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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
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