Darden Restaurants Q1: Earnings Beat, Affirmed FY24 Outlook, New Board Chair & More
Portfolio Pulse from Shivani Kumaresan
Darden Restaurants Inc reported Q1 FY24 sales growth of 11.6% YoY to $2.73 billion, beating the analyst consensus estimate. The growth was driven by a 5.0% increase in same-restaurant sales and sales from 77 new Ruth's Chris Steak House restaurants. The company declared a quarterly cash dividend of $1.31 per share and elected Cynthia T. Jamison as the new Chair of the Board. DRI reaffirmed its FY24 adjusted EPS guidance of $8.55 - $8.85.
September 21, 2023 | 1:39 pm
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Darden Restaurants reported strong Q1 FY24 results, beating sales estimates and declaring a dividend. The company also elected a new Board Chair and reaffirmed its FY24 EPS guidance.
Darden's strong Q1 results, including beating sales estimates and declaring a dividend, are positive news for the company. The election of a new Board Chair and reaffirmation of FY24 EPS guidance also provide stability and confidence for investors, which could positively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100