Darden Restaurants Posts Revenues Up 9% To $10.5 Billion

Darden Restaurants saw sales grow 9% to $10.5 billion in its fiscal year through May, driven by a same-restaurant sales increase of 6.8% and sales from 47 net new restaurants. The LongHorn Steakhouse brand propelled gains with same-restaurant sales up 7.4%, augmented by a 6.7% increase for Olive Garden and a 5.9% boost in Darden’s fine dining segment. In the most recent quarter, sales grew 6% to $2.8 billion.

In addition to the above, Darden’s portfolio includes Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s, and Bahama Breeze, as well as Ruth’s Chris Steak House, which it recently acquired in a $715 million deal. For its current fiscal year, Darden is targeting sales of $11.5 to $11.6 billion, same-restaurant sales growth of 2.5% to 3.5%, and the addition of approximately 50 new restaurants.

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