Darden Restaurants Reports Mixed Q1 Earnings

Darden Restaurants (DRI) reported first-quarter earnings of $1.38 per share, which beat the analyst consensus estimate of $1.36 by 1.47%. This is a 2.99% increase over earnings of $1.34 per share from the same period last year.

The company reported quarterly sales of $2.134 billion, which missed the analyst consensus estimate of $2.14 billion by 0.28%. This is a 3.54% increase over sales of $2.061 billion the same period last year.

The company also announced a $500 million buyback.

"I'm pleased with our results this quarter as we continued to gain market share," said CEO of Darden Restaurants Gene Lee. "Our teams remained focused on improving the guest experience by focusing on our back-to-basics operating philosophy and leveraging our competitive advantages, all while managing costs effectively."

Darden Restaurants shares were trading down 1.71% at $124.95 in Thursday’s pre-market session. The stock has a 52-week high of $128.41 and a 52-week low of $95.83.

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