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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.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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