Darden Restaurants, Inc. (NYSE: DRI) shares on fourth-quarter numbers.
The Orlando-based Darden said total sales increased 4.5% to $2.23 billion driven by the addition of 39 net new restaurants and a blended same-restaurant sales increase of 1.6%
The chain also reported diluted net earnings per share from continuing operations increased 19.3% to $1.67
Adjusted diluted net earnings per share from continuing operations increased 26.6% to $1.76 after excluding approximately $0.09 of a non-cash charge related to restaurant asset impairments
As well, the company repurchased approximately $42 million of its outstanding common stock
"I'm pleased with the results we achieved during the fourth quarter, which wrapped up another strong year of sales and profit growth for Darden," said CEO Gene Lee.
On Tuesday of this week, the Board of Directors increased the quarterly dividend 17% to $0.88 per common share. The quarterly dividend is payable on August 1, to shareholders of record on July 10.
During the quarter, Darden repurchased approximately 400,000 shares of its common stock for a total cost of approximately $42 million. As of the end of fiscal 2019, the Company had approximately $304 million remaining under the current $500 million repurchase authorization.
For the coming fiscal year, Darden foresees total sales growth of 5.3% to 6.3%, including approximately 2% growth related to the 53rd week; same-restaurant sales growth of 1% to 2%, and approximately 50 gross and 44 net new restaurant openings
Shares sank $4.35, or 3.7%, to $113.06
