Darden Restaurants, Inc. has reported its financial results for the first quarter ended August 25, 2024. The company's total sales increased by 1.0% to $2.8 billion, driven by sales from 42 net new restaurants, partially offset by a blended same-restaurant sales decrease of (1.1)%.
The reported diluted net earnings per share from continuing operations were $1.74. Excluding $0.01 of Chuy's transaction and integration related costs, adjusted diluted net earnings per share from continuing operations were $1.75, representing a decrease of (1.7)% compared to the same period last fiscal year.
Segment performance for Q1 2025 saw Olive Garden and Other Business reporting declines in sales compared to the same quarter last year, while Longhorn Steakhouse and Fine Dining segments experienced increases in sales.
The company repurchased approximately 1.2 million shares of its common stock for a total of $172 million during the quarter. As of the end of the fiscal first quarter, the company had $743 million remaining under the current $1 billion repurchase authorization.
Darden's board of directors declared a quarterly cash dividend of $1.40 per share on the company's outstanding common stock, payable on November 1, 2024.
The company reiterated all aspects of its full-year financial outlook for fiscal 2025, with diluted net earnings per share from continuing operations expected to be in the range of $9.40 to $9.60.
Darden will host a conference call and slide presentation on Thursday, September 19, 2024, at 8:30 am ET to review its recent financial performance.
Darden Restaurants, Inc. is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s, and Bahama Breeze. The market has reacted to these announcements by moving the company's shares 7.7% to a price of $171.31. For the full picture, make sure to review Darden Restaurants's 8-K report.
