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Nov 27, 2022
Darden Q2 2023 Earnings Report
Darden's Q2 2023 financial performance showcased strong total sales growth and same-restaurant sales increases across all brands.
Key Takeaways
Darden Restaurants reported a 9.4% increase in total sales, reaching $2.49 billion, driven by a 7.3% blended same-restaurant sales increase and contributions from 35 net new restaurants. The company's diluted net earnings per share increased by 2.7% to $1.52. Darden surpassed $10 billion in sales on a trailing 52-week basis for the first time.
Total sales increased 9.4% to $2.49 billion.
Blended same-restaurant sales increased 7.3%.
Diluted net earnings per share increased 2.7% to $1.52.
The Company repurchased $100 million of its outstanding common stock.
Revenue by Segment
Forward Guidance
Darden updated its financial outlook for fiscal year 2023, including total sales of $10.3 to $10.45 billion and same-restaurant sales growth of 5% to 6.5%.
Positive Outlook
- Total sales of $10.3 to $10.45 billion.
- Same-restaurant sales growth of 5% to 6.5%.
- New restaurant openings of 55 to 60.
- An effective tax rate of approximately 13%.
- Diluted net earnings per share from continuing operations of $7.60 to $8.00.
Challenges Ahead
- Total capital spending of $525 to $575 million.
- Total inflation of approximately 7%.
- Approximately 123 million weighted average diluted shares outstanding.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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