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Darden Restaurants declined 5.9% to $164.32 after the owner of Olive Garden and other chains reported weaker-than-expected revenue and earnings in its latest quarter.

Revenue in the fiscal third quarter increased 6.8% to $2.97 billion from $2.79 billion, net income rose to $312.9 million from $286.6 million, and diluted earnings per share advanced to $2.60 from $2.34 a year ago.

The total sales increase was driven by sales from the addition of 79 company-owned Ruth's Chris Steak House restaurants and 53 other net new restaurants, partially offset by a blended same-restaurant sales decrease of 1.0%.

The company estimated full-year revenue of $11.4 billion and diluted earnings per share between $8.80 and $8.90.

The company's board of directors declared a quarterly cash dividend of $1.31 per share payable on May 1 to shareholders on record on April 10.

The retail chain in the quarter repurchased 0.2 million shares for $33 million, and the company's board authorized a new share repurchase plan of $1 billion.

21 Mar, 2024

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