Darden Restaurants exceeded analysts' expectations for same-store sales growth in its fiscal second quarter, driven by strong performances at Olive Garden and LongHorn Steakhouse.
The company's same-store sales rose 2.4% in its latest quarter. A sign hangs on the front of an Olive Garden restaurant on June 22, 2023, in Chicago, Illinois. Reported quarterly earnings and revenue that met analysts' expectations and better-than-expected same-store sales growth at Olive Garden and LongHorn Steakhouse.Here's what the company reported, which may not compare with what Wall Street was expecting, based on a survey of analysts by LSEG:Revenue: $2.89 billion.
That may not compare with the $2.9 billion expected Darden reported fiscal second-quarter net income of $215.1 million, or $1.82 per share, up from $212.1 million, or $1.76 per share, a year earlier.Net sales rose 6% to $2.89 billion.LongHorn Steakhouse reported same-store sales growth of 7.5%. The casual-dining chain has been a top performer in Darden's portfolio in recent years, winning over customers with both the quality of its food and its prices. Wall Street was expecting the chain to report same-store sales growth of 4.1%. Olive Garden, which accounts for more than 40% of Darden's quarterly revenue, saw same-store sales growth of 2% in the quarter. Analysts were anticipating same-store sales growth of 1.4%, according to StreetAccount. Darden's fine-dining segment, which includes The Capital Grille and Ruth's Chris Steak House, reported same-store sales declines of 5.8%, steeper than the 2.8% decrease expected by analysts. Fine-dining chains' higher prices have scared away many consumers who are trying to spend less at restaurants. Darden's last remaining segment, which includes Cheddar's Scratch Kitchen and Yard House, saw same-store sales growth of 0.7%, in line with estimates. Darden added 39 net new locations in the quarter, as well as 103 Chuy's restaurants. Darden completed it
FOOD DARDEN RESTAURANTS SAME-STORE SALES OLIVE GARDEN Longhorn STEAKHOUSE QUARTERLY EARNINGS
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