Darden posts first same-store sales decline since pandemic, offset by Ruths Chris acquisition
Summary
Darden Restaurants on Thursday reported mixed quarterly results as the Olive Garden owners same-store sales shrank for the first time since the Covid pandemic. Heres what the company reported for the quarter ended Feb. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv: Darden reported fiscal third-quarter net income of $312.9 million, or $2.60 per share, up from $286.6 million, or $2.34 per share, a year earlier. Net sales rose 6.8% to $2.97 billion, fueled by Dardens acquisition of Ruths Chris Steak House and 53 other new restaurant locations. Olive Garden, usually the crown jewel of Dardens portfolio, reported its same-store sales fell 1.8%. Dardens fine dining business, which includes The Capital Grille, saw its same-store sales decline 2.3%.