2/20/2024 0 Comments Bahama breeze locations californiaAlso, macroeconomic trends will be key any weakness in the jobs market would undoubtedly be a risk to sales and restaurant traffic trends. Key risks include difficulties passing through higher costs to consumers who report being cost-conscious today. Going forward, the management team sees full-year sales of $11.5 billion and adjusted earnings per share of $8.75 to $8.90 versus the current consensus of $8.77. %here is ample room left for further buybacks under the current program. Additionally, Darden sees efficiencies from reduced worker turnover, artificial intelligence scheduling technologies and supply chain management improvements to offset near-term margin pressures.ĭarden also repurchased approximately 1.2 million shares in the quarter for a total of $181 million. It will be key to watch labor inflation trends as well as price changes in key food areas both will have significant impacts on total expenses and the company's margins. Stable traffic trends were seen at Olive Garden, while a slight decline in traffic was reported at Longhorn. Total sales jumped 9.7% year over year to $2.7 billion, helped by a 2.8% rise in blended same-restaurant sales along with the addition of 78 company-own Ruth's Chris Steak House restaurants (the company announced that it would acquire Ruth's Chris earlier this year). Quarterly non-GAAP earnings of $1.84 per share came in better than the Wall Street consensus figure of $1.74 and was up significantly from $1.52 from the same period a year ago. Color on the quarterĮarlier this month, Darden reported a healthy second quarter (the company is already in fiscal year 2024). Ahead of earnings due in March, shares trade with a modest 17% implied volatility percentage, while short interest on the stock is material at 3.8%. With a $19.60 billion market cap, the Florida-based restaurant company within the consumer discretionary sector trades at a near-market 18.4 forward non-GAAP price-earnings ratio and the stock pays an above-market 3.2% dividend yield as of Dec. Casual dining restaurants include Bahama Breeze, Cheddar's, Seasons 52 and Yard House. Its restaurant brand portfolio also includes fine dining concepts such as The Capital Grille and Eddie V's Prime Seafood. Its largest reportable segments include Olive Garden and Longhorn Steakhouse. High-Yield Darden Restaurants Bolstered by Strong Quarter, Projected EPS Growth Company descriptionĭarden, together with its subsidiaries, is a full-service restaurant company that owns and operates over 1,800 locations in North America.
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