NYSE$DRI
Darden Restaurants Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Darden's financial performance was solid, marked by a 6.1% increase in total sales and the return of normal seasonality to the business.
Darden Restaurants reported a 6.1% increase in total sales to $2.4 billion, driven by a 4.2% blended same-restaurant sales increase and sales from 34 net new restaurants. Diluted net earnings per share were $1.56. The company repurchased $199 million of its outstanding common stock.
- Total sales increased by 6.1% to $2.4 billion.
- Blended same-restaurant sales increased by 4.2%.
- Reported diluted net earnings per share was $1.56.
- The Company repurchased $199 million of its outstanding common stock.
Headline financials
Revenue & EPS history
Darden · Revenue · Quarterly
$2.45B
Revenue by segment
Darden · $2.45B total across 4 segments · Q1 2023
- Olive Garden$1.13B+3.7%46.2%
- LongHorn Steakhouse$605M+6.6%24.7%
- Other Business$527M+9.9%21.6%
- Fine Dining$183M+8.6%7.5%
Forward guidance
The company reaffirmed all aspects of its financial outlook:
Tailwinds
- Total sales of $10.2 to $10.4 billion
- Same-restaurant sales growth of 4% to 6%
- 55 to 60 new restaurant openings
- Total capital spending of $500 to $550 million
- An effective tax rate of approximately 13.5%
Headwinds
- Total inflation of approximately 6%
- Diluted net earnings per share from continuing operations of $7.40 to $8.00
- Approximately 124 million weighted average diluted shares outstanding
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q1 2023
+1.2%
Avg return
Earnings day
+2.4%
Avg return
5 days after
+3.7%
Avg return
30 days after
59%
41 / 70 earnings
Positive
+17.3%
Q2 2025
Best reaction
-9.7%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | — | — | — | |
| Q3 2026 | +3.8% | -4.2% | — | |
| Q2 2026 | +2.8% | -1.3% | +13.2% | |
| Q1 2026 | -7.8% | -10.7% | -9.9% | |
| Q4 2025 | -0.8% | -3.7% | -7.2% | |
| Q3 2025 | +5.8% | +10.1% | +6.4% | |
| Q2 2025 | +17.3% | +16.8% | +13.7% | |
| Q1 2025 | +6.9% | +7.5% | +3.4% | |
| Q4 2024 | +0.9% | +0.7% | -6.0% | |
| Q3 2024 | -5.4% | -6.3% | -12.6% | |
| Q2 2024 | +2.5% | -0.6% | -3.7% | |
| Q1 2024 | -4.0% | -5.4% | -5.9% | |
| Q4 2023 | -3.1% | -1.8% | +2.4% | |
| Q3 2023 | +1.0% | +2.3% | +0.5% | |
| Q2 2023 | -3.1% | -3.0% | +4.9% | |
| Q1 2023 | -6.8% | -5.9% | +1.6% | |
| Q4 2022 | +4.1% | -0.0% | +5.4% | |
| Q3 2022 | -0.9% | +2.6% | +2.4% | |
| Q2 2022 | -6.2% | -1.4% | -2.8% | |
| Q1 2022 | +5.6% | +3.7% | -3.3% | |
| Q4 2021 | +6.4% | +6.2% | +6.7% | |
| Q3 2021 | +11.2% | +8.3% | +7.5% | |
| Q2 2021 | -1.4% | +0.8% | +2.1% | |
| Q1 2021 | +8.0% | +12.0% | +10.6% | |
| Q4 2020 | +3.0% | +7.0% | +11.1% | |
| Q3 2020 | +14.2% | +57.8% | +85.5% | |
| Q2 2020 | -5.2% | -6.7% | -2.4% | |
| Q1 2020 | -5.8% | -7.3% | -13.1% | |
| Q4 2019 | +3.3% | +4.9% | +6.0% | |
| Q3 2019 | +8.1% | +9.6% | +7.6% | |
| Q2 2019 | +1.8% | +0.3% | +9.2% | |
| Q1 2019 | -4.2% | -4.1% | -9.8% | |
| Q4 2018 | +16.7% | +15.6% | +18.4% | |
| Q3 2018 | -9.7% | -9.7% | -2.4% | |
| Q2 2018 | +5.7% | +6.5% | +7.5% | |
| Q1 2018 | -4.8% | -5.2% | -0.4% | |
| Q4 2017 | +1.6% | +0.4% | -6.2% | |
| Q3 2017 | +7.7% | +9.1% | +12.2% | |
| Q2 2017 | +0.1% | -1.6% | -4.1% | |
| Q1 2017 | +0.3% | +0.4% | +4.0% | |
| Q4 2016 | -4.5% | -6.8% | -6.7% | |
| Q3 2016 | -3.5% | — | — | |
| Q2 2016 | +9.1% | — | — | |
| Q1 2016 | +1.2% | — | — | |
| Q4 2015 | +2.1% | — | — | |
| Q3 2015 | +6.7% | — | — | |
| Q2 2015 | -0.2% | — | — | |
| Q1 2015 | +3.4% | — | — | |
| Q4 2014 | -3.5% | — | — | |
| Q3 2014 | +2.8% | — | — | |
| Q2 2014 | -3.5% | — | — | |
| Q1 2014 | -0.2% | — | — | |
| Q4 2013 | -4.3% | — | — | |
| Q3 2013 | +2.9% | — | — | |
| Q2 2013 | -3.6% | — | — | |
| Q1 2013 | +3.5% | — | — | |
| Q4 2012 | -1.7% | — | — | |
| Q3 2012 | +0.2% | — | — | |
| Q2 2012 | -1.4% | — | — | |
| Q1 2012 | -7.4% | — | — | |
| Q4 2011 | -0.8% | — | — | |
| Q3 2011 | -0.4% | — | — | |
| Q2 2011 | -0.6% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q1 2010 | +1.5% | — | — | |
| Q4 2008 | +2.1% | — | — | |
| Q2 2010 | +2.1% | — | — | |
| Q4 2010 | +2.1% | — | — | |
| Q3 2010 | +2.3% | — | — | |
| Q3 2009 | +2.3% | — | — | |
| Q4 2009 | +2.3% | — | — |
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