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Friday, 22 March 2024

DRI Earnings: Darden Restaurants reports higher Q3 sales and profit

by BD Banks

Darden Restaurants, Inc. (NYSE: DRI), a leading fine dining restaurant chain, released financial results for the third quarter of 2024, reporting an increase in sales and adjusted profit. Earnings matched analysts’ estimates while the top line missed the view.

DRI Earnings: Darden Restaurants reports higher Q3 sales and profit

DRI Earnings: Darden Restaurants reports higher Q3 sales and profit

Net sales increased 6.8% year-over-year to $2.97 billion in the February quarter but fell short of expectations. Consolidated same-restaurant sales were down 1%.

Net income from continuing operations came in at $350.9 million or $2.60 per share in Q3, compared to $330.3 million or $2.34 per share last year. Adjusted EPS from continuing operations increased to $2.62 in Q3 from $2.34 in the prior-year quarter. The latest number is in line with consensus estimates.

“Looking ahead, our focus remains on controlling what we can control, leveraging and strengthening our competitive advantages, and executing our back-to-basics operating philosophy in order to effectively manage the business for the long-term,” said Darden’s CEO Rick Cardenas.

Prior Performance

  • Darden Restaurants Q2 2024 earnings infographic

The post DRI Earnings: Darden Restaurants reports higher Q3 sales and profit first appeared on AlphaStreet.

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