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May 29, 2022
Darden Q4 2022 Earnings Report
Darden Restaurants reported a strong fourth quarter driven by sales growth and same-restaurant sales increases, despite experiencing high inflation.
Key Takeaways
Darden Restaurants reported a 14.2% increase in total sales to $2.60 billion for the fourth quarter of fiscal year 2022. The company's blended same-restaurant sales increased by 11.7%. Reported diluted net earnings per share was $2.24.
Total sales increased 14.2% to $2.60 billion.
Blended same-restaurant sales increased 11.7%.
Reported diluted net earnings per share was $2.24.
The Board of Directors declared a quarterly cash dividend of $1.21 per share.
Darden
Darden
Darden Revenue by Segment
Forward Guidance
Darden Restaurants provided its financial outlook for fiscal year 2023, including total sales of $10.2 to $10.4 billion and same-restaurant sales growth of 4% to 6%.
Positive Outlook
- Total sales of $10.2 to $10.4 billion
- Same-restaurant sales growth of 4% to 6%
- 55 to 60 new restaurant openings
- An effective tax rate of approximately 13.5%
- Diluted net earnings per share from continuing operations of $7.40 to $8.00
Challenges Ahead
- Total inflation of approximately 6%
- Total capital spending of $500 to $550 million
- Experiencing high inflation
- Challenging operating environment
- Impacts of the novel coronavirus (COVID-19) pandemic
Revenue & Expenses
Visualization of income flow from segment revenue to net income