Darden Restaurants (NYSE:DRI) earnings for its fiscal first quarter of 2020 has DRI stock falling on Thursday.
The company reported revenue of $2.13 billion for its fiscal first quarter of the year. This is a 3.5% increase over the company’s revenue of $2.06 billion reported in the same period of the year prior. However, it was bad news for DRI stock by just missing Wall Street’s revenue estimate of
Behind the Darden Restaurants revenue for its fiscal first quarter are mixed same-store sales. This includes Olive Garden being up 2.2%, LongHorn Steakhouse up 2.6%, The Capital Grille up 1.5% and Eddie V’s up 1.2%. On the other side we have Cheddar’s Scratch Kitchen down 5.4%, Yard House down 1.9%, Seasons 52 down 4.2% and Bahama Breeze also down 4.2%.
Another possible negative dragging down the Darden Restaurants report is its outlook for the fiscal full year of 2020. This has it expecting revenue to increase between 5.3% and 6.3% from its $8.51 billion in fiscal 2019. Wall Street is looking for revenue of $9.05 billion for the year, which is just above a 6.3% increase.
Despite the miss, Darden Restaurants’ earnings report revealed a few bright points. Among these are diluted per-share earnings of $1.38 for the its fiscal first quarter of 2020. This is above analysts’ earnings per share estimate of $1.36 for the quarter.
Darden Restaurants earnings includes an EPS outlook of $6.30 to $6.45 for the fiscal full year. The mid-point of this range falls shy of Wall Street’s estimates of $6.40 in fiscal 2020.
DRI stock was down 4.5% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
