MARKET COMPOSITE
Market TodayThemes and Stocks SummaryThematic Stock SearchCrypto SummaryFAQAbout
Home/
DRI - Darden Restaurants, Inc.
$151.46
0.41(0.27%)4:37:35 PM 3/23/2023
Darden Restaurants, Inc., through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 31, 2020, it owned and operated approximately 1,804 restaurants, which included 868 under the Olive Garden, 522 under the LongHorn Steakhouse, 165 under the Cheddar's Scratch Kitchen, 81 under the Yard House, 60 under The Capital Grille, 44 under the Seasons 52, 41 under the Bahama Breeze, and 23 under the Eddie V's Prime Seafood brands. The company was founded in 1968 and is based in Orlando, Florida.

Financials

Quarterly financials
(USD)Nov 2022Q/Q
Revenue2.5B+2%
Gross Profit411.6MM-3%
Cost Of Revenue2.1B-
Operating Income233.2MM-5%
Operating Expenses178.4MM-
Net Income187.2MM-3%
G&A90.4MM+2%
Marketing31.1MM+3%

Revenue Breakdowns

The above Revenue Breakdowns and below Management Discussion contents are extracted from this specific SEC Edgar 10-K/10-Q filling. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.

Highlights of Management DIscussion and Risk Factors in 10-K/10-Q filling

Positive
1.
LongHorn Steakhouse’s sales increase for the second quarter and six months of fiscal 2023 was primarily driven by same-restaurant sales increases combined with revenue from new restaurants.
2.
Fine Dining’s sales increase for the second quarter and six months of fiscal 2023 was primarily driven by same-restaurant sales increases combined with revenue from new restaurants.
3.
Olive Garden’s sales increase for the second quarter and six months of fiscal 2023 was primarily driven by U.S. same-restaurant sales increases combined with revenue from new restaurants.
4.
Other Business’ sales increase for the second quarter and six months of fiscal 2023 was primarily driven by same-restaurant sales increases combined with revenue from new restaurants.
5.
The increase in same-restaurant sales for the second quarter of fiscal 2023 resulted from a 7.2 percent increase in average check combined with a 0.1 percent increase in same-restaurant guest counts.
6.
The increase in same-restaurant sales for the six months of fiscal 2023 resulted from a 6.6 percent increase in average check combined with a 0.1 percent increase in same-restaurant guest counts.
7.
The increase in same-restaurant sales for the second quarter of fiscal 2023 resulted from a 7.1 percent increase in average check offset by a 1.1 percent decrease in same-restaurant guest counts.
8.
The increase in U.S. same-restaurant sales for the second quarter of fiscal 2023 resulted from a 8.0 percent increase in average check offset by a 0.3 percent decrease in same-restaurant guest counts.
9.
The increase in U.S. same-restaurant sales for the six months of fiscal 2023 resulted from a 8.5 percent increase in average check offset by a 3.3 percent decrease in same-restaurant guest counts.
10.
The increase in same-restaurant sales for the second quarter months of fiscal 2023 resulted from a 7.4 percent increase in average check offset by a 0.3 percent decrease in same-restaurant guest counts.
11.
The increase in same-restaurant sales for the six months of fiscal 2023 resulted from a 6.8 percent increase in average check offset by a 1.0 percent decrease in same-restaurant guest counts.
12.
OutlookWe expect sales for fiscal 2023 to be between $10.3 and $10.45 billion, driven by same-restaurant sales growth of 5.0 to 6.5 percent and 55 to 60 new restaurant openings.
13.
27We currently manage our business and financial ratios to target an investment-grade bond rating, which has historically allowed flexible access to financing at reasonable costs.
Negative
1.
The ongoing effects of COVID-19 and its variants, along with other geopolitical and macroeconomic events could lead to further capacity restrictions, mask and vaccination mandates, wage inflation, staffing challenges, product cost inflation and disruptions in the supply chain that impact our restaurants’ ability to obtain the products needed to support their operations.
2.
These events further impacted the availability of team members needed to staff our restaurants and caused additional disruptions in our product supply chain.
3.
A leverage ratio exceeding the maximum permitted under our Revolving Credit Agreement would be a default under our Revolving Credit Agreement. 
4.
The decrease in Fine Dining and Other Business’ segment profit margin for the second quarter and six months of fiscal 2023 was driven primarily by food and beverage and restaurant labor costs partially offset by positive same-restaurant sales.
5.
BPSLongHorn Steakhouse14.3%15.3%(100) BPS14.7%17.1%(240) BPSFine Dining19.3%21.0%(170) BPS17.9%20.5%(260) BPSOther Business11.6%13.6%(200) BPS12.7%15.7%(300) BPSThe decrease in Olive Garden and LongHorn’s segment profit margin for the second quarter and six months of fiscal 2023 was driven primarily by food and beverage costs partially offset by positive same-restaurant sales.
6.
Impairment of our assets, including goodwill or trademarks, adversely affects our financial position and results of operations, and our leverage ratio for purposes of our Revolving Credit Agreement. 
7.
This change was primarily driven by the impact of federal tax credits and lower net earnings from continuing operations.
Stock Chart

Short Volume Ratio = Short Volume / All Volume. Source of Short Volume data comes from 

Finra

Moving Average Convergence/Divergence oscillator (MACD) is one of the simplest and most effective momentum indicators available.

Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. RSI oscillates between zero and 100. According to Wilder, RSI is considered overbought when above 70 and oversold when below 30.

leak data

Stock news

scroll to load more