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Feb 28, 2021
Darden Q3 2021 Earnings Report
Darden's Q3 2021 financial performance reflected resilience and strategic investments amidst the pandemic.
Key Takeaways
Darden Restaurants reported a decrease in total sales by 26.1% to $1.73 billion due to negative blended same-restaurant sales of 26.7%, though partially offset by new restaurant additions. The company's reported diluted net earnings per share were $0.98, with net earnings from continuing operations at $129 million. Despite the challenges, Darden focused on team member investments and strategic initiatives.
Total sales decreased by 26.1% to $1.73 billion due to a 26.7% decline in blended same-restaurant sales.
Diluted net earnings per share were reported at $0.98, with net earnings from continuing operations totaling $129 million.
The company invested approximately $200 million in team member benefits since March 2020, including paid sick leave and COVID-19 vaccine time off.
A new share repurchase program was authorized for up to $500 million of 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 provided its financial outlook for the fourth quarter of fiscal year 2021, including total sales of approximately $2.1 billion and diluted net earnings per share from continuing operations of $1.60 to $1.70.
Positive Outlook
- Total sales of approximately $2.1 billion
- EBITDA between $345 to $360 million
- Diluted net earnings per share from continuing operations of $1.60 to $1.70
- Approximately 132 million weighted average diluted shares outstanding
- The Company anticipates opening 33 net new restaurants
Revenue & Expenses
Visualization of income flow from segment revenue to net income