Welcome to our dedicated page for Darden Restaurants news (Ticker: DRI), a resource for investors and traders seeking the latest updates and insights on Darden Restaurants stock.
Darden Restaurants, Inc. (NYSE: DRI) is a leading player in the U.S. full-service restaurant industry. With a portfolio of 10 distinguished brands, including Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V's, Ruth's Chris Steak House, and The Capital Burger, Darden serves approximately 380 million guests annually across North America. Employing 165,000 team members in over 1,900 restaurants, Darden has cemented its position as the largest full-service restaurant operator in the U.S., boasting consolidated revenue of $10.5 billion in fiscal 2023, translating to a 3%-4% market share in the full-service space.
Recently, Darden completed its acquisition of Ruth's Hospitality Group, Inc., adding the renowned Ruth's Chris Steak House brand to its robust lineup. This acquisition was finalized on June 14, 2023, further enhancing Darden's portfolio with Ruth's Chris' signature USDA Prime steaks and award-winning wine list.
Financially, Darden has demonstrated a solid performance despite challenging market conditions. The company's fourth quarter of fiscal 2023 saw continued strong execution, driven by its Back-to-Basics Operating Philosophy and its four competitive advantages: Significant Scale, Extensive Data & Insights, Rigorous Strategic Planning, and a Results-Oriented Culture. This strategy enabled Darden to declare a quarterly cash dividend of $1.31 per share and repurchase approximately $35.2 million worth of common stock during the quarter.
In the first quarter of fiscal 2024, Darden continued to exceed industry same-restaurant sales and traffic, underscoring the effectiveness of its strategic initiatives. The Board of Directors declared another quarterly cash dividend of $1.31 per share and authorized a new share repurchase program of up to $1 billion.
Looking ahead, Darden remains focused on leveraging its competitive advantages and maintaining strong operating fundamentals to drive long-term growth and profitability. The company is poised to continue its market leadership by providing value to guests and shareholders alike.
Darden Restaurants (NYSE:DRI) reported strong Q2 FY2025 results with total sales increasing 6.0% to $2.9 billion, driven by a 2.4% same-restaurant sales growth and the addition of 103 Chuy's restaurants plus 39 net new locations. LongHorn Steakhouse led performance with 7.5% same-restaurant sales growth, while Fine Dining saw a 5.8% decline.
Adjusted diluted earnings per share reached $2.03, up 10.3% year-over-year, excluding Chuy's transaction costs. The company repurchased $142 million in common stock and declared a quarterly dividend of $1.40 per share. For fiscal 2025, Darden updated guidance to approximately $12.1 billion in total sales and adjusted EPS of $9.40-$9.60.
Darden Restaurants (NYSE: DRI) has appointed Daryl Kenningham to its Board of Directors, expanding the board from nine to ten members. Kenningham, 60, currently serves as President and CEO of Group 1 Automotive, bringing extensive experience in multi-unit operations and leadership of large, dispersed organizations.
Prior to his current role at Group 1 Automotive, which he assumed in January 2023, Kenningham served as the company's Chief Operating Officer and President of U.S. Operations. He also serves on the Board of Directors for Group 1 Automotive and the Greater Houston Partnership.
Darden Restaurants (NYSE: DRI) has announced it will release its fiscal 2025 second quarter financial results before market opening on Thursday, December 19, 2024. The company will host a conference call at 8:30 am ET on the same day, where CEO Rick Cardenas and senior management will discuss the quarterly results and conduct a Q&A session. The call will be accessible via web broadcast and telephone, with a replay available after the live event.
Darden Restaurants (NYSE:DRI) has completed the acquisition of Chuy's Holdings in an all-cash transaction valued at approximately $605 million.
The acquisition was approved by a majority of Chuy's Holdings' stockholders on October 10, 2024, following the merger agreement announced on July 17, 2024. Darden financed the acquisition with proceeds from a $400 million offering of 4.350% senior notes due 2027 and a $350 million offering of 4.550% senior notes due 2029, issued on October 3, 2024.
