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Darden Restaurants, Inc declined 3.8% to $160.0 after the parent of Olive Garden and Longhorn Steakhouse reported better-than-expected quarterly results but forecasted mixed annual outlook.

Revenue in the fiscal fourth quarter ending in May increased 6.4% to $2.8 billion, driven by same-store sales increase of 4.0% and sales from 47 net new restaurants.

Same store sales at Olive Garden restaurants increased 4.0% and Longhorn Steakhouse surged 7.1%.

Net income in the quarter increased to $315.1 million from 281.7 million and diluted earnings per share advanced to $2.58 from $2.44 a year ago.

Total sales in the fiscal year 2023 increased to $10.5 billion from $9.6 billion and net income soared to $981.9 million from $952.8 million and diluted earnings per share increased to $7.99 from $7.39 a year ago.

The company increased its quarterly dividend by 8% to $1.31 a share payable on August 1 to shareholders on record on July 10.

During the quarter, Darden repurchased 0.2 million shares for a total of $35.2 million and at the end of the quarter the company had $652 million available under its $1.0 billion stock repurchase program.

22 Jun, 2023

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