Darden Restaurants (DRI) Tops Q4 EPS by 35c, Revenues Beat

June 24, 2021 7:03 AM EDT

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Darden Restaurants (NYSE: DRI) reported Q4 EPS of $2.03, $0.35 better than the analyst estimate of $1.68. Revenue for the quarter came in at $2.28 billion versus the consensus estimate of $2.12 billion. Total sales decreased 7.8% to $7.20 billion driven by a blended same-restaurant sales decrease of 7.8% and one less week of operations this year, partially offset by the addition of 30 net new restaurants.

"We had a strong quarter that exceeded our expectations as sales improved throughout the quarter," said Darden Chairman & CEO Gene Lee. "I am proud of how our teams welcomed more of our guests back and created memorable experiences. Over the last 15 months, we have made numerous strategic investments in our business, while streamlining our operations and improving productivity. Given the business transformation work we have done, and the demand we are seeing from the consumer, we are well positioned to thrive in this operating environment."

GUIDANCE:

Darden Restaurants sees FY2022 EPS of $7.00-$7.50, versus the consensus of $7.21. Darden Restaurants sees FY2022 revenue of $9.2-9.5 billion, versus the consensus of $9.22 billion.

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



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