Financial Data and Key Metrics Changes - Total sales reached $3 billion, an increase of 6.8% year-over-year, with adjusted diluted net earnings per share at $2.62, aligning with expectations [39][52][53] - Adjusted EBITDA was $512 million, with a return of approximately $190 million to shareholders through dividends and share repurchases [53] - Same-restaurant sales decreased by 1%, but the company outperformed the industry by 320 basis points [52] Business Line Data and Key Metrics Changes - Olive Garden's total sales increased by 0.7%, driven by new restaurant growth, despite a 1.8% decline in same-restaurant sales [57] - LongHorn Steakhouse saw total sales increase by 5.1%, with same-restaurant sales growth of 2.3% [58] - The fine dining segment, including Ruth's Chris, faced challenges with negative same-restaurant sales, but overall segment profit margin remained flat at 21.8% [59] Market Data and Key Metrics Changes - The lower-income consumer segment showed a significant pullback, with transactions from households earning below $75,000 declining compared to last year [70][76] - The company noted that transactions from higher-income households (above $150,000) were higher than last year, indicating a mixed consumer behavior [70] Company Strategy and Development Direction - The company aims to maintain a pricing strategy below inflation over the long term, having taken less pricing than competitors [9][19] - Focus remains on core equities and execution excellence, avoiding deep discounting strategies while enhancing brand equity [7][94] - The integration of Ruth's Chris is on track, with major changes expected to be completed by the end of the fiscal year [44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a tougher operating environment than anticipated, with a broader market impact rather than specific internal missteps [12][13] - The company is monitoring consumer behavior closely, particularly among lower-income segments, and is prepared to adapt strategies as needed [76][90] - Future guidance includes total sales expectations of approximately $11.4 billion and same-restaurant sales growth of 1.5% to 2% for fiscal 2024 [61] Other Important Information - The company reported strong guest satisfaction metrics, with brands achieving high rankings in overall experience [41][45] - The Darden Foundation awarded over 100 scholarships to children of team members, emphasizing the company's commitment to education [47] Q&A Session Summary Question: How would the company manage if the environment worsens? - Management indicated they would not change their long-term strategy but may adjust marketing tactics to maintain stability [7][8] Question: What is the impact of the lower-income consumer on trends? - Management noted a significant pullback in transactions from lower-income households, while higher-income segments showed growth [70][76] Question: How does the company view pricing strategy relative to inflation? - The company plans to continue pricing below inflation, having taken less pricing than competitors over the past four years [9][19] Question: What are the expectations for unit growth next year? - Approximately two-thirds of new openings are expected from Olive Garden and LongHorn, with the remainder from other brands [23] Question: How is the integration of Ruth's Chris progressing? - The integration is on track, with successful transitions to new systems and processes [44] Question: What are the expectations for commodity inflation? - The company anticipates commodity inflation around 3% for the fourth quarter, with coverage levels consistent with historical averages [120]

Darden Restaurants (DRI) reported $2.97 billion in revenue for the quarter ended February 2024, representing a year-over-year increase of 6.8%. EPS of $2.62 for the same period compares to $2.34 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $3.03 billion, representing a surprise of -1.87%. The company delivered an EPS surprise of -0.38%, with the consensus EPS estimate being $2.63.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Darden Restaurants (DRI) came out with quarterly earnings of $2.62 per share, missing the Zacks Consensus Estimate of $2.63 per share. This compares to earnings of $2.34 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -0.38%. A quarter ago, it was expected that this owner of Olive Garden and other chain restaurants would post earnings of $1.71 per share when it actually produced earnings of $1.84, delivering a surprise of 7.60 ...

A sign hangs on the front of an Olive Garden restaurant on June 22, 2023 in Chicago, Illinois.Darden Restaurants on Thursday reported mixed quarterly results as the Olive Garden owner's same-store sales shrank for the first time since the pandemic.Shares of the company fell more than 4% in premarket trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Earnings per share: $2.62 adjusted, meeting expectationsR ...

Exhibit 99.1 Darden Restaurants Reports Fiscal 2024 Third Quarter Results; Declares Quarterly Dividend; Authorizes New $1 Billion Share Repurchase Program; And Updates Fiscal 2024 Financial Outlook ORLANDO, Fla., March 21, 2024 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the third quarter ended February 25, 2024. | | | | Q3 | Sales | Q3 Segment | Profit | | --- | --- | --- | --- | --- | --- | --- | | ($ in | millions) | | 2024 | 2023 | 2024 | 2023 | | Consoli ...

Wall Street analysts expect Darden Restaurants (DRI) to post quarterly earnings of $2.64 per share in its upcoming report, which indicates a year-over-year increase of 12.8%. Revenues are expected to be $3.04 billion, up 9% from the year-ago quarter.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Prior to a company's earnin ...

Darden Restaurants, Inc. (DRI) is scheduled to report third-quarter fiscal 2024 results on Mar 21, before the opening bell. In the last reported quarter, DRI delivered an earnings surprise of 7.6%.Q3 EstimatesThe Zacks Consensus Estimate for earnings is pegged at $2.64 per share, indicating growth of 12.8% from the prior-year levels. The consensus estimate for revenues is pegged at $3.04 billion, implying an increase of 9% from the year-ago figure.Factors to NoteDarden is anticipated to have achieved strong ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Darden Restaurants (DRI) reports results for the quarter ended February 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on March 21, 2024, might help the stock move higher if these key numbers are better t ...

Key PointsThe GLP-1 weight-loss craze has reignited interest in high protein and low-carb diets like the carnivore and ketogenic diets.Texas Roadhouse is the leading casual dining steakhouse in the United States, with 740 locations in 49 states, known for its hand-cut steaks and sides made from scratch, from bacon bits and rolls to salad dressings.Outback Steakhouse is well-known for its Australian-themed restaurants serving budget-friendly steak and seafood entrees and its world-famous Bloomin' Onion appet ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 26, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 1-13666 Commission File Number DARDEN RESTAURANTS, INC. (Exact name of registrant as specified in its charter) Florida 59-3305930 (State or other ...