Darden Beats Earnings Estimates as Olive Garden Sales Lag
Darden Restaurants reported fourth-quarter earnings that topped Wall Street estimates, but shares fell after same-store sales at its Olive Garden chain lagged expectations. The Orlando-based operator posted diluted earnings per share of $3.54 and total revenue of $3.72 billion.
The 13.7% increase in total sales was driven by an additional week of operations, a blended same-restaurant sales increase of 4.6%, and revenue from 43 newly opened locations. Chief Financial Officer Raj Vennam noted the company has delivered 9% annualized adjusted EBITDA growth since 2019, generating sufficient cash to fund maintenance capital and support its dividend.
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@cnbcDarden Restaurants earnings beat estimates but Olive Garden growth weakens
@alphasenseinc$DRI Earnings: - Total sales increased 13.7% to $3.72 billion driven by 7.6% in additional sales from an extra week of operations, a blended same-restaurant sales1 increase of 4.6%, and sales from 43 net new restaurants - Reported diluted
@businessDarden Restaurants shares declined after its same-store sales at Olive Garden trailed expectations.