Olive Garden Parent Darden Records Strong Q4 Growth, Hikes Dividend

Darden Restaurants Inc. (NYSE:DRI), the parent stock of restaurants like Olive Garden and LongHorn Steakhouse, rose on Friday after the company topped fourth-quarter earnings and revenue estimates, lifted by strong same-restaurant sales and expansion efforts.

The company reported fourth-quarter adjusted earnings per share of $2.98, beating the analyst consensus estimate of $2.97.

Quarterly sales of $3.27 billion outpaced the analyst consensus estimate of $3.26 billion. This 10.6% increase in sales was driven by a 4.6% rise in blended same-restaurant sales and contributions from the acquisition of 103 Chuy’s Tex Mex restaurants and 25 net new restaurant openings.

Also Read: Starbucks At A Crossroads, Analyst Sees Chipotle-Like Potential But Warns Of Declining Value Perception

Darden ...