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Darden Restaurants, Inc. (NYSE: DRI ) announced its financial results for the third quarter of 2023, reporting higher earnings and sales. The restaurant chain also provided guidance for the full fiscal year.
Net income rose to $286.6 million in the most recent quarter from $247 million a year earlier. On a per-share basis, February quarter earnings were up to $2.34 per share from $1.93 per share in the same period in 2022.
At $2.79 billion, net sales rose 14% year over year in the third quarter. Same-restaurant sales at Olive Garden and LongHorn Steakhouse increased 12.3% and 10.8%, respectively.
“Our ability to invest at prices below inflation over time provides strong value to our guests and reinforces the strength of our restaurant team’s strategy and commitment to being fundamentally brilliant,” said Rick Cardenas, Darden’s chief executive officer.
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