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19.12.2019 13:13:44

Olive Garden parent Darden Restaurants stock slips after same-restaurant sales fall short

Darden Restaurants Inc. shares fell 4% in Thursday trading after the company reported fiscal second-quarter same-restaurant sales below the outlook. Net income totaled $24.7 million, or 20 cents per share, down from $115.6 million, or 92 cents per share, last year. Adjusted EPS of $1.12, which includes adjustments from the termination of a benefit plan, beat the $1.07 FactSet consensus. Sales of $2.06 billion rose from $1.97 billion last year and matched the FactSet consensus. Same-restaurant sales rose 2% with Olive Garden up 1.5%, Longhorn Steakhouse up 6.7% and Seasons 52 down 3.5%. The FactSet guidance was for 2.1% growth. For fiscal 2020, Darden expects sales growth of 5.3% to 6.3%, same-restaurant sales growth of 1% to 2% and adjusted EPS of $6.30 to $6.45. FactSet is guiding for sales of $9.03 billion, implying 6.1% growth, same-restaurant sales growth of 1.6% and EPS of $6.40. Darden shares have gained 16.5% in 2019 while the S&P 500 index is up 27.3% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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