Darden Q1 2021 Earnings Report
Key Takeaways
Darden Restaurants reported a decrease in total sales by 28.4% to $1.53 billion, driven by a 29.0% decrease in blended same-restaurant sales, though partially offset by the addition of 14 net new restaurants. The company's reported diluted net earnings per share were $0.28, with adjusted diluted net earnings per share at $0.56. The company fully repaid its $270 million term loan and reinstated a quarterly dividend of $0.30 per share.
Total sales decreased by 28.4% to $1.53 billion.
Blended same-restaurant sales decreased by 29.0%.
Reported diluted net earnings per share were $0.28; adjusted diluted net earnings per share were $0.56.
The company fully repaid its $270 million term loan and reinstated a quarterly dividend of $0.30 per share.
Darden
Darden
Darden Revenue by Segment
Forward Guidance
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.
Positive Outlook
- 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.
- Full year outlook for 35-40 net new restaurants and total capital spending of $250 to $300 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income