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Compared to Estimates, Darden Restaurants (DRI) Q3 Earnings: A Look at Key Metrics
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Darden Restaurants (DRI - Free Report) reported $2.97 billion in revenue for the quarter ended February 2024, representing a year-over-year increase of 6.8%. EPS of $2.62 for the same period compares to $2.34 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $3.03 billion, representing a surprise of -1.87%. The company delivered an EPS surprise of -0.38%, with the consensus EPS estimate being $2.63.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Darden Restaurants performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Same-restaurant sales - LongHorn Steakhouse - YoY change: 2.3% versus 2.7% estimated by 11 analysts on average.
Same-restaurant sales - Olive Garden - YoY change: -1.8% compared to the 1.9% average estimate based on 11 analysts.
Company-owned restaurants - Olive Garden: 917 compared to the 917 average estimate based on 10 analysts.
Same-restaurant sales - Consolidated - YoY change: -1% versus the 10-analyst average estimate of 1.3%.
Company-owned restaurants - LongHorn Steakhouse: 572 versus the 10-analyst average estimate of 570.
Company-owned restaurants - Total: 2,022 versus 2,029 estimated by 10 analysts on average.
Same-restaurant sales - Other Business - YoY change: -2.6% compared to the -0.4% average estimate based on eight analysts.
Same-restaurant sales - Fine Dining - YoY change: -2.3% compared to the -0.9% average estimate based on eight analysts.
Sales- Olive Garden: $1.31 billion versus the six-analyst average estimate of $1.36 billion. The reported number represents a year-over-year change of +0.7%.
Sales- Other Business: $561 million versus $566.36 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +1.3% change.
Sales- Fine Dining: $372.90 million versus $378.74 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +58.3% change.
Sales- LongHorn Steakhouse: $730.70 million compared to the $734.30 million average estimate based on six analysts. The reported number represents a change of +5.1% year over year.
Shares of Darden Restaurants have returned +4.9% over the past month versus the Zacks S&P 500 composite's +3.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Compared to Estimates, Darden Restaurants (DRI) Q3 Earnings: A Look at Key Metrics
Darden Restaurants (DRI - Free Report) reported $2.97 billion in revenue for the quarter ended February 2024, representing a year-over-year increase of 6.8%. EPS of $2.62 for the same period compares to $2.34 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $3.03 billion, representing a surprise of -1.87%. The company delivered an EPS surprise of -0.38%, with the consensus EPS estimate being $2.63.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Darden Restaurants performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Same-restaurant sales - LongHorn Steakhouse - YoY change: 2.3% versus 2.7% estimated by 11 analysts on average.
- Same-restaurant sales - Olive Garden - YoY change: -1.8% compared to the 1.9% average estimate based on 11 analysts.
- Company-owned restaurants - Olive Garden: 917 compared to the 917 average estimate based on 10 analysts.
- Same-restaurant sales - Consolidated - YoY change: -1% versus the 10-analyst average estimate of 1.3%.
- Company-owned restaurants - LongHorn Steakhouse: 572 versus the 10-analyst average estimate of 570.
- Company-owned restaurants - Total: 2,022 versus 2,029 estimated by 10 analysts on average.
- Same-restaurant sales - Other Business - YoY change: -2.6% compared to the -0.4% average estimate based on eight analysts.
- Same-restaurant sales - Fine Dining - YoY change: -2.3% compared to the -0.9% average estimate based on eight analysts.
- Sales- Olive Garden: $1.31 billion versus the six-analyst average estimate of $1.36 billion. The reported number represents a year-over-year change of +0.7%.
- Sales- Other Business: $561 million versus $566.36 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +1.3% change.
- Sales- Fine Dining: $372.90 million versus $378.74 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +58.3% change.
- Sales- LongHorn Steakhouse: $730.70 million compared to the $734.30 million average estimate based on six analysts. The reported number represents a change of +5.1% year over year.
View all Key Company Metrics for Darden Restaurants here>>>Shares of Darden Restaurants have returned +4.9% over the past month versus the Zacks S&P 500 composite's +3.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.