It's forecasting same-store sales growth of 4% to 6% and 55 to 60 new restaurant openings in fiscal 2023. If inflation exceeds expectations, Darden plans to hike prices further.ĭarden is also projecting revenue of $10.2 billion to $10.4 billion. Co-ops also have monthly fees (Common Charges and Maintenance Fees), which may also include real estate taxes and a portion of the buildings underlying mortgage. CFO Raj Vennam told investors that the company believes inflation peaked in the first quarter and the gap between higher costs and menu prices will narrow in the next two quarters. HOA fees are common within condos and some single-family home neighborhoods. The company is assuming that inflation will rise 6% in the fiscal year. Net income for the period was $193 million, or $1.56 per share, down from $230.9 million, or $1.75 per share, a year earlier.įor its fiscal 2023, Darden expects earnings per share from continuing operations of $7.40 to $8. Before the Covid pandemic, the summer months typically meant a lull in traffic. Darden said it saw seasonal changes to demand return to the business. The segment, which includes The Capital Grille, reported same-store sales growth of 7.6%. Overall, the company's same-store sales rose 4.2%, boosted by the performance of its fine-dining restaurants. The chain reported same-store sales growth of 4.2%, missing estimates of 5.1%. Cardenas said the chain, which accounted for nearly half of Darden's revenue during the quarter, is more exposed to low-income consumers.ĭemand for LongHorn Steakhouse also was short of Wall Street's expectations. Olive Garden's same-store sales rose 2.3%, falling short of StreetAccount estimates of 5.4%. $2.47 billion expectedĭemand for the company's two largest chains fell short of expectations during the period. Earnings per share: $1.56, meeting estimates.Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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