Darden Restaurants, Inc. (NYSE: DRI) announced financial results for the fourth quarter of 2023, reporting higher earnings and sales. The restaurant chain also provided guidance for fiscal 2024.
Net income increased to $315.1 million in the most recent quarter from $281.7 million a year earlier. On a per-share basis, May-quarter earnings moved up to $2.58 from $2.24 per share in the corresponding period of 2022.
At $2.77 billion, net sales were up 6% year-over-year in the fourth quarter. Same restaurant sales at Olive Garden and LongHorn Steakhouse increased by 4.4% and 7.1% respectively. Consolidated same-store sales growth was 4%.
“In addition to our Back-to-Basics Operating Philosophy driving strong execution in our restaurants, Darden’s Four Competitive Advantages of Significant Scale, Extensive Data & Insights, Rigorous Strategic Planning, and our Results-Oriented Culture continued to enable our brands to compete more effectively and provide even greater value to their guests,” said Rick Cardenas, chief executive officer of Darden.
