When Darden Restaurants Inc. (NYSE: DRI) released its fiscal third-quarter financial results before the markets opened on Thursday, the company posted $1.80 in earnings per share (EPS) and $2.25 billion in revenue. That compares with consensus estimates of $1.75 in EPS and $2.24 billion in revenue, as well as the $1.71 per share and $2.1 billion reported in the same period of last year.
[in-text-ad]
During the quarter, total sales increased 5.5% year over year, driven by the addition of 39 net new restaurants and a blended same-restaurant sales increase of 2.8%. In terms of its brands, Darden reported same-restaurant sales growth as follows:
- Olive Garden, +4.3%
- Cheddar’s Scratch Kitchen, −2.7%
- LongHorn Steakhouse, +3.8%
- Yard House, −2.1%
- The Capital Grille, +4.3%
- Seasons 52, −1.3%
- Eddie V’s, +3.7%
- Bahama Breeze, −3.7%
Looking to the fiscal 2019 full year, the company expects to see EPS in the range of $5.76 to $5.80 and total sales growth of roughly 5.5%. Consensus estimates call for $5.70 in EPS and $8.52 billion in revenue for the year.
Darden’s board of directors declared a regular quarterly cash dividend of $0.75 per share on outstanding common stock. The dividend is payable on May 1, 2019, to shareholders of record at the close of business on April 10.
CEO Gene Lee commented:
Our strong top-line results exceeded the industry this quarter resulting in significant market share gains. This sales performance, coupled with strong operating profit growth, is a testament to our strategy and the outstanding focus and execution by our restaurant teams who create exceptional dining experiences for our guests every day.
Shares of Darden were last seen up about 6% at $115.66, with a 52-week range of $82.38 to $124.00. The stock has a consensus analyst price target of $121.23.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
