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Nov 28, 2021
Darden Q2 2022 Earnings Report
Darden's financial performance was strong due to effective execution by restaurant teams, resulting in increased sales and earnings.
Key Takeaways
Darden Restaurants reported a 37% increase in total sales to $2.27 billion, driven by a 34.4% increase in blended same-restaurant sales and the addition of 34 net new restaurants. Diluted net earnings per share from continuing operations were $1.48, and net earnings from continuing operations were $193 million.
Total sales increased 37% year-over-year to $2.27 billion.
Blended same-restaurant sales increased 34.4%.
Diluted net earnings per share from continuing operations was $1.48.
The company repurchased $266 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 updated 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 $9.55 to $9.70 billion
- Total sales growth vs. Pre-COVID of 9% to 11%
- Same-restaurant sales vs. fiscal 2021 of 29% to 31%
- 35 to 40 new restaurant openings
- EBITDA between $1.55 to $1.60 billion
Challenges Ahead
- Total capital spending of approximately $425 million
- Total inflation of approximately 5.5%
- Effective tax rate of approximately 14%
- Approximately 130 million weighted average diluted shares outstanding
- Assuming no significant business interruptions related to COVID-19
Revenue & Expenses
Visualization of income flow from segment revenue to net income