Fri, Jul 19, 8:21 PM (50 days ago)
Darden Restaurants, Inc. reported an 8.6% increase in total sales for fiscal 2024, reaching $11.39 billion. The growth was driven by a 1.6% rise in same-restaurant sales and the addition of 80 net new Ruth's Chris restaurants and 37 other net new restaurants. Net earnings from continuing operations increased by 4.8% to $1.03 billion, with diluted earnings per share rising 6.6% to $8.53. Operating income improved by 9.4% to $1.31 billion. Key financial metrics include a 30.9% food and beverage cost as a percentage of sales and a 31.8% restaurant labor cost. For fiscal 2025, Darden anticipates sales growth of 3.5% to 4.5%, with 45 to 50 new restaurant openings. The company maintains a strong liquidity position with $1.16 billion available under its revolving credit agreement.