Darden Restaurants Reports Record Q1 Earnings for FY2024
September 22, 2023
🌥️Earnings Overview
On September 21 2023, DARDEN RESTAURANTS ($NYSE:DRI) reported their earnings results for the first quarter of the fiscal year 2024, which ended on August 31 2023. The total revenue for the quarter rose 11.6% from the same period last year, reaching USD 2730.6 million, while net income increased 0.8% year-on-year to USD 194.5 million.
Stock Price
On Thursday, Darden Restaurants reported record Q1 earnings for FY2024. The stock opened at $149.5 and closed at $145.5, a decrease of 2.7% from the previous day’s closing price. These outstanding results were attributed to the company’s strategic initiatives and cost savings, which had enabled them to outperform the market amidst the economic recession.
Furthermore, the company’s focus on strategic investments such as their loyalty program and restaurant remodelling efforts have been critical to their success. Overall, it is clear that Darden Restaurants has achieved impressive financial performance during the first quarter of FY2024 and investors can expect more of the same in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Darden Restaurants. More…
| Total Revenues | Net Income | Net Margin |
| 10.77k | 983.4 | 9.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Darden Restaurants. More…
| Operations | Investing | Financing |
| 1.39k | -1.3k | -278.3 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Darden Restaurants. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 11.27k | 9.12k | 17.77 |
Key Ratios Snapshot
Some of the financial key ratios for Darden Restaurants are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 14.4% | 60.3% | 11.4% |
| FCF Margin | ROE | ROA |
| 7.1% | 35.2% | 6.8% |
Analysis
At GoodWhale, we have undertaken the task of analyzing DARDEN RESTAURANTS‘s wellbeing. After careful review of their financial and business aspects, we have determined that DARDEN RESTAURANTS is a low risk investment. However, during our analysis we did detect two risk warnings from their income sheets and balance sheets. To get more information on these risk warnings, we invite you to register on our website, goodwhale.com. Here you can find more detailed information about DARDEN RESTAURANTS and our analysis of their financial and business wellbeing. We hope that this information will be helpful in guiding your investment decisions. More…
Peers
Darden Restaurants Inc. is an American multi-brand restaurant operator. Headquartered in Orlando, Florida, Darden owns several casual dining restaurant chains including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, and Bahama Breeze. Darden has more than 1,700 restaurants across the United States and Canada. Max’s Group Inc., Del Taco Restaurants Inc., Skylark Holdings Co Ltd are all competitors of Darden Restaurants Inc.
– Max’s Group Inc ($PSE:MAXS)
Max’s Group Inc is a holding company that operates in the Philippines through its subsidiaries. The company’s businesses include restaurants, food manufacturing, and property development. As of 2022, Max’s Group Inc has a market cap of 3.4B and a ROE of 10.63%. The company’s restaurant business is the largest contributor to its revenue, followed by food manufacturing and property development.
– Del Taco Restaurants Inc ($TSE:3197)
Skylark Holdings Co Ltd is a Japanese conglomerate with a market cap of 360.59B as of 2022. The company has a Return on Equity of 7.47%. Skylark Holdings is engaged in the restaurant business, the retail business, and the real estate business. The company operates through its subsidiaries, which include Skylark Dining Co., Ltd., Skylark Retail Co., Ltd., and Skylark Real Estate Co., Ltd.
Summary
Darden Restaurants reported their first quarter earnings results for the period ending August 31, 2023, with total revenue reaching USD 2730.6 million, an 11.6% increase year-on-year. Net income rose 0.8% to USD 194.5 million year-on-year. Investors may find these figures appealing as they indicate a healthy growth in revenue and profitability. With consistent growth, healthy returns, and a strong balance sheet, Darden Restaurants remains a good option for investors.
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