Darden Restaurants falls after quarterly results miss
DRI•Darden Restaurants marginally missed first-quarter sales and adjusted earnings estimates, reporting sales of $3.20 billion and adjusted earnings of $2.05 per share. It reaffirmed its annual EPS and same-restaurant sales growth forecasts.
1. Quarterly results
Darden shares fell 5% in premarket trading after the Olive Garden parent reported first-quarter sales of $3.20 billion, versus estimates of $3.21 billion, and adjusted earnings from continuing operations of $2.05 per share, versus estimates of $2.06. The company said budget-conscious diners curtailed restaurant spending and prioritized value-focused purchases, and it reaffirmed its annual EPS and same-restaurant sales growth forecasts.
