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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.
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
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