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Darden Restaurants Reports Q1 Revenue Below Street View; Backs FY23 Outlook

  • Darden Restaurants Inc (NYSE: DRI) reported first-quarter FY23 sales growth of 6.1% year-on-year to $2.45 billion, missing the consensus of $2.47 billion.

  • Same-restaurant sales for the quarter increased 4.2%.

  • Darden clocked an operating margin of 10%, and the operating income fell 13% Y/Y to $244.2 million.

  • EPS of $1.56 was in-line with the consensus.

  • Darden generated an operating cash flow of $427.8 million for the quarter. It held $435.9 million in cash and equivalents as of August 28, 2022.

  • Also ReadWhy Darden Restaurants Options Suggest Further Downside Ahead

  • Darden's Board of Directors declared a quarterly cash dividend of $1.21 per share on the common stock, payable on November 1, 2022, to shareholders of record on October 10, 2022.

  • As of the end of Q1, the company had approximately $912 million remaining under the current $1 billion repurchase authorization.

  • Guidance, reaffirmed: Darden sees FY23 sales of $10.2 billion - $10.4 billion versus the consensus of $10.29 billion.

  • It expects FY23 EPS of $7.40-$8.00 versus the consensus of $7.70.

  • The restaurant chain expects same-restaurant sales growth of 4%-6% with 55 to 60 new restaurant openings.

  • Price Action: DRI shares are trading lower by 3.07% at $127.25 in premarket on the last check Thursday.

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