All articles tagged with #darden restaurants
Darden Restaurants reported strong Q2 sales driven by Olive Garden and LongHorn Steakhouse, raising its full-year revenue outlook due to increased demand for value-oriented dining options despite higher ingredient costs, with growth in same-store sales and a positive outlook for fiscal 2026.
Darden Restaurants reported mixed quarterly results with a net income increase and strong sales growth driven by its brands like Olive Garden and LongHorn Steakhouse, and raised its revenue growth forecast for 2026, though its shares fell 6% premarket.
Darden Restaurants is considering closing or selling the Bahama Breeze brand due to strategic misalignment, while focusing on growing its successful Olive Garden chain and expanding internationally through new franchise agreements.
Darden Restaurants hit an all-time stock high after surpassing earnings and revenue estimates, driven by strong same-restaurant sales, new locations, and the acquisition of Chuy's Tex Mex, with the company announcing a $1 billion stock buyback.
Darden Restaurants exceeded quarterly sales estimates and raised its annual same-store sales forecast above analyst expectations, driven by strong demand at casual dining chains like Olive Garden, supported by menu innovations, delivery services, and promotional offers. Shares rose 3% premarket, despite a slightly lower forecast for annual earnings per share.
Olive Garden will raise menu prices by 2.5% to 3% over the next year to align with inflation, after keeping increases below inflation in recent years. Despite recent declines in same-store sales, Darden Restaurants, Olive Garden's parent company, aims to maintain value and customer experience amidst economic concerns.
Darden Restaurants CEO Rick Cardenas reports that customers are shifting from fast-food to casual-dining chains due to frustration with rising fast-food prices. Competitors like Chili's and Applebee's are capitalizing on this trend with targeted ad campaigns and deals. Despite this shift, Darden has not seen significant benefits, though it continues to outperform the broader casual-dining segment. Fast-food chains like McDonald's are also responding with new value meals to retain price-conscious customers.
Darden Restaurants Inc., the owner of Olive Garden and LongHorn Steakhouse, reported a 6.8% rise in total third-quarter sales to $3 billion, but CEO Rick Cardenas noted a shift in consumer behavior, with lower-income families dining out less while higher-income individuals are spending more. This reflects a two-track economy where lower-income consumers are pulling back while higher-income families are splurging. The company's earnings call also highlighted affordability challenges for lower-income households, with fast-food chains like McDonald's also facing similar issues. Despite this, Darden's sales at certain restaurants have reached record levels, indicating a somewhat return to the pre-COVID status quo in terms of income mix.
Darden Restaurants Inc., the owner of Olive Garden, experienced an 11% stock plummet after reporting lower-than-expected revenue and a pullback in consumer spending, particularly among lower income and older customers. The company attributed this trend to unfavorable weather conditions, elevated inflation, and changing consumer behavior. Despite acquiring new restaurants, only LongHorn Steakhouse saw growth in same-store sales. Darden updated its fiscal 2024 financial outlook, expecting sales for the fourth quarter to be approximately $11.4 billion and planning to open 50 to 55 new restaurants during the period.
Darden Restaurants reported a decline in same-store sales for the first time since the pandemic, despite an increase in net sales fueled by the acquisition of Ruth's Chris Steak House and other new restaurant locations. The company's overall same-store sales fell 1% in the quarter, with Olive Garden and other segments reporting declines, while LongHorn Steakhouse saw growth. Darden also updated its fiscal 2024 outlook, narrowing its earnings forecast and lowering its revenue and same-store sales projections.
Darden Restaurants, the owner of Olive Garden and LongHorn Steakhouse, reported better-than-expected earnings for the fiscal second quarter, with adjusted earnings per share of $1.84 and revenue of $2.73 billion. Sales rose 9.7% compared to the previous year, driven by the inclusion of Ruth's Chris Steak House locations and a same-restaurant sales increase of 2.8%. Olive Garden and LongHorn Steakhouse both saw positive same-restaurant sales growth, while fine dining sales declined. Darden also raised its annual guidance and updated its fiscal year 2024 outlook, projecting adjusted earnings per share of $8.75 to $8.90 and $11.5 billion in sales.
Darden Restaurants, the parent company of Olive Garden and Ruth's Chris Steak House, reported better-than-expected earnings and revenue for its first quarter, despite weaker sales in its fine-dining segment. Same-store sales for Darden's fine-dining restaurants, which include The Capital Grille and Eddie V's, fell more than anticipated, indicating a decrease in consumer spending on upscale dining. However, LongHorn Steakhouse and Olive Garden performed well, with both reporting positive same-store sales growth. Darden reiterated its fiscal 2024 outlook, projecting net sales of $11.5 billion to $11.6 billion, same-store sales growth of 2.5% to 3.5%, and adjusted earnings per share of $8.55 to $8.85.
Darden Restaurants, the parent company of Olive Garden, has acquired Ruth's Chris Steak House for $715 million, surprising some analysts who expected the company to target another casual-dining chain. Darden executives made it clear that the deal is because of their conviction in the high-end segment, as fine-dining restaurants' sales growth is expected to outpace that of casual-dining eateries through 2026. The decision wasn't made based on the current economic cycle, and Darden said high-income diners aren't pulling back on spending at its existing fine-dining chains.
Darden Restaurants, the parent company of Olive Garden, has acquired Ruth's Chris Steakhouse for $715 million. The acquisition adds the iconic steakhouse chain to Darden's portfolio of restaurants, which includes Olive Garden, LongHorn Steakhouse, and Cheddar's Scratch Kitchen. Ruth's Chris has 154 locations worldwide and is known for its prime steaks and award-winning wine selection. The acquisition is expected to provide more opportunities for Ruth's Chris team members to develop in their careers as the brand continues to grow.
Darden Restaurants, the owner of Olive Garden, has acquired Ruth’s Hospitality Group Inc., the parent company of Ruth’s Chris Steak House, for $715 million. The acquisition will add to Darden's portfolio of higher-end restaurants such as Eddie V’s and Capital Grille. Ruth’s Chris Steak House has 154 locations worldwide, including 80 company-owned or -operated restaurants and 74 franchised restaurants.