Darden Restaurants, Inc. (NYSE:DRI) saw its stock soar Tuesday, on improved second-quarter financial figures.
The chain, based in Orlando, reported total sales increased 4.9% to $1.97 billion driven by the addition of 40 net new restaurants and a blended same-restaurant sales increase of 2.1%
Consolidated profit came in at $1.97 billion, compared to $1.88. billion in the prior-year quarter, an improvement of 4.9%
During the quarter, the Company repurchased approximately 600,000 shares of its common stock for a total cost of approximately $61 million.
As of the end of the fiscal second quarter, the Company had approximately $419 million remaining under the current $500-million repurchase authorization.
The Company updated its fiscal 2019 forecast for same-restaurant sales growth to approximately 2.5% and its outlook for diluted net earnings per share from continuing operations to range between $5.60 and $5.70.
All other aspects of its financial outlook were reaffirmed.
"We had another quarter of strong and steady performance by continuing to focus on being brilliant with the basics in our restaurants," said CEO Gene Lee.
"We continued to grow market share profitably by strengthening and leveraging our competitive advantages, and our brands are making the appropriate investments while managing costs effectively."
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's.
“Our people equal our success,” says the company website,”and we are proud to employ 180,000 team members in more than 1,700 restaurants.”
Darden shares climbed $4.72, or 4.8%, to $103.61.
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