Darden Restaurants Reports Fiscal 2024 Alternate Quarter Results; Declares Daily tip And Updates financial 2024 Financial Outlook
Darden Restaurants,Inc.( NYSEDRI) moment reported its fiscal results for the alternate quarter ended November 26, 2023.
Alternate Quarter 2024 Financial Highlights, Comparisons Versus Same financial Quarter Last Year
Total deals increased9.7 to$2.7 billion, driven by a amalgamated same- eatery deals * increase of2.8 and deals from the addition of 78 company- possessed Ruth’s Chris Steak House( Ruth’s Chris) caffs
and 45 other net new caffs
Same- eatery deals
Consolidated Darden *
Olive Garden
LongHorn Steakhouse
Fine Dining *
1.7)
Other Business
1.1)
Reported adulterated net earnings per share from continuing operations were$1.76
Banning$0.08 of Ruth’s Chris sale and integration related costs, acclimated adulterated net earnings per share from continuing operations were$1.84, an increase of21.1 **
The Company reacquired$ 181 million of its outstanding common stock
We continued to profitably grow request share again this quarter as we outperformed assiduity same- eatery deals and business,” said Darden President & CEO Rick Cardenas.” We remain focused on managing our business for the long term and driving strong operating fundamentals in our caffs
. The leaves are the busiest time of time for our eatery brigades, and I would like to thank them for everything they do to delight our guests and help produce special vacation recollections.”
Member Performance
Member profit represents deals, lower costs for food and libation, eatery labor, eatery charges and marketing charges. Member profit excludesnon-cash real estate related charges. From the date of accession forward, deals and gains from Ruth’s Chris company- possessed caffs
are included within the Fine Dining member. Royalties from Ruth’s Chris ballot and managed locales live in the Other Business member.
Q2 Deals
Q2 Member Profit
$ in millions)
2024
2023
2024
2023
Consolidated Darden
2,727.3
2,486.5
Olive Garden
1,251.4
1,176.7
262.5
218.9
LongHorn Steakhouse
643.0
600.5
111.8
85.6
Fine Dining
318.0
202.0
56.6
38.9
Other Business
514.9
507.3
66.5
59.0
YTD Deals
YTD Member Profit
$ in millions)
2024
2023
2024
2023
Consolidated Darden
5,457.9
4,932.6
Olive Garden
2,479.3
2,307.4
524.8
435.0
LongHorn Steakhouse
1,312.8
1,205.1
229.2
177.6
Fine Dining
591.5
385.4
96.3
68.9
Other Business
1,074.3
1,034.7
150.8
131.3
tip Declared
Darden’s Board of Directors declared a daily cash tip of$1.31 per share on the Company’s outstanding common stock. The tip is outstanding on February 1, 2024 to shareholders of record at the close of business on January 10, 2024.
Share Repurchase Program
During the quarter, the Company reacquired roughly1.2 million shares of its common stock for a aggregate of roughly$ 181 million. As of the end of the financial alternate quarter, the Company had roughly$ 328 million remaining under the current$ 1 billion repurchase authorization.
streamlined financial 2024 Financial Outlook
The Company streamlined its full time fiscal outlook for financial 2024 which includes Ruth’s Chris operating results, but excludes roughly$ 55 million,pre-tax, of anticipated sale and integration related costs associated with the accession. We’ll give fresh details during our investor conference call listed for this morning at 830 am ET.
Total deals of roughly$11.5 billion
Same- eatery deals growth of2.5 to3.0
New eatery openings of 50 to 55
Total capital spending of roughly$ 600 million
Total affectation of3.0 to3.5
An effective duty rate of roughly 12 to12.5
Acclimated adulterated net earnings per share from continuing operations of$8.75 to$8.90, banning roughly$0.37, after- duty, of Ruth’s Chris sale and integration related costs *
roughly121.0 million weighted average diluted shares outstanding
Investor Conference Call
The Company will host a conference call and slide donation moment, Friday, December 15, 2023 at 830 am ET to review its recent fiscal performance. The call will be webcast live at https// event.choruscall.com/mediaframe/webcast.html?webcastid=qByV89OK . Please allow redundant time previous to the call to visit the point and download any software needed to hear to the webcast. Prior to the call, a slide donation will be posted on the Investor Relations section of our websiteatwww.darden.com. For those who can not pierce the Internet, please telephone1-877-407-9219. For those who can not hear to the live broadcast, a renewal will be available shortly after the call.
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