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May 30, 2021
Darden Q4 2021 Earnings Report
Darden's Q4 2021 financial performance exceeded expectations with significant sales growth and strategic investments.
Key Takeaways
Darden Restaurants reported strong Q4 2021 results, with total sales increasing by 79.5% to $2.28 billion. Same-restaurant sales increased by 90.4%, and diluted net earnings per share was $2.79, compared to a net loss per share of $3.85 in the previous year. The company's performance was driven by improved sales trends and strategic investments.
Total sales increased by 79.5% to $2.28 billion, driven by a blended same-restaurant sales increase of 90.4%.
Reported diluted net earnings per share was $2.79, as compared to a reported diluted net loss per share of $3.85 last year.
Adjusted diluted net earnings per share was $2.03, after excluding a non-recurring income tax benefit of $0.76.
Darden's Board of Directors declared a quarterly cash dividend of $1.10 per share, a 25% increase from third quarter fiscal 2021.
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 financial outlook for fiscal 2022 assumes full operating capacity for essentially all restaurants and no significant business interruptions related to COVID-19.
Positive Outlook
- Total sales of approximately $9.2 to $9.5 billion
- Total sales growth vs. Pre-COVID of 5% to 8%
- Same-restaurant sales vs. fiscal 2021 of 25% to 29%
- Approximately 35 to 40 new restaurant openings
- EBITDA between $1.50 to $1.59 billion
Challenges Ahead
- Total capital spending of $375 to $425 million
- Total inflation of approximately 3%
- Effective tax rate of 13% to 14%
- Diluted net earnings per share from continuing operations of $7.00 to $7.50
- Approximately 131 million weighted average diluted shares outstanding
Revenue & Expenses
Visualization of income flow from segment revenue to net income