Olive Garden parent’s revenue falls 19% as new dining restrictions hit same-store sales

Earnings

Customers arrive at an Olive Garden location in San Antonio, Texas.

Callaghan O’Hare | Bloomberg | Getty Images

Darden Restaurants on Friday reported quarterly revenue that fell short of analysts’ expectations as another wave of pandemic-related dining restrictions weighed on its same-store sales.

Shares of the Olive Garden parent rose less than 1% in premarket trading.

Here’s what the company reported for the quarter ended Nov. 29 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 73 cents vs. 71 cents expected
  • Revenue: $1.66 billion vs. $1.69 billion expected

The company reported fiscal second-quarter net income of $96 million, or 73 cents per share, up from $24.7 million, or 20 cents per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings of 71 cents per share.

Net sales dropped 19.4% to $1.66 billion, missing expectations of $1.69 billion. Same-store sales across all of its brands fell 20.6% during the quarter.

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