While reporting financial results for the first quarter on Thursday, restaurant company Darden Restaurants, Inc. (DRI) raised its earnings and sales guidance for the full year 2022. The company also reported blended same-restaurant sales increase of 47.5% and the addition of 34 net new restaurants in the first quarter.
For the fiscal 2022, the company now projects net earnings from continuing operations in a range of $7.25 to $7.60 per share on total sales of between $9.4 billion and $9.6 billion, with same-restaurant sales of 27 to 30 percent.
Previously, the company expected net earnings from continuing operations in the range of $7.00 to $7.50 per share on total sales of between $9.2 billion and $9.5 billion, with same-restaurant sales of 25 to 29 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.43 per share on total sales of $9.41 billion for the year. Analysts' estimates typically exclude special items.
Darden's Board of Directors also declared a regular quarterly cash dividend of $1.10 per share on the Company's outstanding common stock, payable on payable on November 1, 2021 to shareholders of record at the close of business on October 8, 2021.
Further, Darden's Board of Directors authorized the Company to repurchase an additional $750 million of its outstanding common stock. This brings the total remaining repurchase authorization to approximately $1 billion.
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