U.S. Markets closed
  • S&P 500

    4,071.70
    -4.87 (-0.12%)
     
  • Dow 30

    34,429.88
    +34.87 (+0.10%)
     
  • Nasdaq

    11,461.50
    -20.95 (-0.18%)
     
  • Russell 2000

    1,892.84
    +11.16 (+0.59%)
     
  • Crude Oil

    80.34
    -0.88 (-1.08%)
     
  • Gold

    1,811.40
    -3.80 (-0.21%)
     
  • Silver

    23.35
    +0.51 (+2.25%)
     
  • EUR/USD

    1.0531
    +0.0002 (+0.0211%)
     
  • 10-Yr Bond

    3.5060
    -0.0230 (-0.65%)
     
  • Vix

    19.06
    -0.78 (-3.93%)
     
  • GBP/USD

    1.2296
    +0.0040 (+0.3258%)
     
  • USD/JPY

    134.2900
    -1.0160 (-0.7509%)
     
  • BTC-USD

    16,962.38
    -4.94 (-0.03%)
     
  • CMC Crypto 200

    404.33
    +2.91 (+0.72%)
     
  • FTSE 100

    7,556.23
    -2.26 (-0.03%)
     
  • Nikkei 225

    27,777.90
    -448.18 (-1.59%)
     

Darden Restaurants Reports Q1 Revenue Below Street View; Backs FY23 Outlook

  • Darden Restaurants Inc (NYSE: DRI) reported first-quarter FY23 sales growth of 6.1% year-on-year to $2.45 billion, missing the consensus of $2.47 billion.

  • Same-restaurant sales for the quarter increased 4.2%.

  • Darden clocked an operating margin of 10%, and the operating income fell 13% Y/Y to $244.2 million.

  • EPS of $1.56 was in-line with the consensus.

  • Darden generated an operating cash flow of $427.8 million for the quarter. It held $435.9 million in cash and equivalents as of August 28, 2022.

  • Also ReadWhy Darden Restaurants Options Suggest Further Downside Ahead

  • Darden's Board of Directors declared a quarterly cash dividend of $1.21 per share on the common stock, payable on November 1, 2022, to shareholders of record on October 10, 2022.

  • As of the end of Q1, the company had approximately $912 million remaining under the current $1 billion repurchase authorization.

  • Guidance, reaffirmed: Darden sees FY23 sales of $10.2 billion - $10.4 billion versus the consensus of $10.29 billion.

  • It expects FY23 EPS of $7.40-$8.00 versus the consensus of $7.70.

  • The restaurant chain expects same-restaurant sales growth of 4%-6% with 55 to 60 new restaurant openings.

  • Price Action: DRI shares are trading lower by 3.07% at $127.25 in premarket on the last check Thursday.

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.