Categories AlphaGraphs, Earnings, Retail

Same-store traffic slows Darden Restaurants’ growth in second quarter

Darden Restaurants Inc. (DRI) posted its results for the second quarter on Tuesday, Dec. 18, before the opening bell. The LongHorn Steakhouse owner reported a 4.9% rise in consolidated sales of $1.97 billion. Net profit beat estimates at $115.9 million or $0.92 per share, up 29.6% on a reported basis and up 26% on an adjusted basis.

Analysts, on average, expected the company to post earnings of $0.91 per share on revenue of $1.98 billion for the three-month period.

Last week, Darden’s board of directors declared a regular quarterly cash dividend of $0.75 per share on its outstanding common stock, payable on Feb. 1, 2019 to shareholders of record at the close of business on Jan. 10, 2019.

US same-store restaurant sales grew just 3.5% for Olive Garden and 2.9% for LongHorn Steakhouse, as corresponding traffic fell — something that translated to the lower-than-expected top line.

Darden Restaurants second quarter 2019 earnings infographic

 

During the quarter, Darden repurchased about 0.6 million shares for a total of $61 million. At quarter-end, the company had about $419 million remaining under the current $500-million repurchase authorization.

The Olive Garden-operator also updated its fiscal 2019 forecast for same-restaurant sales growth to about 2.5% and its outlook for diluted net earnings from continuing operations to $5.60-$5.70 per share.

 

We’re on Apple News! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

 

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top