An Olive Backyard restaurant in Occasions Sq. in New York
Richard Levine | Corbis | Getty Photos
Darden Restaurants on Friday reported quarterly earnings and income that beat Wall Avenue’s expectations, as shoppers continued to eat out regardless of stress from inflation.
The corporate additionally raised its earnings outlook for fiscal 2023 to a spread of $10.3 billion to $10.45 billion from its earlier vary of $10.2 billion to $10.4 billion.
This is what the corporate reported for the fiscal second quarter ended Nov. 27, in contrast with what Wall Avenue was anticipating, primarily based on a survey of analysts by Refinitiv:
- Earnings per share: $1.52 adjusted vs. $1.44 anticipated.
- Income:Â $2.49 billion vs. $2.43 billion anticipated.
Darden’s whole gross sales rose 9.4% in contrast with the identical quarter final 12 months.
Darden additionally mentioned its whole bills jumped to $2.25 billion from $2.03 billion a 12 months earlier, pushed primarily by increased meals, beverage and labor prices.
CEO Rick Cardenas mentioned within the firm’s earnings launch he is happy with the corporate’s outcomes this quarter and mentioned all of their manufacturers “carried out at a excessive stage,” saying that the corporate “surpassed $10 billion in gross sales on a trailing 52-week foundation for the primary time in Darden’s historical past.”
Olive Backyard, which accounts for almost half of Darden’s income, noticed same-store gross sales enhance 7.6%, whereas total same-store gross sales rose 7.3% for the corporate. The corporate noticed an analogous enhance of seven.3% for LongHorn Steakhouse, its second largest model.
Darden additionally mentioned it had 1,887 areas open as of the tip of the quarter, in contrast with 1,852 final 12 months.
Read the full earnings report here.
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