Darden Restaurants Inc., parent company of brands including Olive Garden, LongHorn Steakhouse and Yard House, posted better-than-expected fiscal first-quarter earnings on Thursday, boosted by the addition of 77 restaurants from Ruth’s Chris Steak House, which it acquired in June.
The company DRI, -0.17% had net income of $194.5 million, or $1.60 a share, for the quarter to Aug. 27, up from $193.0 million, or $1.56 a share, in the year-earlier period. Adjusted per-share earnings came to $1.78, ahead of the $1.74 FactSet consensus. Sales rose to $2.731 billion from $2.446 billion, and were also ahead of the $2.709 billion FactSet consensus.The company backed its full-year guidance for fiscal 2024 and said it still expects adjusted EPS of $8.55 to $8.85.
The stock was down 1% premarket but has gained 8% in the year to date, while the S&P 500 SPX has gained 15.7%.
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Olive Garden parent Darden Restaurants beats earnings estimates, despite weak fine-dining salesDarden, the owner of Olive Garden, saw net sales rise more than 11% in the quarter.
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