Darden Restaurants, Inc. (DRI)

Darden Resraurants, Inc (DRI) stock fell by 6.50% following the company's third-quarter fiscal 2024 results, which missed the Zacks Consensus Estimate. The stock dropped as DRI provided a lower-than-expected sales outlook for fiscal 2024, citing concerns about a challenging operating environment.

• Earnings & Revenues: Darden reported adjusted earnings per share (EPS) of $2.62 for the quarter, missing the Zacks Consensus Estimate of $2.63 but showing an increase from the prior-year quarter's $2.34. Total sales for the quarter were $2.9 billion, missing the consensus mark of $3 billion but increasing by 6.8% year-over-year, driven by the addition of new restaurants.
• Updated Fiscal 2024 Outlook: Darden revised its fiscal 2024 outlook, expecting total sales of approximately $11.4 billion, same-restaurant sales growth of 1.5-2%, and EPS from continuing operations of $8.80-$8.90. The company plans to open 50-55 net new restaurants and projects total capital spending of $600 million for fiscal 2024.