Darden Restaurants Reiterates FY24 Outlook - Update

(RTTNews) - While reporting financial results for the first quarter on Thursday, restaurant company Darden Restaurants, Inc. (DRI) reiterated its earnings guidance for the full year 2024. The company also reported blended same-restaurant sales increase of 5.0% and the addition of 46 net new restaurants in the first quarter.

For the fiscal 2024, the company continues to project net earnings from continuing operations in the range of $8.55 to $8.85 per share, including Ruth's Chris operating results, but excluding approximately $55 million, pre-tax, of expected transaction and integration related costs.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.74 per share for the year. Analysts' estimates typically exclude special items.

Darden's Board of Directors also declared a regular quarterly cash dividend of $1.31 per share on the Company's outstanding common stock, payable on payable on November 1, 2023 to shareholders of record at the close of business on October 10, 2023.

On Wednesday, Darden's Board of Directors unanimously elected Cynthia (Cindie) T. Jamison as Chair of the Board, succeeding Eugene Lee, Jr. who, as previously announced, retired from service as a director of the Company on that date.

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