Darden Restaurants, Inc. - DRI STOCK NEWS

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.