Olive Garden Sales Fall Short, But Parent Company Darden Stands by Outlook

Darden Restaurants reported mixed quarterly results but still reiterated its outlook for fiscal 2023.

Olive Garden reported same-store sales growth of 2.3%, falling short of StreetAccount estimates of 5.4%. The chain accounted for 46% of Darden's revenue during the quarter.

Demand for LongHorn Steakhouse also fell short of Wall Street's expectations. The chain reported same-store sales growth of 4.2%, missing estimates of 5.1%. Net income for the period was $193 million, or $1.56 per share, down from $230.9 million, or $1.75 per share, a year earlier. For its fiscal 2023, Darden expects earnings per share from continuing operations of $7.40 to $8. The company is assuming that inflation will rise 6% in the fiscal year. It's projecting revenue of $10.2 billion to $10.4 billion.

Darden is also forecasting same-store sales growth of 4% to 6% and 55 to 60 new restaurant openings in fiscal 2023.

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