Darden Eating places (DRI) Q1 2021 earnings high estimates
Luke Sharrett | Bloomberg | Getty Photographs
Shares of the corporate fell 2% in premarket buying and selling.
Here is what the corporate reported for the quarter ended Aug. 30 in contrast with what Wall Road was anticipating, primarily based on a survey of analysts by Refinitiv:
- Earnings per share: 28 cents vs. 5 cents anticipated
- Income: $1.53 billion vs. $1.56 billion anticipated
The Olive Backyard guardian reported fiscal first-quarter internet earnings of $36.1 million, or 28 cents per share, down from $170.6 million, or $1.37 cents per share, a 12 months earlier. Analysts surveyed by Refinitiv had been anticipating earnings of 5 cents per share.
Excluding losses from discontinued operations, Darden earned $37.3 million within the newest interval, in contrast with $171.8 million a 12 months in the past.
Web gross sales dropped 28.4% to $1.53 billion, lacking expectations of $1.56 billion. Identical-store gross sales throughout all of its restaurant manufacturers plunged 29% throughout the quarter.
The corporate’s positive eating enterprise is beneath probably the most strain, with same-store gross sales shrinking by 39%. Olive Backyard, which accounts for roughly half of Darden’s income, noticed its same-store gross sales decline by 28%. LongHorn Steakhouse’s same-store gross sales fell by simply 18%.
Darden expects its fiscal second-quarter gross sales to fall 18% in contrast with the identical time final 12 months. The corporate can also be forecasting diluted internet earnings per share from persevering with operations in a variety of 65 cents to 75 cents.
Darden additionally mentioned that it absolutely repaid its $270 million time period mortgage on Aug. 10, citing its “steadily bettering money flows” within the quarter and higher confidence in its money stream projections. It is usually reinstating its dividend and can pay out 30 cents per share for this quarter’s outcomes. The corporate has $655 million of money readily available.
Learn the complete earnings launch.