(Updated - September 24, 2020 7:05 AM EDT)

Darden Restaurants (NYSE: DRI) reported Q1 EPS of $0.56, $0.51 better than the analyst estimate of $0.05. Revenue for the quarter came in at $1.53 billion versus the consensus estimate of $1.56 billion.

• Total sales of $1.53 billion, a decrease of 28.4% driven by negative blended same-restaurant sales of 29.0% and partially offset by the addition of 14 net new restaurants
• Reported diluted net earnings per share from continuing operations of $0.28 as compared to last year\'s reported diluted net earnings per share of $1.38
• Adjusted diluted net earnings per share from continuing operations of $0.56, after excluding $0.28 related to corporate restructuring costs, as compared to reported diluted net earnings per share of $1.38*
• Reported net earnings from continuing operations of $37 million
• Adjusted EBITDA of $185 million*

"The actions we continued to take in response to COVID-19, which include being laser-focused on execution and strengthening our business model, resulted in significantly improved first quarter performance that exceeded expectations," said CEO Gene Lee. "I\'m incredibly proud of how our restaurant teams have adapted to our new operating environment and their ongoing dedication to safety and delivering exceptional guest experiences."

GUIDANCE:

Darden Restaurants sees Q2 2021 EPS of $0.65-$0.75, versus the consensus of $0.35.

Fiscal 2021 Second Quarter Financial Outlook

The Company provided the financial outlook for the second quarter of fiscal 2021 as follows:

• Total sales of approximately 82% of prior year
• EBITDA of $200 to $215 million*
• Diluted net earnings per share from continuing operations of $0.65 to $0.75
• Approximately 131 million weighted average diluted shares outstanding

The Company reiterated its full year outlook for 35-40 net new restaurants and total capital spending of $250 to $300 million.

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