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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
Revenue by Segment
Olive Garden Revenue
CapyFin.comLongHorn Steakhouse Revenue
CapyFin.comFine Dining Revenue
CapyFin.comOther Business Revenue
CapyFin.com 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