the decline was due to added expenses, such as higher wages, in 2016.

Revenue for the quarter was $484 million, missing FactSet estimates of $497.2 million but up from $454 million a year ago.

Texas Roadhouse year-to-date performance vs S&P 500

Source: FactSet

With Wednesday's decline, shares of Texas Roadhouse are down more than 14 percent for the year so far, compared to the S&P 500's 5.5 percent gain.