LONDON, UK / ACCESSWIRE / October 6, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Darden Restaurants, Inc. (NYSE: DRI) (“Darden”), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=DRI, following the Company’s posting of its financial results on September 26, 2017, for the third quarter fiscal 2017. The restaurant Company’s revenue increased 13.4% on a y-o-y basis and beat market estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:
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For three months ended August 27, 2017, Darden’s revenue increased 13.4% to $1.94 billion from $1.71 billion in Q1 FY17. Revenue surpassed analysts’ expectations of $1.93 billion.
During Q1 FY18, Darden’s general and administrative (G&A) expenses increased 11.7% to $98.0 million from $87.7 million in Q1 FY17. For the reported quarter, the Company’s depreciation and amortization (D&A) expenses increased 13.9% to $76.1 million from $66.8 million in Q1 FY17. During Q1 FY18, Darden’s marketing expenses increased 3.6% to $66.0 million from $63.7 million in Q1 FY17. For the reported quarter, the Company’s total operating costs and expenses increased 13.5% to $1.76 billion from $1.55 billion in Q1 FY17.
During Q1 FY18, Darden’s operating income increased 8.1% to $174.5 million from $161.3 million in Q1 FY17. For the reported quarter, the Company’s operating margin decreased 50 basis points to 8.9% of revenue from 9.4% of revenue in Q1 FY17.
During Q1 FY18, Darden’s net income increased 9.1% to $121.3 million on a y-o-y basis from $111.1 million in Q1 FY17. For the reported quarter, the Company’s adjusted net income increased 12.9% to $125.5 million on a y-o-y basis from $111.1 million in Q1 FY17. During Q1 FY18, Darden’s diluted EPS increased 7.9% to $0.95 on a y-o-y basis from diluted EPS of $0.88 in Q1 FY17. For the reported quarter, the Company’s adjusted diluted EPS increased 12.5% to $0.99 on a y-o-y basis from $0.88 in Q1 FY17. Adjusted diluted EPS surpassed analysts’ expectations of $0.98.
Darden Restaurants’ Segment Details
Olive Garden – During Q1 FY18, the Olive Garden segment’s revenue increased 3% to $989.9 million from $961.2 million in the same period last year. For the reported quarter, the segment’s profit increased 6.9% to $199.1 million from $186.3 million in Q1 FY17.
LongHorn Steakhouse – During Q1 FY18, the LongHorn Steakhouse segment’s revenue increased 4.7% to $404.5 million from $386.3 million in the same period last year. For the reported quarter, the segment’s profit increased 5.8% to $63.6 million from $60.1 million in Q1 FY17.
Fine Dining – During Q1 FY18, the Fine Dining segment’s revenue increased 7% to $122.2 million from $114.2 million in the same period last year. For the reported quarter, the segment’s profit increased 13.6% to $19.2 million from $16.9 million in Q1 FY17.
Other Business – During Q1 FY18, the Other Business segment’s revenue increased 66% to $419.5 million from $252.7 million in the same period last year. For the reported quarter, the segment’s profit increased 47.4% to $65.9 million from $44.7 million in Q1 FY17.
As on August 27, 2017, Darden’s cash and cash equivalents decreased 37% to $146.8 million from $233.1 million in Q4 FY17. During Q1 FY18, the Company’s net receivables decreased 24.1% to $57.6 million from $75.9 million in Q4 FY17.
For the reported quarter, the Company’s inventories decreased 1.4% to $176.3 million from $178.9 million in Q4 FY17.
For the reported quarter, the Company’s accounts payable increased 2.9% to $256.8 million from $249.5 million in Q4 FY17.
During Q1 FY18, Darden’s long-term debt was $936.6mbillion, at par with the $936.6 million reported in Q4 FY17.
During Q1 FY18, the Company’s cash provided by operating activities increased 3.6% to $179.4 million from $173.1 million in the same period last year.
During Q1 FY18, the Company repurchased 1.2 million shares of common stock for a total cost of $100 million.
On September 21, 2017, the Company’s Board of Directors declared cash dividend of $0.63 payable on November 01, 2017, to shareholders of record at the close of business on October 10, 2017.
On Thursday, October 05, 2017, the stock closed the trading session at $79.72, slightly up 0.15% from its previous closing price of $79.60. A total volume of 1.63 million shares have exchanged hands. Darden Restaurants’ stock price surged 1.74% in the past one month and 29.50% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 9.63%. The stock is trading at a PE ratio of 20.84 and has a dividend yield of 3.16%. At Thursday’s closing price, the stock’s net capitalization stands at $10.02 billion.
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