Darden Restaurants (DRI) Tops Q1 EPS by 2c, Reaffirms FY Guidance

Darden Restaurants (NYSE: DRI) reported Q1 EPS of $1.38, $0.02 better than the analyst estimate of $1.36. Revenue for the quarter came in at $2.13 billion versus the consensus estimate of $2.14 billion.

• Same-restaurant sales by brand:

Outlook:

The Company reaffirmed all aspects of its financial outlook for fiscal 2020:

• 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%
• Approximately 50 gross and 44 net new restaurant openings
• Total capital spending of $450 to $500 million
• Total inflation of approximately 2.5%
• Effective tax rate of 10% to 11%
• Diluted net earnings per share from continuing operations of $6.30 to $6.45 including:
  • Approximately $0.15 related to the addition of the 53rd week
  • Approximately -$0.05 related to the implementation of ASC-842 Lease Accounting
• Approximately 124 million weighted average diluted shares outstanding

For earnings history and earnings-related data on Darden Restaurants (DRI) click here.

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