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 reported a strong fourth quarter for fiscal 2021, with total sales rising 79.5% to $2.28 billion. The increase was fueled by a 90.4% rise in same-restaurant sales and 30 new locations. Diluted net earnings per share reached $2.79, recovering from a net loss of $3.85 last year. However, annual sales declined 7.8% to $7.20 billion. For fiscal 2022, Darden expects total sales of $9.2 to $9.5 billion, anticipating a 25% to 29% rise in same-restaurant sales. A quarterly dividend of $1.10 was declared, marking a 25% increase.
Darden Restaurants, Inc. (NYSE:DRI) will release its fiscal 2021 fourth quarter financial results before the market opens on June 24, 2021. A conference call will follow at 8:30 am ET, where CEO Gene Lee and senior management will discuss the results and conduct a Q&A session. For those unable to attend live, a replay will be available shortly after. Investors can access the call online or dial 1-833-470-0145 using the passcode 2283499. Darden operates brands like Olive Garden and LongHorn Steakhouse.
Darden Restaurants, Inc. (NYSE: DRI) reported Q3 fiscal 2021 financial results, with total sales of $1.73 billion, a 26.1% decrease year-over-year. Same-restaurant sales fell by 26.7%, driven by declines across all segments, particularly Fine Dining at (44.6)%. Diluted EPS from continuing operations was $0.98, down from $1.90 last year, while EBITDA stood at $236 million. Darden declared a quarterly cash dividend of $0.88 per share and authorized a new $500 million share repurchase program. Outlook for Q4 includes projected sales of $2.1 billion and EPS of $1.60-$1.70.
Darden Restaurants, Inc. (NYSE: DRI) is set to release its fiscal 2021 third quarter financial results on March 25, 2021, before the market opens. A conference call will follow at 8:30 am ET, featuring CEO Gene Lee and senior management discussing the results and addressing questions. Investors can listen to the call live via the provided link or dial in at 1-833-470-0145 using passcode 2954259.
For further details about Darden and its brand portfolio, visit www.darden.com.
Darden Restaurants has announced a leadership transition, with CEO Eugene I. Lee, Jr. elected as Chairman of the Board effective January 4, 2021. He succeeds Charles M. Sonsteby, who will serve as Lead Independent Director. This move aims to enhance execution of the company's long-term strategy amidst industry changes. Additionally, Ricardo Cardenas has been appointed President and COO, while Rajesh Vennam becomes CFO, recognizing their contributions and broadening their responsibilities.
Darden Restaurants (NYSE:DRI) reported a 19.4% decline in total sales to $1.66 billion for Q2 2021, primarily due to a 20.6% drop in same-restaurant sales. Segment performance revealed significant declines: Olive Garden down 19.0%, Fine Dining down 30.2%, and Other Business down 27.7%. However, diluted net earnings per share increased to $0.74 from $0.21 last year. The board declared a $0.37 quarterly cash dividend, with guidance indicating Q3 sales at 65%-70% of last year's figures. The company plans to open 35-40 new restaurants in FY 2021.
Darden Restaurants (NYSE: DRI) will announce its fiscal 2021 second quarter financial results on December 18, 2020, before market opening. A conference call with CEO Gene Lee and senior management will take place at 8:30 am ET, where they will discuss the results and answer questions. For those unable to attend live, a replay will be accessible shortly after the call. Darden operates notable brands such as Olive Garden and LongHorn Steakhouse. More details can be found on their official website.
Darden Restaurants (NYSE:DRI) reported Q1 2021 financial results, showing total sales of $1.53 billion, a 28.4% drop compared to the previous year, with same-restaurant sales decreasing 29.0%. Notable performance declines were seen across segments: Olive Garden at (28.2)%, Fine Dining at (39.1)%, and LongHorn Steakhouse at (18.1)%. The company posted diluted net earnings per share of $0.28, down from $1.38 last year. Darden reinstated a cash dividend of $0.30 per share, payable November 2, 2020.
Darden Restaurants, Inc. (NYSE:DRI) will release its fiscal 2021 first-quarter financial results on September 24, 2020, before the market opens. A conference call will follow at 8:30 am ET, featuring CEO Gene Lee and senior management discussing the results. For those unable to attend live, a replay will be available shortly after. Darden, known for its diverse restaurant brands including Olive Garden and LongHorn Steakhouse, aims to provide insightful updates on its financial performance during this call.
Darden Restaurants (NYSE: DRI) reported financial results for Q4 and FY 2020, revealing a 43% drop in total sales to $1.27 billion due to a 47.7% decline in same-restaurant sales.
The diluted net loss per share was $3.85 compared to earnings of $1.67 last year, with adjusted loss per share at $1.24.
For FY 2020, total sales fell 8.3% to $7.81 billion. The company reported a liquidity position of over $1.5 billion and anticipates Q1 FY 2021 sales around 70% of the prior year.
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