logo
Plus   Neg
Share
Email

Darden Restaurants Initiates Weak FY20 Outlook; Boosts Qtly Dividend 17%

While reporting financial results for the fourth quarter on Thursday, Darden Restaurants, Inc. (DRI) initiated financial outlook for the full-year 2020, with is a 53-week fiscal year. The outlook includes the impact of the additional week.

For fiscal 2020, the company projects net earnings from continuing operations in a range of $6.30 to $6.45 per share. This includes about $0.15 related to the additional 53rd week.

Total sales growth for the year is now forecast in the range of 5.3 to 6.3 percent, including about 2 percent growth related to the 53rd week. Same-restaurant sales growth for the year is expected in a range of 1.0 to 2.0 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $6.46 per share on sales growth of 7.0 percent to $9.13 billion for the year. Analysts' estimates typically exclude special items.

Darden's Board of Directors also declared a 17 percent higher regular quarterly cash of $0.88 on the Company's outstanding common stock, payable on August 1, 2019 to shareholders of record on July 10, 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
JPMorgan Chase CEO Jamie Dimon said it expects the bank's earnings to be "down meaningfully" in 2020 due to the disruptions created by coronavirus pandemic. He also noted that the U.S. was not adequately prepared for the pandemic. In his annual letter to the company's shareholders, Dimon said that the bank's board may consider suspending the dividend in an extremely adverse scenario. The U.S. Food and Drug Administration launched a national effort to facilitate the development of blood-related therapies to combat the ongoing coronavirus (COVID-19) pandemic. The FDA is focused on two investigational therapies derived from human blood called convalescent plasma and hyperimmune globulin, which are antibody-rich blood products made from blood donated by people who have recovered. Gilead Sciences Inc. said it is donating its existing supply of 1.5 million individual doses of remdesivir, its investigational medicine for coronavirus or Covid-19. The drug, which is yet to get regulatory approval, is available for compassionate use, expanded access and clinical trials to treat patients with the most severe symptoms of COVID-19.
Follow RTT
>