Darden Restaurants, Inc. (DRI) achieved sales growth and earnings, which led to an increase in their quarterly cash dividend for shareholders
Darden Restaurants, Inc. (DRI), a restaurant company, announced its financial results for the fourth quarter and fiscal year ended May 28, 2023. The company achieved sales growth and earnings, which led to an increase in their quarterly cash dividend for shareholders.
Darden Restaurants achieved a noteworthy 8.9% increase in total sales for the fiscal year 2023, reaching $10.5 billion. This growth was primarily driven by a blended same-restaurant sales increase of 6.8%. Olive Garden and LongHorn Steakhouse, Darden's leading brands, demonstrated strong performance with same-restaurant sales growth of 6.7% and 7.4%, respectively. Fine Dining and the Other Business segment also showcased solid growth, with same-restaurant sales increases of 5.7% and 7.0%, respectively.
Darden Restaurants' reported diluted net earnings per share rose by 8.1% to $8.00 for fiscal year 2023, compared to $7.40 in the previous year. This growth highlights the company's ability to drive profitability and create sustainable value for its shareholders.
Enhanced Return to Shareholders:The Board of Directors of Darden Restaurants declared an 8% increase in the quarterly cash dividend for shareholders. The dividend now stands at $1.31 per share, up from the previous quarter's dividend in fiscal year 2023. This increase demonstrates Darden's commitment to rewarding its shareholders with consistent and growing dividends.
The dividend is payable on August 1, 2023, to shareholders of record as of the close of business on July 10, 2023. Shareholders who hold Darden Restaurants' common stock will enjoy this increased dividend as a testament to the company's strong financial performance and commitment to shareholder value.
Commitment to Shareholders' Interests:During the fourth quarter, Darden Restaurants repurchased approximately 0.2 million shares of its common stock, amounting to approximately $35.2 million. As of the end of the fiscal fourth quarter, the company still has approximately $652 million remaining under its current $1 billion repurchase authorization.
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