Darden Restaurants Reports Fiscal 2023 Fourth Quarter and Full Year Results; Increases Quarterly Dividend; And Provides Fiscal 2024 Outlook

Ein gedeckter Tisch in einem Restaurant (Symbolbild). © pixabay.com/CC0 https://pixabay.com

PR Newswire

ORLANDO, Fla., June 22, 2023

ORLANDO, Fla., June 22, 2023 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 28, 2023.

Fourth Quarter 2023 Financial Highlights

Total sales increased 6.4% to $2.8 billion driven by a blended same-restaurant sales increase of 4.0% and sales from 47 net new restaurants
Same-restaurant sales:

Consolidated Darden

4.0 %

Olive Garden

4.4 %

LongHorn Steakhouse

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Darden Restaurants

150,39 $

+1,58%

7.1 %

Fine Dining

(1.9) %

Other Business

2.2 %

Reported diluted net earnings per share increased 15.2% to $2.58 as compared to last year's reported diluted net earnings per share of $2.24
The Company repurchased $35.2 million of its outstanding common stock

Fiscal 2023 Financial Highlights

Total sales increased 8.9% to $10.5 billion driven by a blended same-restaurant sales increase of 6.8% and sales from 47 net new restaurants
Same-restaurant sales:

			Consolidated Darden	6.8 %
			Olive Garden	6.7 %
			LongHorn Steakhouse	7.4 %
			Fine Dining	5.7 %
			Other Business	7.0 %

Reported diluted net earnings per share increased 8.1% to $8.00, as compared to last year's reported diluted net earnings per share of $7.40.

"We had a solid quarter to conclude a strong year in which we met or exceeded our financial outlook, despite a tough operating environment," said Darden President & CEO Rick Cardenas. "Throughout fiscal 2023, our strategy continued to serve us well. In addition to our Back-to-Basics Operating Philosophy driving strong execution in our restaurants, Darden's Four Competitive Advantages of Significant Scale, Extensive Data & Insights, Rigorous Strategic Planning and our Results-Oriented Culture continued to enable our brands to compete more effectively and provide even greater value to their guests."

Segment Performance

Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses.

	Q4 Sales		Q4 Segment Profit
($ in millions)	2023	2022	2023	2022
Consolidated Darden	$2,769.0	$2,602.9
Olive Garden	$1,269.2	$1,193.7	$297.8	$265.3
LongHorn Steakhouse	$711.7	$647.3	$132.1	$115.8
Fine Dining	$209.8	$210.5	$38.3	$44.0
Other Business	$578.3	$551.4	$91.5	$85.9

	Annual Sales		Annual Segment Profit
($ in millions)	2023	2022	2023	2022
Consolidated Darden	$10,487.8	$9,630.0
Olive Garden	$4,877.8	$4,503.9	$1,025.8	$993.7
LongHorn Steakhouse	$2,612.3	$2,374.3	$430.9	$418.4
Fine Dining	$830.8	$776.2	$158.5	$165.0
Other Business	$2,166.9	$1,975.6	$300.6	$300.2

Q4 Average Weekly Sales¹

Annual Average Weekly Sales¹

2023

Pre-COVID²

2023

Pre-COVID³

Consolidated Darden

$111,673

$96,542

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