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, Inc. (NYSE:DRI) reported a strong fourth quarter and fiscal year 2022. Total sales rose 14.2% to $2.60 billion, driven by an 11.7% increase in same-restaurant sales and the opening of 33 new locations. Fiscal 2022 sales increased 33.8% to $9.63 billion, with diluted earnings per share reported at $7.40, up from $4.80 last year. The company authorized a new share repurchase program worth up to $1 billion and declared a quarterly cash dividend of $1.21 per share. For fiscal 2023, Darden expects total sales of $10.2 to $10.4 billion with EPS guidance of $7.40 to $8.00.
Darden Restaurants, Inc. (NYSE: DRI) will announce its fiscal 2022 fourth quarter financial results before market opening on June 23, 2022. A conference call, featuring CEO Rick Cardenas and senior management, will follow at 8:30 am ET to discuss the results and answer questions. A replay will be available for those unable to attend the live event. Darden's diverse brand portfolio includes popular names such as Olive Garden and LongHorn Steakhouse.
Darden Restaurants, Inc. (NYSE:DRI) reported a significant increase in third-quarter sales, totaling $2.45 billion, up 41.3% from last year. Same-restaurant sales increased by 38.1%, driven by the addition of 33 new restaurants. Net earnings from continuing operations reached $247 million, and diluted EPS rose to $1.93. The board declared a cash dividend of $1.10 per share, payable on May 2, 2022. The company updated its fiscal 2022 outlook, projecting total sales of approximately $9.55 to $9.62 billion, and expects diluted EPS in the range of $7.30 to $7.45.
Darden Restaurants (NYSE: DRI) has appointed Juliana Chugg to its Board of Directors, expanding the Board from eight to nine members. Chugg brings a wealth of experience from her previous role as Chief Brand Officer at Mattel, where she managed brands generating $6 billion in revenue. She also held leadership positions at General Mills. Darden's Chairman, Gene Lee, expressed confidence in her ability to contribute to the company's growth and brand loyalty.
Darden Restaurants, Inc. (NYSE:DRI) will announce its fiscal 2022 third-quarter financial results on March 24, 2022, before the market opens. The announcement will be followed by a conference call at 8:30 am ET, featuring CEO Gene Lee and senior management. A live broadcast will be available online, along with a replay for those unable to attend live.
Darden Restaurants, Inc. (NYSE: DRI) announced the retirement of CEO Eugene Lee, effective May 29, 2022. He will transition to Executive Chairman. The Board has appointed Ricardo Cardenas, currently President and COO, as the new CEO starting May 30, 2022. Under Lee's leadership, Darden's revenue grew by over $2 billion, and market capitalization increased to nearly $20 billion. Cardenas, who has a history with the company since 1984, expresses gratitude for the opportunity and is committed to driving growth and shareholder value.
Darden Restaurants, Inc. (NYSE:DRI) reported strong financial results for Q2 of fiscal 2022, with total sales rising by 37% to $2.27 billion. Same-restaurant sales increased by 34.4%, with notable growth across segments: Fine Dining (61.6%) and LongHorn Steakhouse (31.2%). Diluted net earnings per share rose to $1.48, up from $0.74 the previous year. The company also announced a quarterly dividend of $1.10 per share and allocated $266 million for share repurchases. For fiscal 2022, Darden anticipates total sales of approximately $9.55 to $9.70 billion.
Darden Restaurants, Inc. (NYSE: DRI) will announce its fiscal 2022 second quarter financial results before the market opens on December 17, 2021. A conference call hosted by CEO Gene Lee and senior management will take place at 8:30 am ET to discuss the results and answer questions. A replay will be accessible post-call. Darden's portfolio includes popular brands like Olive Garden and LongHorn Steakhouse.
Darden Restaurants reported a substantial 51% increase in total sales, reaching $2.31 billion for Q1 2022, driven by a 47.5% rise in same-restaurant sales and the addition of 34 new restaurants. Notably, net earnings from continuing operations hit $232 million, with diluted EPS soaring to $1.76 compared to $0.28 last year. Darden’s Board declared a quarterly dividend of $1.10 per share, payable November 1, 2021. The company raised its fiscal 2022 outlook, predicting total sales of $9.4 to $9.6 billion and diluted EPS of $7.25 to $7.60.
Darden Restaurants, Inc. (NYSE: DRI) will release its fiscal 2022 first quarter financial results on September 23, 2021, before the market opens. A conference call is scheduled for 8:30 am ET, featuring Gene Lee, CEO, along with other senior management members who will discuss the results and answer questions. The call can be accessed live online, or via telephone at 1-800-263-0877 using the passcode 2874518. For those unable to attend live, a replay will be available after the call.
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