Darden Q4 2023 Earnings Report
Key Takeaways
Darden Restaurants reported a 6.4% increase in total sales to $2.8 billion for the fourth quarter of fiscal year 2023, driven by a 4.0% increase in same-restaurant sales and contributions from 47 net new restaurants. Reported diluted net earnings per share increased by 15.2% to $2.58.
Total sales increased by 6.4% to $2.8 billion.
Same-restaurant sales increased by 4.0%.
Diluted net earnings per share increased by 15.2% to $2.58.
The company repurchased $35.2 million of its outstanding common stock.
Darden
Darden
Darden Revenue by Segment
Forward Guidance
Darden Restaurants provided its financial outlook for fiscal year 2024, which includes Ruth's Chris operating results but excludes approximately $55 million, pre-tax, of expected transaction and integration-related costs.
Positive Outlook
- Total sales of $11.5 to $11.6 billion
- Same-restaurant sales growth of 2.5% to 3.5%
- New restaurant openings of approximately 50
- An effective tax rate of approximately 12% to 12.5%
- Adjusted diluted net earnings per share from continuing operations of $8.55 to $8.85, excluding approximately $0.34, after-tax, of Ruth's Chris integration related expenses
Challenges Ahead
- Excludes approximately $55 million, pre-tax, of expected transaction and integration related costs associated with the acquisition.
- Total capital spending of $550 to $600 million
- Total inflation of 3% to 4%
- Excluding approximately $0.34, after-tax, of Ruth's Chris integration related expenses
- Approximately 121.5 million weighted average diluted shares outstanding
Revenue & Expenses
Visualization of income flow from segment revenue to net income