Darden Restaurants (DRI) Reports In-Line Q1 EPS; Reaffirms
Darden Restaurants (NYSE: DRI) reported Q1 EPS of $0.99, in-line with the analyst estimate of $0.99. Revenue for the quarter came in at $1.94 billion versus the consensus estimate of $1.93 billion.
- Blended same-restaurant sales from Darden's legacy brands increased 1.7%
- Same-restaurant sales for Cheddar\s Scratch Kitchen were -1.4%
"Our focus on simplifying operations and providing an excellent value for our core consumer continues to yield strong sales growth," said CEO Gene Lee. "The teams continue to make appropriate investments in their brands and manage costs effectively. These actions have enabled Darden to outperform the industry."
The Company reaffirmed its outlook for total sales growth of 11.5% to 13% driven by the addition of Cheddars Scratch Kitchen and other new restaurant openings and same-restaurant sales growth from legacy Darden brands of approximately 1.0% to 2.0%. The Company also reaffirmed adjusted diluted net earnings per share from continuing operations is expected to be in the range of $4.38 to $4.50.
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