Darden Restaurants (DRI) Q3 2023 earnings

Darden Restaurants on Thursday raised its revenue outlook for fiscal 2023 for the second consecutive quarter after reporting quarterly results that showed growth across the board.

For fiscal 2023, Darden now expects sales of $10.45 billion to $10.5 billion, up from its prior range of $10.3 billion to $10.45 billion.

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Here’s what the company reported for its most recent quarter:

• Earnings per share: $2.34
• Revenue: $2.79 billion

Analysts surveyed by Refinitiv had expected EPS of $2.25 and revenue of $2.73 billion. It was not immediately clear whether Darden’s reported results were comparable to consensus estimates.

The restaurant company reported fiscal third-quarter net income of $286.6 million, or $2.34 per share, up from $247 million, or $1.93 cents per share, a year earlier.

Net sales rose 13.8% to $2.79 billion, fueled by same-store sales growth of 11.7% across all of its brands, which include chains like Olive Garden, LongHorn Steakhouse and The Capital Grille. Wall Street was expecting same-store sales to increase just 9.1%, according to StreetAccount estimates.

Darden CEO Rick Cardenas credited the quarter’s strong sales growth to its strategy of pricing below inflation. He said in a statement that the company’s sales and traffic outperformed the broader restaurant industry.

Olive Garden, which accounted for nearly half of Darden’s quarterly revenue, reported same-store sales growth of 12.3%. LongHorn Steakhouse saw its same-store sales climb 10.8%. And its fine-dining business, which includes The Capital Grille, reported same-store sales growth of 11.7%.

Read the full Darden Restaurants earnings report.

This story is developing. Please check back for updates.