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Texas Roadhouse

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Texas Roadhouse
Company typePublic
Nasdaq: TXRH
S&P 400 Component
IndustryRestaurants
FoundedFebruary 17, 1993; 31 years ago (1993-02-17) in Clarksville, Indiana
FounderW. Kent Taylor
Headquarters
Louisville, Kentucky
,
U.S.
Number of locations
611 (March 2021)
Area served
United States, Saudi Arabia, Kuwait, Bahrain, United Arab Emirates, Qatar, Philippines, Taiwan, Mexico, China, South Korea
Key people
Cortney Terry (Investor Relations Coordinator)
ProductsSteak, ribs, chicken, margaritas, beer, burgers, country dinners, salads, appetizers, combos, desserts, kids' meals, and seafood
RevenueIncrease US$2.8 billion[2] (2020)
Increase US$186.20 million[2] (2017)
Increase US$186.12 million[2] (2017)
Total assetsIncrease US$1.33 billion[2] (2017)
Total equityIncrease US$839.08 million[2] (2017)
Number of employees
~64,900[2] (2020)
Websitetexasroadhouse.com

Texas Roadhouse is an American chain restaurant that specializes in steaks around a Texan and Southwestern theme[3] and is a subsidiary of Texas Roadhouse Inc, which is headquartered in Louisville, Kentucky.[4] The chain operates about 611 locations (as of March 2021) in 49 U.S. states and 28 international locations in 10 countries.[5] It is known for its free buckets of peanuts at each table along with free dinner bread rolls with honey cinnamon butter.

History

Texas Roadhouse was founded on February 17, 1993, at the Green Tree Mall in Clarksville, Indiana; across the Ohio River from Louisville.[6] Founder W. Kent Taylor lived in Colorado and worked at nightclubs and restaurants there, having aspirations to attend a culinary school. In 1990, Taylor returned to his hometown of Louisville. 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.[7] In 1991, Taylor opened Buckhead Hickory Grill, the chain that would eventually become Buckhead Mountain Grill.[8] Taylor was his own executive chef. Brown invested more money and wanted to open a second store in Clarksville, but complications in the partnership caused it to fall apart.

Brown had elected to pursue another steak concept without Taylor, leaving Taylor with the decision to either stay committed to Buckhead, or attempt to start a new business. He decided to go with the latter; however, he had trouble finding investors to help him launch the new concept. Taylor was turned down by many potential investors and found himself wondering if his idea for a new concept was a mistake. Finally, Taylor met someone while he was managing at Buckhead through Scott Canfield who seemed interested in investing. Dr. John Rhodes became interested in Taylor's proposition of the new steak restaurant concept that Taylor showed to him through drawings on papers and cocktail napkins. Taylor was able to convince Dr. Rhodes and several of his colleagues to invest $100,000 each in 1992. A year later in 1993, the first Texas Roadhouse in Clarksville, Indiana opened its doors.[9] In 1994, Taylor sold his shares in Buckhead Mountain Grill to focus solely on Texas Roadhouse.

In 1993, the second Texas Roadhouse opened in Gainesville, Florida.[10] In 1994, three additional restaurants opened in Cincinnati, Ohio, Clearwater, Florida, and Sarasota, Florida. These three locations would all close due to lack of strong management, poor building locations, and poor food quality. Kent Taylor was forced to decide how to continue the success of the first two restaurants in Clarksville and Gainesville, while dealing with the failures of the three new stores. Taylor decided that better in-store training, building designs, and restaurant decor would help improve Roadhouse's growth. Taylor also hired a promising chef who worked in Louisville, Kentucky, named Jim Broyles. Broyles was hired as the director of food and beverages, and transformed the way Roadhouse prepared and served food.[11] The chain expanded rapidly in the late 1990s, and by the end of 1999, 67 restaurants had been opened. In 2004, Roadhouse became a public company.[7][12] In September 2011, Texas Roadhouse started their international expansion, with the first international location in Dubai in the United Arab Emirates.[13]

In April 2020, CEO Kent Taylor announced he would give up his base salary and bonus for the remainder of the calendar year in order to pay "front-line" employees amid the coronavirus pandemic. The amount donated from Taylor will amount to just under $1 million.[14]

After struggling with unbearable COVID-19 symptoms, Taylor died by suicide on March 18, 2021, at the age of 65, which was confirmed by his family via a Facebook post. It was also announced that Jerry Morgan, a 20-year veteran and former regional partner, would be taking over the role of president and CEO [15][16]

Operations and marketing

Texas Roadhouse, Westland, Michigan

Texas Roadhouse's mission statement is "Legendary Food, Legendary Service". Their mascot is an armadillo named Andy.

