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
Apple, Inc. is set to launch the much awaited Apple Arcade for mobile, desktop and the living room on September 19, 2019 in more than 150 countries. The world's first game subscription service can be accessed from an all-new tab on the App Store across iOS, macOS and tvOS. Apple Arcade will be available on the App Store on iOS 13. It will be available on iPadOS and tvOS 13 on September 30. FedEx Corp. said after the peak holiday season, it will increase shipping rates and surcharges at its Express, Ground and Freight divisions, with effect from January 6, 2020. The announcement comes just as the Memphis, Tennessee-based packaged delivery giant is scheduled to release its first-quarter earnings results later on Tuesday. Swiss food giant Nestle SA said it is committed to achieving zero net greenhouse gas emissions by 2050, noting that climate change is one of the biggest threats faced by the world. As part of its efforts to achieve the goal, Nestle said it will launch more plant-based food and beverage options that are more environment friendly.
Follow RTT