Darden Restaurants (NYSE: DRI) reported higher earnings for the second quarter of 2021, despite a decrease in sales amid historically low restaurant traffic due to the COVID-related restrictions.
Net profit of the Orlando, Florida-based restaurant chain increased to $96 million or $0.73 per share in the November-quarter from $24.7 million or $0.20 per share a year earlier. Analysts had forecast a lower bottom-line number.
Meanwhile, there was a 19.4% decrease in revenues to $1.66 billion. The top-line also came in below the market’s projection.
Darden’s market value more than doubled in the past nine months. The stock closed the last trading session higher.
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