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Aug 29, 2021
Darden Q1 2022 Earnings Report
Darden's first quarter of fiscal year 2022 showcased significant sales growth and profitability.
Key Takeaways
Darden Restaurants reported a strong first quarter for fiscal year 2022, with total sales increasing by 51% to $2.31 billion, driven by a blended same-restaurant sales increase of 47.5% and the addition of 34 net new restaurants. The company's reported diluted net earnings per share from continuing operations was $1.76, and net earnings from continuing operations were $232 million.
Total sales increased 51% year-over-year to $2.31 billion.
Blended same-restaurant sales increased 47.5%.
Reported diluted net earnings per share from continuing operations was $1.76.
The company repurchased approximately $186 million of its outstanding common stock.
Darden
Darden
Darden Revenue by Segment
Revenue by Segment
Olive Garden Revenue
CapyFin.comLongHorn Steakhouse Revenue
CapyFin.comFine Dining Revenue
CapyFin.comOther Business Revenue
CapyFin.com Forward Guidance
The Company increased its financial outlook for fiscal 2022 based on year-to-date results and its expected performance for the remainder of the year, assuming no significant business interruptions related to COVID-19.
Positive Outlook
- Total sales of approximately $9.4 to $9.6 billion
- Total sales growth vs. Pre-COVID of 7% to 9%
- Same-restaurant sales vs. fiscal 2021 of 27% to 30%
- Approximately 35 to 40 new restaurant openings
- EBITDA between $1.54 to $1.60 billion
Challenges Ahead
- Total capital spending of $375 to $425 million
- Total inflation of approximately 4%
- Effective tax rate of 13% to 14%
- Diluted net earnings per share from continuing operations of $7.25 to $7.60
- Approximately 131 million weighted average diluted shares outstanding
Revenue & Expenses
Visualization of income flow from segment revenue to net income