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Texas Roadhouse

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Texas Roadhouse, Inc.
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
655 (June 2024)
Area served
United States, Canada, Saudi Arabia, Kuwait, Bahrain, United Arab Emirates, Qatar, Philippines, Taiwan, Mexico, China and South Korea
Key people
ProductsSteak, ribs, chicken, margaritas, beer, burgers, country dinners, salads, appetizers, combos, desserts, kids' meals, and seafood
RevenueIncrease US$4.631 billion[3] (2023)
Increase US$186.20 million[4] (2017)
Increase US$186.12 million[4] (2017)
Total assetsIncrease US$1.33 billion[4] (2017)
Total equityIncrease US$839.08 million[4] (2017)
Number of employees
~64,900[4] (2020)
Websitetexasroadhouse.com

Texas Roadhouse, Inc. is an American steakhouse chain that specializes in steaks in a Texan and Southwestern cuisine style.[5] It is a subsidiary of Texas Roadhouse Inc, which has two other concepts (Bubba's 33 and Jaggers) and is headquartered in Louisville, Kentucky.[6] As of August 2021, the chain operates about 627 locations in 49 U.S. states and 29 international locations in 11 countries.[7]

History

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Texas Roadhouse was founded on February 17, 1993, at the Green Tree Mall in Clarksville, Indiana, across the Ohio River from Louisville, Kentucky.[8] 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.[9] In 1991, Taylor opened Buckhead Mountain Grill.[10] 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. Finally, Taylor met a potential investor while he was managing at Buckhead. Dr. John Rhodes became interested in Taylor's proposition of the new steak restaurant concept that Taylor showed to him through drawings on loose papers and cocktail napkins. Taylor was able to convince Dr. Rhodes and two of his colleagues to invest $100,000 each in 1992. A year later on February 17, 1993, the first Texas Roadhouse in Clarksville, Indiana opened its doors.[11] 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.[12] In 1994, three additional restaurants opened in Cincinnati; Ohio, Clearwater, Florida; and Sarasota, Florida. These three locations would all close because of poor building locations. 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 hired a promising chef who worked in Louisville, Kentucky, Jim Broyles. Broyles was hired as the Director of Food and Beverages and transformed the way Roadhouse prepared and served food.[13] 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.[9][14] In September 2011, Texas Roadhouse started their international expansion with the first international location in Dubai in the United Arab Emirates.[15] During the COVID-19 Pandemic in 2020, Taylor donated his entire salary and bonus, totaling over $800,000, to his employees. [16]

After struggling with unbearable tinnitus, Taylor died by suicide on March 18, 2021, at the age of 65. It was announced that Jerry Morgan would take over the role of president and CEO.[17][18]

Taylor's memoir, Made From Scratch: The Legendary Success Story of Texas Roadhouse was published posthumously.[19]

Operations and marketing

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Texas Roadhouse, Westland, Michigan

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".[20]

The Roadhouse Corporation supports the homebuilding programs Habitat for Humanity International and Homes For Our Troops.[21] The company also sponsors a road cycling team of about 20 cyclists. Texas Roadhouse is a major supporter of Special Olympics.

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.[citation needed]

Cuisine

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Texas Roadhouse serves Texan and American cuisine, including steak, ribs, chicken, and seafood.[22]

See also

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References

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  1. ^ Jennings, Lisa (March 19, 2021). "Jerry Morgan named CEO of Texas Roadhouse". Nation's Restaurant News. Retrieved March 19, 2021.
  2. ^ https://investor.texasroadhouse.com/press-releases/press-release-details/2023/Texas-Roadhouse-Inc.-Appoints-Gina-Tobin-President/default.aspx. {{cite web}}: Missing or empty |title= (help)
  3. ^ "Texas Roadhouse, Inc. Common Stock (TXRH) Financials". Nasdaq. September 10, 2024. Retrieved September 10, 2024.
  4. ^ a b c d e "US SEC: Form 10-K Texas Roadhouse, Inc". United States Securities and Exchange Commission. Retrieved January 9, 2017.
  5. ^ "Texas Roadhouse (TXRH) shares forming bullish "flag" pattern". BloggingStocks. November 15, 2007. Retrieved June 24, 2011.
  6. ^ "Texas Roadhouse Inc - About Texas Roadhouse Inc". Reuters. 2019. Retrieved May 22, 2020.
  7. ^ 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.
  8. ^ It's What Makes Us Legendary!, Texas Roadhouse, retrieved January 28, 2013
  9. ^ a b "Texas Roadhouse, Inc". Reference for Business. Retrieved June 24, 2011.
  10. ^ Redding, Rick (September 27, 1999). "Texas-sized growth fuels Roadhouse". Bizjournal. Retrieved June 24, 2011.
  11. ^ The Legendary Journey, Texas Roadhouse. Page 6-8
  12. ^ Griffin, Justine (January 29, 2017). "How is Texas Roadhouse outperforming Outback Steakhouse and others?". Tampa Bay Times. Retrieved June 24, 2019.
  13. ^ The Legendary Journey, Texas Roadhouse. Page 10-11
  14. ^ Fantozzi, Joanna (June 21, 2019). "Texas Roadhouse president retires". Nations Restaurant News. Retrieved June 24, 2019.
  15. ^ Karrar~Lewsley, Tahani (September 8, 2011). "Texas Roadhouse prioritizes Mideast expansion". MarketWatch. Retrieved June 24, 2019.
  16. ^ "Meet the CEO Who Gave Away His Salary and Bonus of $800K to Help Employees During the Pandemic".
  17. ^ "Kent Taylor, founder and CEO of Texas Roadhouse, dies". WDRB. March 18, 2021. Retrieved March 19, 2021.
  18. ^ "Louisville-based Texas Roadhouse CEO Kent Taylor took his life after COVID-19 struggle". Louisville Courier-Journal. March 18, 2021. Retrieved March 20, 2021.
  19. ^ Ruggless, Ron (August 23, 2021). "Kent Taylor book offers insight into Texas Roadhouse success". Nation's Restaurant News. Retrieved January 9, 2023.
  20. ^ General Info, Texas Roadhouse, retrieved January 28, 2013
  21. ^ Roadhouse Habitat for Humanity Archived November 8, 2007, at the Wayback Machine
  22. ^ "Texas Roadhouse Fact Sheet" (PDF). Texas Roadhouse. Archived from the original (PDF) on March 27, 2014. Retrieved October 28, 2023.
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