Comp sales in Q4 were 7.3% vs. FactSet consensus 8.8%. Comps for the first seven weeks of 2023 were up 15.8% but the compares get difficult the rest of Q1.

Restaurant margin in Q4 of 14.5% was below FactSet consensus of 16.1%. Expect moderating inflation pressure in 2023, especially in 2H. Trying to get margins back in the 17% range.

Restaurant margin trend:

In addition, $TXRH raised its dividend 20% to $0.55 per share.