Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

LongHorn up, Olive Garden down: Darden earnings hint at dinings sales drag

by admin June 24, 2024
June 24, 2024
LongHorn up, Olive Garden down: Darden earnings hint at dinings sales drag

Darden Restaurants on Thursday reported mixed quarterly results as Olive Garden’s same-store sales fell for the second consecutive quarter.

For fiscal 2025, Darden is forecasting that its same-store sales will grow just 1% to 2%.

Shares of the company rose more than 2% in premarket trading.

Darden reported fiscal fourth-quarter net income of $308.1 million, or $2.57 per share, down from $315.1 million, or $2.58 per share, a year earlier.

Excluding costs related to the Ruth’s Chris acquisition and other items, the company earned $2.65 per share.

Net sales rose 6.8% to $2.96 billion, fueled by its acquisition of Ruth’s Chris Steak House and 37 other net new locations.

Darden’s overall same-store sales were flat for the quarter, dragged down by weaker-than-expected sales at Olive Garden and its fine-dining restaurants.

Olive Garden’s same-store sales fell 1.5%. Analysts were expecting the Italian-inspired chain to report flat same-store sales growth, according to StreetAccount estimates. Last quarter, Olive Garden’s same-store sales fell 1.8%, driven by a pullback from low-income consumers.

Darden’s fine-dining restaurants, which include The Capital Grille and Eddie V’s, saw their same-store sales shrink 2.6% in the quarter. That division now includes Ruth’s Chris, but those same-store results won’t be included in the category total for several more quarters.

LongHorn Steakhouse, which is overtaking Olive Garden as the gem of Darden’s portfolio, was the only segment to report same-store sales growth. The chain’s same-store sales rose 4% in the quarter.

Looking to fiscal 2025, Darden is forecasting earnings per share from continuing operations of $9.40 to $9.60, in line with Wall Street’s expectations of $9.55 per share. The company is also anticipating net sales of $11.8 billion to $11.9 billion, on the low end of analysts’ expectations of $11.94 billion.

Darden is projecting total inflation of 3% and same-store sales growth of 1% to 2% in fiscal 2025. Ruth’s Chris won’t be included in Darden’s same-store sales until the second quarter of fiscal 2025. The company plans to spend $550 million to $600 million on capital expenditures.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Bearish Engulfing Patterns Forming on NVDA & MU
next post
Tesla has downsized by at least 14% this year after Elon Musk said layoffs would exceed 10%

Related Posts

Major retailers are backtracking on self-checkout

July 5, 2024

Why competition in the housing market is cooling...

June 17, 2024

DJT shares jump after Trump Media rolls out...

August 4, 2024

Boeing machinists on picket lines prepare for lengthy...

September 24, 2024

Peloton launching resale market for used bikes, treadmills

June 4, 2025

Art Cashin, New York Stock Exchange fixture for...

December 4, 2024

Crash victims’ families prepare to make what could...

September 4, 2025

Amazon set to pass Walmart in revenue for...

February 7, 2025

Business is good in ‘Vacationland.’ It would be...

August 6, 2024

Amazon AI scammers duped investors out of millions...

March 20, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Israel to deploy first combat-ready laser weapon system for operational air defense

      October 16, 2025
    • Pentagon advisor accused of hoarding classified docs placed on leave by prominent DC think tank

      October 16, 2025
    • US military to oversee next phase of peace deal from coordination base in Israel

      October 16, 2025
    • House Republicans say GOP holds winning hand in shutdown fight with Democrats

      October 16, 2025
    • Judge temporarily blocks Trump admin layoffs of thousands of federal workers during government shutdown

      October 16, 2025

    Categories

    • Business (1,119)
    • Investing (3,260)
    • Politics (3,980)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved