Darden Restaurants Updates FY23 Guidance

(RTTNews) - Darden Restaurants, Inc. (DRI) said, for fiscal 2023, the company now expects: net earnings per share from continuing operations of $7.60 to $8.00; total sales of $10.3 to $10.45 billion; and same-restaurant sales growth of 5% to 6.5%. In September, the company projected: net earnings per share from continuing operations of $7.40 to $8.00; total sales of $10.2 to $10.4 billion; and same-restaurant sales growth of 4% to 6%.

Second quarter net earnings per share increased 2.7% to $1.52. Analysts on average had expected the company to earn $1.43 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Earnings totaled $187.2 million, compared with $193.2 million, prior year.

Total sales increased 9.4% to $2.49 billion. Consolidated Darden same store sales were up 7.3%, for the quarter.

Darden's Board declared a quarterly cash dividend of $1.21 per share on outstanding common stock. The dividend is payable on February 1, 2023 to shareholders of record at the close of business on January 10, 2023.

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