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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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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