ORLANDO, FL - Darden Restaurants have reported strong financial results for its third quarter 2015. Total sales for the company increased 6.9% to $1.73 billion. The company projects fourth quarter earnings to increase between 69% and 74%.
"We delivered solid improvement in our financial results this quarter thanks to the hard work our teams are doing to grow same-restaurant sales and control costs," said Darden CEO Gene Lee. "Our strategy of getting back to basics and elevating the food, service, and atmosphere in our restaurants in order to deliver the best possible guest experience is driving these sales and profitability improvements. I'm proud of the increased engagement and effort of our teams and the momentum we have created, but we still have progress to make.”
As far as individual restaurant sales go, here are the highlights:
Olive Garden
- Grew total sales by 3.0% to $957 million.
- Added nine net new restaurants
- Increased operating profit
LongHorn
- Grew total sales by 11.4% to $404 million
- Added 25 net new restaurants
- Increased operating profit
Specialty Restaurants
- Grew total sales by 14.7% to $367 million
- Added 16 net new restaurants
- Increased operating profit
Other highlights from the report include:
- Adjusted earnings per diluted share increased 39% to $0.99.
- On a GAAP basis, earnings per diluted share increased 55% to $1.01.
- Combined Darden comparable same-restaurant sales for the quarter were up 3.6%.
- Less severe winter weather was a positive factor for same-restaurant sales.
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