Darden Stock Gains as Earnings Top Expectations, Dividend Increased | DRI Message Board Posts


Darden Restaurants, Inc.

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Msg  17 of 17  at  6/23/2022 12:41:33 PM  by

jerrykrause


Darden Stock Gains as Earnings Top Expectations, Dividend Increased

Darden Stock Gains as Earnings Top Expectations, Dividend Increased
 

Darden Restaurants stock was jumping in premarket trading Thursday after reporting better-than-expected earnings and sales, while increasing its dividend.

The parent company of Olive Garden, LongHorn Steakhouse, and other restaurants reported a fourth-quarter adjusted profit of $2.24 a share, beating forecasts for $2.21 a share, on sales of $2.6 billion, topping expectations for $2.54 billion.

For the next fiscal year, Darden (DRI) projects diluted net earnings per share between $7.40 and $8. The company also expects the growth in same-restaurant sales to slow down from 11.7% to 6%.

Darden also declared a quarterly dividend of $1.21 a share, and authorized a new $1 billion share buyback program.

The growth in earnings came despite inflation. "By adhering to our strategy, and pricing below inflation, we ended the year with significantly better margins than pre-COVID," said Darden CFO Raj Vennam.

Darden's shares have gained 3.7% premarket and slipped 18% this year.

 


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