Darden Restaurants Boosts FY22 Outlook - Quick Facts

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Goldman Sachs Group, Inc. (GS) reported that its third quarter net earnings applicable to common shareholders increased 63 percent year-on-year. Net revenues were also significantly higher reflecting significantly higher net revenues in Investment Banking, Global Markets and Consumer & Wealth Management,... Butterball, LLC recalled about 14,107 pounds of ground turkey products for potential contamination with foreign materials, specifically blue plastic material, the U.S. Department of Agriculture's Food Safety and Inspection Service (FSIS) said in a statement. Specialized Bicycle Components, Inc. is recalling about 6,900 units of Tarmac SL7 Bicycles and Framesets for potential risk of fall and injury hazard, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said the bicycle's fork steerer tube can crack or break after harsh impact such as hitting a deep pothole or other stress event, posing fall and injury hazards.
Follow RTT