Darden Restaurants, Inc's Q2 Blended Same-Restaurant Sales Grew by 2.8% YoY
Portfolio Pulse from Benzinga Newsdesk
Darden Restaurants, Inc. reported a 9.7% increase in total sales to $2.7 billion for Q2 2024, with a 2.8% rise in blended same-restaurant sales. The growth was partly due to the addition of 78 Ruth's Chris Steak House locations and 45 other new restaurants. Olive Garden and LongHorn Steakhouse saw same-restaurant sales growth of 4.1% and 4.9%, respectively, while Fine Dining and Other Business segments experienced declines of 1.7% and 1.1%.
December 15, 2023 | 12:09 pm
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Darden Restaurants, Inc. experienced a solid increase in Q2 sales, driven by new restaurant additions and positive same-restaurant sales growth, particularly in Olive Garden and LongHorn Steakhouse.
The positive earnings report, with higher overall sales and same-restaurant sales growth, is likely to be viewed favorably by investors. The expansion through new Ruth's Chris Steak House locations and other restaurants indicates a strong growth strategy, which could lead to a short-term positive impact on DRI's stock price. However, the decline in Fine Dining and Other Business segments may slightly temper investor enthusiasm.
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