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Feb 27, 2022
Darden Q3 2022 Earnings Report
Reported a quarter of stark contrasts with strong sales in February as the environment improved.
Key Takeaways
Darden Restaurants reported a 41.3% increase in total sales to $2.45 billion, driven by a 38.1% increase in blended same-restaurant sales and the addition of 33 net new restaurants. Diluted net earnings per share from continuing operations was $1.93, and net earnings from continuing operations were $247 million.
Total sales increased 41.3% to $2.45 billion, driven by a blended same-restaurant sales increase of 38.1%.
Diluted net earnings per share from continuing operations was $1.93, compared to $0.98 last year.
Net earnings from continuing operations were $247 million.
The Company repurchased $382 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 $9.62 billion
- Total sales growth vs. Pre-COVID of 9% to 10%
- Same-restaurant sales vs. fiscal 2021 of 29% to 30%
- Approximately 35 new restaurant openings
- Effective tax rate of approximately 13.5%
Challenges Ahead
- Total capital spending of approximately $425 million
- Total inflation of approximately 6%
- EBITDA between $1.53 to $1.55 billion
- Diluted net earnings per share from continuing operations of $7.30 to $7.45
- Approximately 129 million weighted average diluted shares outstanding
Revenue & Expenses
Visualization of income flow from segment revenue to net income