Olive Garden parent Darden's earnings buoyed by addition of 77 Ruth's Chris Steak Houses locations

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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