State College, Pennsylvania

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 also participate in intercompany competitions: bartenders compete in "The Real Bar" competition, and meat cutters in the annual "Meat Hero Competition".[17]

The Roadhouse Corporation supports the homebuilding programs Habitat for Humanity International and Homes For Our Troops.[18] The company also sponsors a road cycling team of about 20 cyclists, along with Willie Nelson tours.[19]

Originally 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.

Cuisine

Traditional bucket of peanuts

Texas Roadhouse serves Texan and American cuisine, including steak, ribs, chicken, and seafood.[20] Their main suppliers are JBS Swift and Smithfield Foods.[21] The chain boasts several cooking championships across the country with their ribs and steaks. Everything on the menu is made from scratch to order, with the exception of certain children's menu items (Kraft Macaroni and Cheese, applesauce, and hot dogs). This includes the salads and dressings (the only dressings not made from scratch are low-fat ranch and oil and vinegar), sauces and side dishes. Each store employs its own baker and butcher/meat cutter. Their steaks are hand-cut (with the exception of the Porterhouse steaks, which are cut off-site and vacuum-packed) and are never frozen. Salmon is also cut off-site and vacuum packed.[citation needed] The main seller on the menu is the 11-ounce USDA Choice Sirloin.[20]

See also

References

  1. ^ Jennings, Lisa (March 19, 2021). "Jerry Morgan named CEO of Texas Roadhouse". Nation's Restaurant News. Retrieved March 19, 2021.
  2. ^ a b c d e f "US SEC: Form 10-K Texas Roadhouse, Inc". United States Securities and Exchange Commission. Retrieved January 9, 2017.
  3. ^ "Texas Roadhouse (TXRH) shares forming bullish "flag" pattern". BloggingStocks. November 15, 2007. Retrieved June 24, 2011.
  4. ^ "Texas Roadhouse Inc - About Texas Roadhouse Inc". Reuters. 2019. Retrieved May 22, 2020.
  5. ^ Pietsch, Bryan (March 21, 2021). "Kent Taylor, Texas Roadhouse Founder and C.E.O., Dies at 65". The New York Times. Retrieved March 21, 2021.{{cite news}}: CS1 maint: url-status (link)
  6. ^ It's What Makes Us Legendary!, Texas Roadhouse, retrieved January 28, 2013
  7. ^ a b "Texas Roadhouse, Inc". Reference for Business. Retrieved June 24, 2011.
  8. ^ Business First - by Rick Redding (September 27, 1999). "Texas-sized growth fuels Roadhouse". Bizjournal. Retrieved June 24, 2011. {{cite news}}: |author= has generic name (help)
  9. ^ The Legendary Journey, Texas Roadhouse. Page 6-8
  10. ^ Griffin, Justine (January 29, 2017). "How is Texas Roadhouse outperforming Outback Steakhouse and others?". Tampa Bay Times. Retrieved June 24, 2019.
  11. ^ The Legendary Journey, Texas Roadhouse. Page 10-11
  12. ^ Fantozzi, Joanna (June 21, 2019). "Texas Roadhouse president retires". Nations Restaurant News. Retrieved June 24, 2019.
  13. ^ Karrar~Lewsley, Tahani (September 8, 2011). "Texas Roadhouse prioritzes Mideast expansion". MarketWatch. Retrieved June 24, 2019.
  14. ^ "Texas Roadhouse CEO gives up salary and bonus for the rest of the year to pay 'front-line' workers feeling the shutdown squeeze". TheBlaze. March 27, 2020. Retrieved April 8, 2020.
  15. ^ "Kent Taylor, founder and CEO of Texas Roadhouse, dies". WDRB. March 18, 2021. Retrieved March 19, 2021.
  16. ^ "Louisville-based Texas Roadhouse CEO Kent Taylor took his life after COVID-19 struggle". Louisville Courier-Journal. March 18, 2021. Retrieved March 20, 2021.
  17. ^ General Info, Texas Roadhouse, retrieved January 28, 2013
  18. ^ Roadhouse Habitat for Humanity Archived November 8, 2007, at the Wayback Machine
  19. ^ The South Beach Diet Dining Guide by Arthur Agatston (2005 Rodale) Page 129 ISBN 1-59486-360-1
  20. ^ a b https://www.texasroadhouse.com/docs/fact-sheet/texas-roadhouse-fact-sheet.pdf
  21. ^ Texas Roadhouse - Menu Archived December 12, 2008, at the Wayback Machine
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