Olive Garden parent raises revenue outlook as same-store sales jump
Publishing timestamp: 2023-03-23 11:30:51
Summary
Darden Restaurants raised its revenue outlook for fiscal 2023 for the second consecutive quarter after reporting strong results, with net sales rising 13.8% to $2.79 billion and same-store sales growth of 11.7% across all of its brands. The CEO credited the company's strategy of pricing below inflation for the strong sales growth and said that consumers are not trading down. The company also reported that all of its brands set sales records during the quarter and added 35 net new restaurants. Darden narrowed its expected range for fiscal 2023 earnings and expects to open 50 to 55 new locations in fiscal 2024.
Sentiment: POSITIVE
Tickers: DRI,
Keywords: restaurants, earnings, breaking news: business, darden restaurants inc, markets, retail industry, business news, business,
Source: https://www.cnbc.com/2023/03/23/darden-restaurants-dri-q3-2023-earnings.html