Darden (DRI) Posts In Line Q2 Results; Revs Up 5.2%; Authorizes 25M Share Buyback
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Price: $53.43 +1.23%
EPS Growth %: -18.4%
Financial Fact:
Food and beverage: 695.1M
Today's EPS Names:
LBIX, ESEA, ISS, More
EPS Growth %: -18.4%
Financial Fact:
Food and beverage: 695.1M
Today's EPS Names:
LBIX, ESEA, ISS, More
Trade DRI Now!
Darden Restaurants Inc. (NSYE: DRI) posts in line second-quarter results, authorizes buyback and shares fall more than 3 percent in aftermarket movement.
The restaurant chain operator that owns Red Lobster and Olive Garden reported second-quarter earnings of 54 cents per share, in line with the market consensus.
Revenue for the company rose 5.2 percent to $1.73 billion in the three month period ended November 28, 2010, meeting the analyst estimate.
Same store sales for the company's Olive Garden locations rose 2.0 percent and were up 6.8 percent at Longhorn Steakhouse. Red Lobster comps fell 1.6 percent in the period.
"As the economy recovers and same-restaurant sales turn positive, we believe we are well positioned to generate meaningfully higher earnings growth while growing sales at a level that continues to build market share. This quarter provides compelling evidence of that positioning," said Clarence Otis, the Darden's Chairman and Chief Executive Officer.
Looking forward, the company sees full year 2011 earnings growth of 14 percent to 17 percent.
The company also said that it will buyback 25 million shares of its common stock.
Shares of Darden are down 3.41 percent to 48.71 in aftermarket movement on Monday.
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The restaurant chain operator that owns Red Lobster and Olive Garden reported second-quarter earnings of 54 cents per share, in line with the market consensus.
Revenue for the company rose 5.2 percent to $1.73 billion in the three month period ended November 28, 2010, meeting the analyst estimate.
Same store sales for the company's Olive Garden locations rose 2.0 percent and were up 6.8 percent at Longhorn Steakhouse. Red Lobster comps fell 1.6 percent in the period.
"As the economy recovers and same-restaurant sales turn positive, we believe we are well positioned to generate meaningfully higher earnings growth while growing sales at a level that continues to build market share. This quarter provides compelling evidence of that positioning," said Clarence Otis, the Darden's Chairman and Chief Executive Officer.
Looking forward, the company sees full year 2011 earnings growth of 14 percent to 17 percent.
The company also said that it will buyback 25 million shares of its common stock.
Shares of Darden are down 3.41 percent to 48.71 in aftermarket movement on Monday.
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