Darden Restaurants Announces Second Quarter Financial Results | Financial Buzz

Darden Restaurants Announces Second Quarter Financial Results

Darden Restaurants, Inc. (NYSE: DRI) announced its financial results for the second quarter.  The company reported total sales of USD 1.66 Billion, a 19.4% shortfall due to negative blended same-restaurant sales of 20.6% offset slightly by the addition of 19 net new restaurants.  Diluted net earnings per share from continued operations was USD 0.74 compared to USD 0.21 in the same period last year.  EBITDA amounted to USD 206 Million.  “I was pleased with our ability to once again deliver strong profitability in an unpredictable sales environment,” said CEO Gene Lee. “Our restaurant teams continue to demonstrate remarkable flexibility and resilience, while executing at a high level and serving our guests safely. We continue to view this environment as a rare opportunity to meaningfully transform our business for long-term growth. Our brands made additional strides to invest in and strengthen their businesses to ensure they emerge even stronger and better positioned to grow share.”

The company’s board of directors declared a quarterly cash dividend of USD 0.37 per share on its shares of outstanding common stock.  The dividend will be payable on February 1st, 2021 to shareholders of record at the close on January 8th, 2021. 

For the third quarter, the company expects total sales to range between 65% to 70% of prior year as estimated EBITDA is anticipated to range from USD 170 to USD 210 Million.