Darden drops on same-store sales fall, with flagship restaurant chains weak
Shares of Darden Restaurants Inc. DRI, -1.11% dove 2.5% in premarket trading Thursday, after the restaurant chain operator matched fiscal first-quarter profit expectations but missed on same-store sales, amid weakness in its flagship Olive Garden and LongHorn Steakhouse chains. Net income for the quarter to Aug. 28 fell to $193.0 million, or $1.56 a share, from $230.9 million, or $1.75 a share, in the year-ago period, to match the FactSet consensus for earnings per share. Total sales grew 6.
3% at Olive Garden, missing the FactSet consensus of a 2.3% rise; rose 4.2% at LongHorn Steakhouse versus expectations of 5.1% growth; and increased 7.6% at Fine Dining, beating expectations of up 5.9%. Operating costs and expenses increased more than total sales, rising 8.7%, with food and beverage costs growing 16.0% an restaurant labor costs rising 7.9%. For fiscal 2023, the company expects total sales of $10.2 billion to $10.
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