Darden Reaffirms Guidance As Q2 Earnings Match Estimates

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December 20, 2016 7:48am NYSE:DRI

NYSE:DRI | News, Ratings, and Charts

From StockNews.com: Darden Restaurants, Inc. (NYSE:DRI) early Tuesday posted in-line second quarter earnings results and backed its full-year EPS outlook.

The Orlando-based company reported Q2 EPS of $0.64, which matched the consensus Wall Street estimate of $0.64. Revenue rose 2.1% from last year to $1.64 billion, narrowly missing analysts’ view of $1.65 billion.

Overall same-restaurant sales rose 1.7% for the quarter. Olive Garden comps rose +2.6%, while The Capital Grille rose 1.2%. Yard House comps were up 0.7%, LongHorn Steakhouse rose 0.1%, Eddie V’s rose 2.7%, Seasons fell 0.3%, and Bahama Breeze comps rose 2.6%.

Looking ahead, DRI reaffirmed its previously announced full-year earnings outlook. Darden continues to see 2017 EPS ranging from $3.87 to $3.97, which straddles Wall Street’s current $3.93 consensus estimate. DRI also expects same-store sales to rise between 1% and 2% for the year.

The company commented via press release:

“We had another strong quarter with same-restaurant sales growth significantly outperforming the casual dining industry benchmarks, especially at Olive Garden,” said CEO Gene Lee. “We remain laser-focused on our operating philosophy rooted in food, service and atmosphere, and creating memorable experiences for our guests.”

Darden shares were mostly flat in premarket trading Tuesday. Prior to today’s report, DRI had gained 18.92% year-to-date, versus a 10.61% rise in the benchmark S&P 500 index during the same period.

DRI currently has a StockNews.com POWR Rating of B (Buy), and is ranked #23 of 53 in the Restaurants category.

This article is brought to you courtesy of StockNews.com.

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