Darden (DRI) Sees Q3 EPS Above Views; Reaffirms FY12 Restaurant Comps
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Price: $221.81 +1.77%
Revenue Growth %: +7.0%
Financial Fact:
Earnings from continuing operations: 111.1M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Revenue Growth %: +7.0%
Financial Fact:
Earnings from continuing operations: 111.1M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Darden Restaurants, Inc. (NYSE: DRI) today reported that it expects diluted net earnings per share from continuing operations for its fiscal third quarter ending February 26, 2012, to be approximately $1.23 to $1.25. The Street sees EPS of $1.19.
The Company also estimates that, compared to the prior year, blended U.S. same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse for the third quarter will increase approximately +4% and blended U.S. same-restaurant sales for the Company's Specialty Restaurant Group for the third quarter will increase approximately +6%. Among the Company's large brands, U.S. same-restaurant sales for the third quarter are estimated to be up approximately +7% at LongHorn Steakhouse, +6% at Red Lobster and +2% at Olive Garden.
Darden affirmed that it expects combined full-year U.S. same-restaurant sales growth in fiscal 2012 of approximately +2.5% to +3.0% for Red Lobster, Olive Garden and LongHorn Steakhouse, and that it expects to open approximately 85 to 90 net new restaurants (excluding the addition of 11 Eddie V's restaurants) in fiscal 2012. As a result, the Company continues to expect total sales growth of +7.0% to +7.5% in fiscal 2012. The Company also affirmed that it expects diluted net earnings per share growth from continuing operations in fiscal 2012 to be between +4% and +7%, which is consistent with the full-year earnings outlook the Company provided in December in connection with the release of its fiscal second quarter results.
The Company also estimates that, compared to the prior year, blended U.S. same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse for the third quarter will increase approximately +4% and blended U.S. same-restaurant sales for the Company's Specialty Restaurant Group for the third quarter will increase approximately +6%. Among the Company's large brands, U.S. same-restaurant sales for the third quarter are estimated to be up approximately +7% at LongHorn Steakhouse, +6% at Red Lobster and +2% at Olive Garden.
Darden affirmed that it expects combined full-year U.S. same-restaurant sales growth in fiscal 2012 of approximately +2.5% to +3.0% for Red Lobster, Olive Garden and LongHorn Steakhouse, and that it expects to open approximately 85 to 90 net new restaurants (excluding the addition of 11 Eddie V's restaurants) in fiscal 2012. As a result, the Company continues to expect total sales growth of +7.0% to +7.5% in fiscal 2012. The Company also affirmed that it expects diluted net earnings per share growth from continuing operations in fiscal 2012 to be between +4% and +7%, which is consistent with the full-year earnings outlook the Company provided in December in connection with the release of its fiscal second quarter results.
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