Shares of Darden Restaurants (NYSE:DRI) rose more than 1% Friday after topping estimates on the top and bottom lines in its most recent earnings report. The restaurant company behind Olive Garden and LongHorn Steakhouse reported earnings of $1.52 per share on revenue of $2.49 billion. Analysts polled by Refinitiv were forecasting earnings of $1.44 per share on revenue of $2.43 billion.
"I am pleased with our results this quarter," said Darden President & CEO Rick Cardenas . "All of our brands performed at a high level by remaining focused on our Back-to-Basics Operating Philosophy anchored in food, service and atmosphere. I am proud of the focus and commitment our teams continue to display. Their disciplined approach in executing our strategy is what enables us to succeed, evidenced by the fact that, just last week, we surpassed $10 billion in sales on a trailing 52-week basis for the first time in Darden's history."
Moreover, the company updated its financial outlook: Total sales of $10.3 to $10.45 billion; same-restaurant sales growth of 5% to 6.5%; New restaurant openings totaled 55 to 60; Total capital spending of $525 to $575 million; Total inflation of approximately 7%
Darden's Board of Directors declared a quarterly cash dividend of $1.21 per share on the Company's outstanding common stock. The dividend is payable on February 1, 2023 to shareholders of record at the close of business on January 10, 2023.
DRI shares began Friday off $3.58, or 2.5%, to $139.28.
