on Thursday reported quarterly earnings and revenue that met analysts' expectations and better-than-expected same-store sales growth at Olive Garden and LongHorn Steakhouse.
Darden reported fiscal second-quarter net income of $215.1 million, or $1.82 per share, up from $212.1 million, or $1.76 per share, a year earlier. LongHorn Steakhouse reported same-store sales growth of 7.5%. The casual-dining chain has been a top performer in Darden's portfolio in recent years, winning over customers with both the quality of its food and its prices. Wall Street was expecting the chain to report same-store sales growth of 4.1%.
Darden's fine-dining segment, which includes The Capital Grille and Ruth's Chris Steak House, reported same-store sales declines of 5.8%, steeper than the 2.8% decrease expected by analysts. Fine-dining chains' higher prices have scared away many consumers who are trying to spend less at restaurants.