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May 28, 2023
Darden Q4 2023 Earnings Report
Darden's Q4 2023 financial results were reported, showcasing increased sales and earnings per share.
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.
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%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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