Chuy's, founded in 1982 in Austin, Texas, operates over 100 restaurants across 15 states, offering authentic Tex-Mex inspired dishes in a unique atmosphere. With this acquisition, Chuy's joins Darden's diverse portfolio of brands, including Olive Garden and LongHorn Steakhouse.
As a result of the merger, Chuy's Holdings' common stock has ceased trading on Nasdaq.
Darden Restaurants (NYSE: DRI) and Uber Technologies (NYSE: UBER) have announced an exclusive multi-year delivery partnership, starting with Olive Garden in late 2024. The collaboration will enable on-demand delivery through Olive Garden's channels, powered by Uber Direct. A pilot program will begin in late 2024, with national expansion expected by May 2025.
Key points:
- Guests can order delivery via Olive Garden's website and app
- Service will be available at over 900 company-owned locations across the U.S.
- Olive Garden retains guest data and insights
- Custom integration aims to preserve team member and guest experience
- Partnership addresses growing demand for home delivery while maintaining Olive Garden's competitive advantages
Darden Restaurants (NYSE: DRI) reported its fiscal 2025 Q1 results, showing a 1.0% increase in total sales to $2.8 billion, driven by 42 net new restaurants. However, the company experienced a blended same-restaurant sales decrease of 1.1%. Adjusted diluted net earnings per share from continuing operations were $1.75, a 1.7% decrease from the previous year. LongHorn Steakhouse was a bright spot with 3.7% same-restaurant sales growth, while Olive Garden saw a 2.9% decline. The company repurchased $172 million of its outstanding common stock and declared a quarterly cash dividend of $1.40 per share. Despite falling short of Q1 expectations, Darden reiterated its fiscal 2025 outlook, projecting diluted net earnings per share from continuing operations of $9.40 to $9.60.
Darden Restaurants (NYSE: DRI) has announced its plans to release its fiscal 2025 first quarter financial results on Thursday, September 19, 2024, before the market opens. This will be followed by a conference call at 8:30 am ET on the same day. CEO Rick Cardenas and other senior management will discuss the first quarter results and conduct a Q&A session.
Investors and analysts can access the live conference call via the internet or telephone. The webcast will be available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=PaNJ6RaT, while those preferring to dial in can use the number 877-407-9219. A replay of the call will be made available shortly after its conclusion for those unable to attend the live broadcast.
Darden Restaurants (NYSE:DRI) has announced its acquisition of Chuy's Holdings (Nasdaq: CHUY) in an all-cash transaction valued at approximately $605 million. Darden will acquire all outstanding shares of Chuy's for $37.50 per share, representing a 40% premium to the 60-day volume weighted average price. Chuy's, a Tex-Mex restaurant chain founded in 1982, will complement Darden's portfolio of brands including Olive Garden and LongHorn Steakhouse.
The acquisition is expected to be neutral to Darden's diluted net earnings per share for fiscal 2025 and accretive by 12 to 15 cents in fiscal 2027. Darden anticipates pre-tax net synergies of about $15 million by the end of fiscal 2026. The transaction, unanimously approved by both companies' boards, is expected to close in Darden's fiscal second quarter, subject to customary conditions.
Darden Restaurants (NYSE: DRI) reported its Q4 and fiscal 2024 results, highlighting a 6.8% increase in Q4 sales to $3.0 billion, attributed to new restaurant openings including 80 Ruth's Chris Steak House locations. Same-restaurant sales were flat overall, with Olive Garden down 1.5% and LongHorn Steakhouse up 4.0%. Adjusted diluted EPS for Q4 rose to $2.65. Fiscal 2024 saw an 8.6% rise in total sales to $11.4 billion and an adjusted diluted EPS of $8.88, up 11.0%. Darden also declared a 6.9% increase in its quarterly dividend to $1.40 per share and announced a fiscal 2025 sales outlook between $11.8 to $11.9 billion with an EPS range of $9.40 to $9.60.
Darden Restaurants (NYSE: DRI) will release its fiscal 2024 fourth quarter financial results on June 20, 2024, before the market opens.
The company will host a conference call at 8:30 am ET on the same day with CEO Rick Cardenas and other senior management to discuss the results and engage in a Q&A session.
The conference call can be accessed live via the Internet or by dialing 877-407-9219. A replay will be available shortly after the call.
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