Darden beats on earnings, even as Olive Garden, fine-dining sales drag

Darden Restaurants on Thursday reported mixed quarterly results as Olive Garden’s same-store sales fell for the second consecutive quarter.

Shares of the company rose more than 1% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $2.65 adjusted vs. $2.61 expected
• Revenue: $2.96 billion vs. $2.97 billion expected

Darden reported fiscal fourth-quarter net income of $308.1 million, or $2.57 per share, down from $315.1 million, or $2.58 per share, a year earlier.

Excluding costs related to the Ruth’s Chris acquisition and other items, the company earned $2.65 per share.

Net sales rose 6.8% to $2.96 billion, fueled by its acquisition of Ruth’s Chris Steak House and 37 other net new locations.