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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 a significant financial performance for Q3 2023, with total sales rising by 13.8% to $2.8 billion. This surge was fueled by an 11.7% increase in same-restaurant sales and the addition of 35 new restaurants. Diluted net earnings per share soared 21.2% to $2.34, marking a strong quarter across its divisions, including Olive Garden and LongHorn Steakhouse. Additionally, a dividend of $1.21 per share was declared, payable on May 1, 2023. Looking ahead, the company anticipates full-year sales between $10.45 and $10.5 billion, with same-restaurant sales growth projected at 6.5% to 7%.
Darden Restaurants, Inc. (NYSE:DRI) will announce its fiscal 2023 third quarter financial results before market opens on March 23, 2023. A conference call featuring CEO Rick Cardenas and senior management will commence at 8:30 am ET to discuss the results and engage in a Q&A session. For those unable to attend live, a replay will be accessible shortly after the call.
Darden's portfolio includes popular brands such as Olive Garden, LongHorn Steakhouse, and Cheddar's Scratch Kitchen. More information is available on their official website.
Darden Restaurants, Inc. (NYSE:DRI) reported a 9.4% increase in total sales for Q2 2023, reaching $2.49 billion, with same-restaurant sales growth of 7.3%. Noteworthy performance was seen in Olive Garden (7.6%) and LongHorn Steakhouse (7.3%). Diluted net earnings per share rose 2.7% to $1.52. The company announced a dividend of $1.21 per share and repurchased $100 million of its common stock. Darden updated its fiscal 2023 outlook, estimating total sales between $10.3 to $10.45 billion and same-restaurant sales growth of 5% to 6.5%.
Darden Restaurants, Inc. (NYSE: DRI) is set to release its fiscal 2023 second quarter financial results on December 16, 2022, before market openings. Following the report, CEO Rick Cardenas and senior management will host a conference call at 8:30 am ET, allowing for a question-and-answer session. Those unable to attend live can access a replay afterward. Darden's diverse portfolio includes brands such as Olive Garden and LongHorn Steakhouse. For further details, visit www.darden.com.
Darden Restaurants, Inc. (NYSE:DRI) reported a 6.1% increase in total sales to $2.4 billion for Q1 2023. This growth was supported by a 4.2% same-restaurant sales increase and contributions from 34 new restaurants. However, diluted net earnings per share fell to $1.56 from $1.76 year-over-year. The company announced a quarterly cash dividend of $1.21 per share and plans to open 55-60 new restaurants with a financial outlook reaffirmed for total sales between $10.2 to $10.4 billion.
Darden Restaurants (NYSE: DRI) will announce its fiscal 2023 first quarter financial results before market opening on September 22, 2022. CEO Rick Cardenas and senior management will lead a conference call at 8:30 am ET to discuss the earnings and engage in a Q&A session. A replay will be available for those unable to attend live. Darden operates multiple restaurant brands including Olive Garden and LongHorn Steakhouse.
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