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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.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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