Darden Restaurants delivered a strong fiscal fourth quarter despite temporary distortions, with adjusted earnings per share of $3.66 and same-store sales growth of 4.6%. LongHorn Steakhouse posted a 9.5% same-store sales increase, its best performance in years, while Olive Garden's reported weakness reflected a lighter-portions menu initiative that reduced same-store sales by roughly 80 basis points. Excluding the impact of a 53rd fiscal week, underlying organic revenue growth is approximately 5.5%, and management expects beef inflation to pressure only the first quarter before easing. The company announced a new $1.5 billion share repurchase authorization and an 8% dividend increase, with analyst price targets ranging from $227 to $235 over the next year.
Darden Restaurants IncDarden reported adjusted EPS beat, strong same-store sales, new $1.5B buyback, and 8% dividend increase.
Texas Roadhouse Inc