Darden Restaurants (NYSE:DRI) unveiled its latest quarterly earnings results late on Thursday, bringing in sales that missed the Wall Street guidance, yet the company’s profit that was stronger than what analysts called for, playing a role in lifting DRI stock today.
The Orlando, Fla.-based restaurant operator — parent company of Olive Garden and LongHorn SteakHouse — said that for its fourth quarter of its fiscal 2019, it brought in a profit of $208 million, or $1.67 per share. This marks a 19.2% increase over the company’s net income from the same quarter a year ago, which tallied up to $174.5 million, or $1.39 per share.
On an adjusted basis, Darden Restaurants raked in a profit of $1.76 per share, topping the $1.73 per share that the Wall Street consensus estimate predicted, according to FactSet. The business added that its revenue for the period came in at $2.229 billion, a 4.5% surge when compared to its sales of $2.134 billion from its fourth quarter of its fiscal 2018.
The business missed Wall Street’s revenue guidance for the period as analysts were calling for sales of $2.244 billion. Darden Restaurants posted same-restaurant sales that gained 1.6% year-over-year, missing the FactSet guidance of a 2.4% increase in comps.
The company said it now sees its same-restaurant sales to surge 1% to 2% for its fiscal 2020, while earnings are slated to come in at $6.30 to $5.45 per share. The FactSet guidance sees the business’ same-restaurant sales gaining 2.2%, while earnings are expected to be $6.46 per share.
DRI stock is up about 1.1% on Thursday following the company’s quarterly earnings results.