•
Aug 28, 2022
Darden Q1 2023 Earnings Report
Darden's financial performance was solid, marked by a 6.1% increase in total sales and the return of normal seasonality to the business.
Key Takeaways
Darden Restaurants reported a 6.1% increase in total sales to $2.4 billion, driven by a 4.2% blended same-restaurant sales increase and sales from 34 net new restaurants. Diluted net earnings per share were $1.56. The company repurchased $199 million of its outstanding common stock.
Total sales increased by 6.1% to $2.4 billion.
Blended same-restaurant sales increased by 4.2%.
Reported diluted net earnings per share was $1.56.
The Company repurchased $199 million of its outstanding common stock.
Darden
Darden
Darden Revenue by Segment
Forward Guidance
The company reaffirmed all aspects of its financial outlook:
Positive Outlook
- Total sales of $10.2 to $10.4 billion
- Same-restaurant sales growth of 4% to 6%
- 55 to 60 new restaurant openings
- Total capital spending of $500 to $550 million
- An effective tax rate of approximately 13.5%
Challenges Ahead
- Total inflation of approximately 6%
- Diluted net earnings per share from continuing operations of $7.40 to $8.00
- Approximately 124 million weighted average diluted shares outstanding
Revenue & Expenses
Visualization of income flow from segment revenue to net income