Darden Q4 2020 Earnings Report
Key Takeaways
Darden Restaurants reported a 43.0% decrease in total sales to $1.27 billion for the fourth quarter of fiscal year 2020, driven by a 47.7% decline in blended same-restaurant sales. The company reported a diluted net loss per share of $3.85 and an adjusted diluted net loss per share of $1.24.
Total sales decreased by 43.0% to $1.27 billion due to negative blended same-restaurant sales of 47.7%.
Reported diluted net loss per share was $3.85, compared to earnings per share of $1.67 in the previous year.
Adjusted diluted net loss per share was $1.24, excluding $2.61 primarily related to non-cash impairments.
As of June 22, 91% of dining rooms were open with at least limited capacity.
Darden
Darden
Darden Revenue by Segment
Forward Guidance
Due to uncertainty surrounding future business performance stemming from COVID-19, the Company is providing a financial outlook for the first quarter instead of its usual practice of providing an annual outlook. The financial outlook for the first quarter of fiscal 2021 is as follows:
Positive Outlook
- Total sales of approximately 70% of prior year sales
- EBITDA of at least $75 million
- Diluted net earnings per share from continuing operations greater than or equal to $0.00
- Approximately 131 million weighted average diluted shares outstanding
Revenue & Expenses
Visualization of income flow from segment revenue to net income