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Feb 26, 2023
Darden Q3 2023 Earnings Report
Darden's Q3 2023 financial results were reported, a quarterly dividend was declared, and the fiscal 2023 financial outlook was updated.
Key Takeaways
Darden Restaurants reported a 13.8% increase in total sales to $2.8 billion, driven by an 11.7% increase in blended same-restaurant sales and sales from 35 net new restaurants. Reported diluted net earnings per share increased 21.2% to $2.34. The company repurchased $124 million of its outstanding common stock.
Total sales increased 13.8% to $2.8 billion.
Blended same-restaurant sales increased 11.7%.
Diluted net earnings per share increased 21.2% to $2.34.
The Company repurchased $124 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:
Positive Outlook
- Total sales of $10.45 to $10.5 billion
- Same-restaurant sales growth of 6.5% to 7%
- New restaurant openings of ~55
- Total capital spending of $550 to $575 million
- An effective tax rate of approximately 13%
Challenges Ahead
- Total inflation of 7% to 7.5%
- Diluted net earnings per share from continuing operations of $7.85 to $8.00
- Approximately 123 million weighted average diluted shares outstanding
Revenue & Expenses
Visualization of income flow from segment revenue to net income