Olive Garden parent raises outlook

Olive Garden Restaurant in Times Square, New York

Richard Levine | Corbis | Getty Images

Darden Restaurants on Friday reported quarterly earnings and profits that beat Wall Street expectations as consumers continued to eat out despite pressure from inflation.

The company also raised its earnings guidance for fiscal 2023 to a range of $10.3 billion to $10.45 billion from its previous range of $10.2 billion to $10.4 billion.

Here’s what the company reported for the second quarter of its fiscal year ended November 27, compared to what Wall Street had expected, based on analyst research by Refinitiv.

  • Earnings per share: Adjusted $1.52 vs $1.44 expected.
  • Earnings: Expected $2.49 billion vs. $2.43 billion.

Darden’s total sales increased 9.4% compared to the same quarter last year.

Darden CEO Rick Cardenas said in the company’s earnings call that he was pleased with the company’s performance for the quarter and that all brands “performed at a high level”, adding that the company has “performed at a high level” over the past 52 weeks. We have exceeded $10 billion in sales on a base basis.” For the first time in Darden’s history. ”

Olive Garden, which accounts for nearly half of Darden’s revenue, saw a 7.6% increase in same-store sales, and the company’s overall like-for-like sales increased by 7.3%.

The company’s restaurants also include The Capital Grille and LongHorn Steakhouse.

This is a developing story. Please check the latest information.

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