Olive Garden Sign


Darden Restaurants (NYSE:DRI) slips in early trading after a slight miss with FQ1 revenue.

The restaurant operator said it had a solid quarter and saw more normal seasonality return to the business. Same-restaurant sales were up 4.2% during the quarter with gains across Olive Garden (+2.3%), LongHorn Steakhouse (+4.2%), Fine Dining (+7.6%), and Other Business (+7.6%).

Segment profit was $2.45B vs. $2.31B a year ago, with every segment generating more profit than last year.

Looking ahead, Darden Restaurants (DRI) reiterates its FY23 guidance including an expectation for sales of $10.2B to $10.4B vs. $10.3B consensus and comparable sales growth of 4% to 6% vs. 4.4% consensus. EPS of $7.40 to $8.00 is anticipated vs. $7.75 consensus. The company sees total inflation of approximately 6% in 2023.

Shares of Darden Restaurants (DRI) fell 2.65% in premarket action to $127.80 vs. the 52-week trading range of $110.96 to $164.28.

Image and article originally from seekingalpha.com. Read the original article here.

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