Darden Restaurants, Inc. (NYSE: DRI) on Friday reported financial results for the second quarter of 2023. The restaurant chain also provided guidance for the full fiscal year.
Net income decreased to $187.2 million in the most recent quarter from $193.2 million a year earlier. On a per-share basis, November-quarter earnings moved up to $1.52 per share from $1.48 per share in the comparable period of 2022, contrary to expectations for a decline.
At $2.49 billion, net sales were up 9% and above the consensus estimates. The management said it expects total sales to be in the range of $10.3 billion to $10.45 billion in fiscal 2023.
Check this space to read management/analysts’ comments on Darden Restaurants’ Q2 2023 results
“All of our brands performed at a high level by remaining focused on our Back-to-Basics Operating Philosophy anchored in food, service, and atmosphere. I am proud of the focus and commitment our teams continue to display. Their disciplined approach in executing our strategy is what enables us to succeed, evidenced by the fact that, just last week, we surpassed $10 billion in sales on a trailing 52-week basis for the first time in Darden’s history.,” said Rick Cardenas, chief executive officer of Darden.