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Darden restaurants5/24/2023 ![]() The Company owns and operates an extensive network of restaurants, primarily in the US and Canada. Its sales forecast is now $9.55 billion to $9.62 billion, compared with its prior range of $9.55 billion to $9.7 billion. Darden Restaurants is a full-service restaurant operator. ![]() The companys earnings and revenue topped analysts expectations. The company also narrowed its fiscal 2022 revenue outlook. Darden Restaurants on Thursday reported that its fiscal fourth quarter same-store sales nearly returned to 2019 levels. And as inflation creeps up, we're going to have to try to manage through that, but it's going to be a combination of pricing and productivity initiatives." "Obviously, we're going to continue to look for opportunities to price below inflation," Lee said. To combat higher food and labor costs, the company plans to hike its prices by 3% for the full fiscal year. Darden Restaurants, based in Orlando, is a leading U.S. It's predicting commodity inflation will rise by 9%. Darden has a market cap of 17.8 billion and is generally regarded as a large-cap growth company. ![]() Lee said the war in Ukraine has created greater uncertainty, leading the company to issue an outlook that is wider than usual by this time in the fiscal year.ĭarden said it expects inflation to rise by 6%, slightly higher than its prior forecast of 5.5%. The Darden family of restaurants features some of the most recognizable and successful brands in full-service dining. The company is now expecting fiscal 2022 earnings per share from continuing operations of $7.30 to $7.45, down from its prior outlook of $7.35 to $7.60. The chain's sales bounced back faster than Olive Garden after building a strong takeout business earlier in the pandemic, but it only accounts for about a quarter of Darden's revenue.Īfter raising its earnings forecast last quarter, Darden lowered it on Thursday. LongHorn SteakHouse saw its same-store sales rise 31.6% in the quarter. Analysts were expecting same-store sales growth of 91.1%. The segment includes chains like The Capital Grille and was the hardest hit by the pandemic. A year ago, Darden's same-store sales shrank by 26.7%.ĭarden's fine-dining business also disappointed, despite reporting same-store sales growth of 85.8%. Darden Restaurants on Thursday reported mixed quarterly results but stood by its outlook for fiscal 2023, predicting inflation will cool in coming quarters. Wall Street was expecting total same-store sales growth of 43.5%, according to StreetAccount estimates. Across all of Darden's restaurant chains, same-store sales climbed 38.1%. Net sales rose 41.3% to $2.45 billion, falling short of expectations of $2.51 billion. Personal Loans for 670 Credit Score or LowerĮxecutives on the conference call said commodity inflation rose by 11% in the quarter compared with the year-ago period. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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