Darden Restaurants, Inc. reported its financial results for the second quarter ended November 27.
Second Quarter 2017 Financial Highlights Versus Same Fiscal Quarter Last Year.
Total sales from continuing operations increased 2.1 percent to $1.64 billion.
Same-restaurant sales increased 1.7 percent for the quarter.
+2.6 percent for Olive Garden
+1.2 percent for The Capital Grille
+0.7 percent for Yard House
+0.1 percent for LongHorn Steakhouse
+2.7 percent for Eddie V's
-0.3 percent for Seasons 52
+2.6 percent for Bahama Breeze
"We had another strong quarter with same-restaurant sales growth significantly outperforming the casual dining industry benchmarks, especially at Olive Garden," says CEO Gene Lee. "We remain laser-focused on our operating philosophy rooted in food, service and atmosphere, and creating memorable experiences for our guests."
Segment Performance Versus Same Fiscal Period Last Year
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit for fiscal 2017 includes the impact of additional rent and other tax expense related to the completion of our real estate strategy, primarily impacting Olive Garden and LongHorn Steakhouse.
Share Repurchase Program
During the quarter, the company repurchased approximately 0.3 million shares of its common stock for a total cost of approximately $19 million. There is now approximately $485 million remaining under the current repurchase authorization.
Fiscal 2017 Financial Outlook
The company reaffirmed its outlook for diluted net earnings per share of $3.87 to $3.97 and same-restaurant sales of approximately 1 to 2 percent.