Darden Restaurants, Inc. (NYSE: DRI) announced financial results for the third quarter of 2023, reporting higher earnings and sales. The restaurant chain also provided guidance for the full fiscal year.
Net income increased to $286.6 million in the most recent quarter from $247 million a year earlier. On a per-share basis, February-quarter earnings moved up to $2.34 per share from $1.93 per share in the comparable period of 2022.
At $2.79 billion, net sales were up 14% year-over-year in the third quarter. Same restaurant sales at Olive Garden and LongHorn Steakhouse increased by 12.3% and 10.8% respectively.
“Our ability to invest in pricing below inflation over time provides strong value to our guests and reinforces the power of our strategy and our restaurant teams’ commitment to being brilliant with the basics,” said Rick Cardenas, chief executive officer of Darden.