Darden Posts 13% Growth, Aims For $10.5 Billion In Yearly Sales

Darden Restaurants raised sales guidance for its full fiscal year ending in May to between $10.45 and $10.5 billion yesterday after posting a strong set of third-quarter numbers, with sales up 13% to $2.8 billion. That tally includes 12% same-store growth coupled with gains from 35 new restaurants.

By division, Darden’s Olive Garden chain was up 12% for the quarter ended in February, while LongHorn Steakhouse rose 11% and the fine dining unit increased by 12%. For its full fiscal year, Darden is now targeting 6.5% to 7% growth on a same-store basis, plus the opening of about 55 new restaurants.

“We significantly exceeded the industry for both same-restaurant sales and traffic this quarter, outperforming even more on traffic than on sales,” said Darden president and CEO Rick Cardenas. “Our ability to invest in pricing below inflation over time provides strong value to our guests and reinforces the power of our strategy.”—Daniel Marsteller

Tagged : Darden, LongHorn, Olive Garden

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