Darden Restaurants (DRI) Reports In-Line Q3 EPS; Affirms Outlook
Darden Restaurants, Inc. (NYSE: DRI) reported Q3 EPS of $0.82, in-line with the analyst estimate of $0.82. Revenue for the quarter came in at $2.23 billion versus the consensus estimate of $2.26 billion.
OLIVE GARDEN'S third quarter sales of $929 million were 3.4% lower than the prior year due to its U.S. same-restaurant sales decline of 5.4% partially offset by revenue from 18 net new restaurants. For the quarter, on a percentage of sales basis, restaurant expenses and depreciation and amortization expenses were higher. This resulted in a decline for the quarter in both operating profit and operating profit as a percentage of sales.
RED LOBSTER'S third quarter sales of $611 million were 8.7% lower than the prior year, which reflected its U.S. same-restaurant sales decline of 8.8% partially offset by one net new restaurant. For the quarter, on a percentage of sales basis, food and beverage expenses, restaurant labor expenses, restaurant expenses, and depreciation and amortization expenses were higher compared to the third quarter of last year, while selling, general and administrative expenses were lower. The net result is that operating profit and operating profit as a percentage of sales were below last year.
LONGHORN STEAKHOUSE'S third quarter sales of $363 million were 9.1% higher than the prior year, driven by revenue from 37 net new restaurants and its U.S. same-restaurant sales increase of 0.3%. For the quarter, on a percentage of sales basis, food and beverage expenses and restaurant labor expenses were lower and restaurant expenses and selling, general and administrative expenses were higher. This resulted in an increase for the quarter in operating profit and a decline in operating profit as a percentage of sales.
THE SPECIALTY RESTAURANT GROUP'S third quarter sales of $320 million were 11.6% higher than the prior year, driven by same-restaurant sales increases of 0.8% at Bahama Breeze and 0.1% at The Capital Grille offset by same-restaurant sales declines of 0.1% at Yard House, 2.9% at Eddie V's and 4.4% at Seasons 52. Sales growth for the Group also reflected revenue from five new restaurants at The Capital Grille, four at Bahama Breeze, ten at Seasons 52, two at Eddie V's and five at Yard House.
Darden reaffirmed FY2014 guidance.
For earnings history and earnings-related data on Darden Restaurants, Inc. (DRI) click here.
OLIVE GARDEN'S third quarter sales of $929 million were 3.4% lower than the prior year due to its U.S. same-restaurant sales decline of 5.4% partially offset by revenue from 18 net new restaurants. For the quarter, on a percentage of sales basis, restaurant expenses and depreciation and amortization expenses were higher. This resulted in a decline for the quarter in both operating profit and operating profit as a percentage of sales.
RED LOBSTER'S third quarter sales of $611 million were 8.7% lower than the prior year, which reflected its U.S. same-restaurant sales decline of 8.8% partially offset by one net new restaurant. For the quarter, on a percentage of sales basis, food and beverage expenses, restaurant labor expenses, restaurant expenses, and depreciation and amortization expenses were higher compared to the third quarter of last year, while selling, general and administrative expenses were lower. The net result is that operating profit and operating profit as a percentage of sales were below last year.
LONGHORN STEAKHOUSE'S third quarter sales of $363 million were 9.1% higher than the prior year, driven by revenue from 37 net new restaurants and its U.S. same-restaurant sales increase of 0.3%. For the quarter, on a percentage of sales basis, food and beverage expenses and restaurant labor expenses were lower and restaurant expenses and selling, general and administrative expenses were higher. This resulted in an increase for the quarter in operating profit and a decline in operating profit as a percentage of sales.
THE SPECIALTY RESTAURANT GROUP'S third quarter sales of $320 million were 11.6% higher than the prior year, driven by same-restaurant sales increases of 0.8% at Bahama Breeze and 0.1% at The Capital Grille offset by same-restaurant sales declines of 0.1% at Yard House, 2.9% at Eddie V's and 4.4% at Seasons 52. Sales growth for the Group also reflected revenue from five new restaurants at The Capital Grille, four at Bahama Breeze, ten at Seasons 52, two at Eddie V's and five at Yard House.
Darden reaffirmed FY2014 guidance.
For earnings history and earnings-related data on Darden Restaurants, Inc. (DRI) click here.