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Darden Restaurants Issues FY23 Guidance; Increases Dividend

|   Companies

 

WASHINGTON (dpa-AFX) - Darden Restaurants, Inc. (DRI) announced, for fiscal 2023, the company expects: total sales of $10.2 to $10.4 billion; same-restaurant sales growth of 4% to 6%; and net earnings per share from continuing operations of $7.40 to $8.00.

Fourth quarter earnings from continuing operations declined to $281.7 million from $369.0 million, prior year. Earnings from continuing operations was $2.24 compared to $2.79. Analysts on average had expected the company to earn $2.21 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total sales increased 14.2% to $2.60 billion driven by a blended same-restaurant sales increase of 11.7% and sales from 33 net new restaurants. Analysts on average had estimated $2.54 billion in revenue.

Darden's Board authorized a new share repurchase program under which the company may repurchase up to $1 billion of its outstanding common stock. The repurchase program replaces the previously existing share repurchase authorization.

Darden's Board declared a quarterly dividend of $1.21 per share, a 10% increase from third quarter fiscal 2022. The dividend is payable on August 1, 2022 to shareholders of record at the close of business on July 8, 2022.

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

Darden Restaurants Issues FY23 Guidance; Increases Dividend

|   Companies

 

WASHINGTON (dpa-AFX) - Darden Restaurants, Inc. (DRI) announced, for fiscal 2023, the company expects: total sales of $10.2 to $10.4 billion; same-restaurant sales growth of 4% to 6%; and net earnings per share from continuing operations of $7.40 to $8.00.

Fourth quarter earnings from continuing operations declined to $281.7 million from $369.0 million, prior year. Earnings from continuing operations was $2.24 compared to $2.79. Analysts on average had expected the company to earn $2.21 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total sales increased 14.2% to $2.60 billion driven by a blended same-restaurant sales increase of 11.7% and sales from 33 net new restaurants. Analysts on average had estimated $2.54 billion in revenue.

Darden's Board authorized a new share repurchase program under which the company may repurchase up to $1 billion of its outstanding common stock. The repurchase program replaces the previously existing share repurchase authorization.

Darden's Board declared a quarterly dividend of $1.21 per share, a 10% increase from third quarter fiscal 2022. The dividend is payable on August 1, 2022 to shareholders of record at the close of business on July 8, 2022.

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

Darden Restaurants Issues FY23 Guidance; Increases Dividend

|   Companies

 

WASHINGTON (dpa-AFX) - Darden Restaurants, Inc. (DRI) announced, for fiscal 2023, the company expects: total sales of $10.2 to $10.4 billion; same-restaurant sales growth of 4% to 6%; and net earnings per share from continuing operations of $7.40 to $8.00.

Fourth quarter earnings from continuing operations declined to $281.7 million from $369.0 million, prior year. Earnings from continuing operations was $2.24 compared to $2.79. Analysts on average had expected the company to earn $2.21 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total sales increased 14.2% to $2.60 billion driven by a blended same-restaurant sales increase of 11.7% and sales from 33 net new restaurants. Analysts on average had estimated $2.54 billion in revenue.

Darden's Board authorized a new share repurchase program under which the company may repurchase up to $1 billion of its outstanding common stock. The repurchase program replaces the previously existing share repurchase authorization.

Darden's Board declared a quarterly dividend of $1.21 per share, a 10% increase from third quarter fiscal 2022. The dividend is payable on August 1, 2022 to shareholders of record at the close of business on July 8, 2022.

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

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