Darden Restaurants (DRI) Tops Q2 EPS by 1c, Revenues Miss

Darden Restaurants (NYSE: DRI) reported Q2 EPS of $0.74, $0.01 better than the analyst estimate of $0.73. Revenue for the quarter came in at $1.66 billion versus the consensus estimate of $1.71 billion.

Second Quarter 2021 Financial Highlights, Comparisons to Second Quarter Last Year

• Total sales of $1.66 billion, a decrease of 19.4% driven by negative blended same-restaurant sales of 20.6% and partially offset by the addition of 19 net new restaurants
• Same-restaurant sales by segment (Thanksgiving Day shifted to the last week of our second fiscal quarter this year from the first week of our third fiscal quarter last year):
• Reported diluted net earnings per share from continuing operations were $0.74 as compared to last year's reported diluted net earnings per share of $0.21 and last year\'s adjusted diluted net earnings per share of $1.12*
• Reported net earnings from continuing operations of $97 million
• EBITDA of $206 million*

"I was pleased with our ability to once again deliver strong profitability in an unpredictable sales environment," said CEO Gene Lee. "Our restaurant teams continue to demonstrate remarkable flexibility and resilience, while executing at a high level and serving our guests safely. We continue to view this environment as a rare opportunity to meaningfully transform our business for long-term growth. Our brands made additional strides to invest in and strengthen their businesses to ensure they emerge even stronger and better positioned to grow share."

For earnings history and earnings-related data on Darden Restaurants (DRI) click here.

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