Sales Up Across Darden's Portfolio in Latest Quarter
Darden Restaurants, Inc. today reported its financial results for the second quarter ended Nov. 23, 2014.
Key highlights for the second quarter include second-quarter total sales from continuing operations being $1.56 billion, a 4.9 percent increase from the $1.49 billion generated in the second quarter of last year.
Comparable same-restaurant sales for the quarter were:
- +0.5 percent for Olive Garden,
- +2.6 percent for LongHorn Steakhouse,
- +5.0 percent for The Capital Grille,
- +4.9 percent for Eddie V's,
- +3.7 percent for Yard House,
- +1.2 percent for Seasons 52, and
- -0.6 percent for Bahama Breeze
"Our brands performed well during the second quarter," says interim CEO Gene Lee. "We have been working diligently to execute our strategy, including getting back to basics while delivering the best possible guest experience. It is starting to show in both improved revenue and profitability.
"While it's still early, we believe our renewed focus on operating fundamentals, coupled with our more streamlined support structure, will help us continue to grow and capture market share."
Fiscal 2015 Second Quarter Operating Summary and U.S. Same-Restaurant Sales Results
At Olive Garden, total sales were $882 million, a sales growth of 1.4 percent. At LongHorn Steakhouse, total sales were $346 million, growth of 8 percent. And at the specialty restaurant group, total sales were $329 million, a 13 percent growth.
Operating profit and profit as a percentage of sales, adjusted for restaurant-related impairments, increased at LongHorn and the Specialty Restaurant Group. Both measures declined at Olive Garden primarily due to dairy inflation.