Shares of Darden Restaurants rose as much as 4.3 percent Tuesday after the company posted better-than-expected fiscal fourth-quarter earnings before the bell.
Here’s what company reported:
- EPS: $1.18 vs. $1.15 expected, according to Thomson Reuters.
- Revenue: $1.935 billion vs. $1.865 billion estimate, according to Thomson Reuters.
“Our strong fourth-quarter results wrapped up a solid year of performance,” CEO Gene Lee, said in a statement. “We continue to improve execution in our restaurants by relentlessly focusing on food, service, and atmosphere. Our strategy is helping to build guest loyalty, drive improved financial results and grow shareholder value.”
Darden saw same-store sales, a key metric that includes only stores open at least a year, rise 3.3 percent in the fourth quarter, well-above Wall Street’s estimate of 2.4 percent.
Olive Garden’s same-store sales grew 4.4 percent in the fourth quarter, well above Street Account estimates of 2.9 percent. This is the eleventh consecutive quarter of positive same-store sales for the brand.