Darden Eating places Inc.
DRI,
shares fell 1.7% in Thursday premarket buying and selling after it reported fiscal third-quarter revenue and gross sales that missed expectations. The Olive Backyard dad or mum posted internet revenue of $247.0 million, or $1.93 per share, up from $128.7 million, or 98 cents per share. Gross sales totaled $2.449 billion, up from $1.733 billion final yr. The FactSet consensus was for EPS of $2.10 and gross sales of $2.513 billion. Identical-restaurant gross sales rose 38.1%, beneath the FactSet consensus for 43.1% progress. Olive Backyard rose 29.9%, Longhorn Steakhouse was up 31.6% and the advantageous eating phase, which incorporates The Capital Grille and Eddie V’s soared 85.8%. Darden had document gross sales in December, however omicron “considerably impacted” demand and operations in January, stated Chief Govt Gene Lee in an announcement. February bounced again with “robust gross sales,” he stated. For fiscal 2022, Darden is guiding for gross sales of $9.55 billion to $9.62 billion, same-restaurant gross sales progress of 29% to 30% and EPS of $7.30 to $7.45. The FactSet consensus is for gross sales of $9.609 billion, same-restaurant gross sales progress of 32.9% and EPS of $7.51. Darden inventory is down 2.2% over the previous yr, whereas the benchmark S&P 500 index
SPX,
has gained 14.6%.