- Darden Restaurants press release (NYSE:DRI): Q3 Non-GAAP EPS of $2.62 in-line.
- Revenue of $3B (+7.5% Y/Y) misses by $30M.
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Outlook: The company updated its full year financial outlook for fiscal 2024 which includes Ruth’s Chris operating results, but excludes approximately $55 million, pre-tax, of expected transaction and integration related costs associated with the acquisition.
- Total sales of approximately $11.4 billion vs. consensus of $12.14 billion.
- Same-restaurant sales growth of 1.5% to 2.0%.
- New restaurant openings of 50 to 55.
- Total capital spending of approximately $600 million.
- Total inflation of approximately 3.0%.
- An effective tax rate between 12.0% and 12.5%.
- Adjusted diluted net earnings per share from continuing operations of $8.80 to $8.90 vs. consensus of $9.68, excluding approximately $0.35, after-tax, of Ruth’s Chris transaction and integration related costs.
- Approximately 121.0 million weighted average diluted shares outstanding.
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