Olive Garden parent Darden beats profit estimates as sales surge

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An Olive Garden restaurant in Silverdale. Darden Restaurants, Inc., owner of Olive Garden and other restaurant chains, is expected to report fourth quarter 2022 results on June 23.

Toby Scott | Light flare | Getty Images

Darden Restaurants on Thursday reported quarterly earnings and revenue that beat analysts’ expectations, despite high inflation that weighed on its earnings.

Shares of the company were flat in premarket trading.

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Here’s what the company reported compared to what Wall Street expected, based on a Refinitiv analyst survey:

  • Earnings per share: $2.24 vs. $2.21 expected
  • Revenue: $2.6 billion vs. $2.54 billion expected

Darden reported fiscal fourth-quarter net income of $281.7 million, or $2.24 per share, compared with $368.5 million, or $2.78 per share, a year earlier. Analysts polled by Refinitiv had expected earnings per share of $2.21.

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Net sales rose 14.2% to $2.6 billion, beating expectations of $2.54 billion.

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