Darden Restaurants hits record high after maintaining annual sales forecast

Darden Restaurants

20/03/2025 15:09

Updates

** Olive Garden owner Darden Restaurants DRI.N rises as much as 8.1% to a record high of $203.47

** Co maintains annual net sales and same-store sales forecasts despite missing Q3 same-store sales and net sales estimates, betting on steady spending

** "I think as long as incomes are going up and outpacing inflation, I think they (consumers) are likely to keep spending" - CEO Rick Cardenas

** Co also forecasts Q4 net sales above estimates

** Q3 adjusted profit narrowly beat estimates, while co narrowed annual profit forecast, whose midpoint is slightly below prior forecast

** Says $548 million remaining under current $1 billion repurchase authorization at Q3 end

** DRI rose 13.6% in 2024, and was up ~1% YTD, as of last close

 (Reporting by Neil J Kanatt in Bengaluru)

 ((Neil.JKanatt@thomsonreuters.com;))