Sector: Consumer Discretionary|Industry: Restaurants|Market Cap: $21.99B|Employees: 191.1K
Darden Restaurants, Inc. is a full-service restaurant company that owns and operates various brands including Olive Garden, LongHorn Steakhouse, and Ruth's Chris. The company's primary revenue streams come from food and beverage sales at its restaurants. Darden is a major player in the full-service dining sector, operating primarily in the U.S. and Canada, with a mix of company-owned and franchised locations.
Total sales increased to $2.89 billion, up 6.0% year-over-year, driven by 142 net new restaurants and a blended same-restaurant sales increase of 2.4%. This growth indicates successful expansion and sustained performance at existing locations.
Net earnings from continuing operations increased to $215.7 million, a 1.6% increase compared to $212.3 million in the prior year. This indicates improved profitability despite inflationary pressures and integration costs.
General and administrative expenses increased by 25.5% YoY, primarily due to Chuy's transaction and integration costs. This increase suggests potential short-term cost pressures related to the acquisition.