Darden Restaurants (NYSE:DRI) earnings for the Olive Garden owner’s fiscal fourth quarter of 2020 have DRI on the rise Thursday. That’s thanks to its adjusted losses per share of $1.24, which easily beats Wall Street’s estimate of -$1.72. Its revenue of $1.27 billion also comes in above analysts’ estimates of $1.24 billion.
Here are some additional highlights from the most recent Darden Restaurants earnings report.
- Adjusted per-share losses are a massive drop from its adjusted earnings per share of $1.76 in fiscal Q4 2019.
- Revenue for the quarter comes in 43% lower than the $2.23 billion from the same time last year.
- Operating loss of $592.1 million is a negative switch year-over-year from an operating income of $229.8 million.
- The Darden Restaurants earnings also have it reporting a net loss of $480 million.
- That’s a major decline compared to its net income of $208 million from the same period of the year prior.
Gene Lee, CEO of Darden Restaurants, said this about the earnings report.
“We benefited greatly from our competitive advantages that form the foundation of our strategy, especially our scale and our culture. Our scale allowed us to quickly react to constant change, while our team members displayed tremendous innovation, flexibility and passion as they continued to serve our guests. I’m incredibly proud of our teams and that our culture grew stronger during this time.”
Darden Restaurants also provides guidance for fiscal Q1 2021 in the earnings report. It expects diluted EPS to be flat or greater with revenue being 70% of what was reported in fiscal Q1 2020. Wall Street’s estimates include adjusted losses per share of 35 cents on revenue of $1.6 billion.
DRI stock was up 2.7% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.