Olive Garden parent Darden stands by outlook after mixed quarterly results

Darden Restaurants connected Thursday reported mixed quarterly results but inactive reiterated its outlook for fiscal 2023.

The genitor institution of Olive Garden and LongHorn Steakhouse said nett income for the quarter rose 6.1% to $2.45 billion, which was lighter than Wall Street's expectations. Same-store income accrued 4.2% successful the quarter. CEO Rick Cardenas said successful a connection that Darden saw seasonal changes to request instrumentality to the business.

Darden has antecedently said it plans to terms beneath rivals and bounds however overmuch of its accrued costs it passes connected to diners. The company's costs for food, beverages and labour climbed during the latest quarter, weighing connected its operating profit.

Shares of the institution fell 2% successful premarket trading.

Here's what the institution reported for the 4th ended Aug. 28 compared with what Wall Street was expecting, based connected a survey of analysts by Refinitiv:

• Earnings per share: $1.56, gathering estimates
• Revenue: $2.45 cardinal vs. $2.47 cardinal expected

Net income for the play was $193 million, oregon $1.56 per share, down from $230.9 million, oregon $1.75 per share, a twelvemonth earlier.

For its fiscal 2023, Darden expects net per stock from continuing operations of $7.40 to $8. The institution is assuming that ostentation volition emergence 6% successful the caller fiscal year. It's projecting gross of $10.2 cardinal to $10.4 billion.

Darden is besides expecting same-store income maturation of 4% to 6% and 50 to 60 caller edifice openings successful fiscal 2023.

This is simply a breaking quality story. Please cheque backmost for updates.