The owner of Olive Garden jumps after beating earnings and raising guidance (DRI)

pulse

September 20, 2018 1:31 PM

Darden Restaurants beat earnings on both the top and bottom lines. The company also raised full-year profit guidance. Shares are up in Thursday early trading.

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The restaurant owner raised its full-year profit guidance.
Shares are up more than 3% early Thursday.

Shares of Darden Restaurants, the owner of many US restaurant brands such as Olive Garden,

increased 6.5% versus a year ago to $2.06 billion, edging out the $2.03 billion that was anticipated. Meanwhile, comparable sales were up 3.3%, beating the 2.1% increase that was expected by analysts.

"We are pleased to report another quarter of strong results and market share gains," CEO Gene Lee said in the press release. "Our competitive advantages continue to work hard for us, allowing us to invest in our people and brands to deliver exceptional guest experiences."

Looking ahead, the company lifted its full-year profit guidanceAnalysts surveyed by the Bloomberg were expecting $5.56 per share. The company also estimates the full-year total sales to be $8.46 billion, topping the $8.44 billion that was expected.

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