Darden Restaurants' fiscal fourth quarter results revealed a net income of $404.9 million, or $3.51 per share, which is an increase from $303.8 million, or $2.58 per share, a year earlier. Adjusted earnings per share were $3.66, slightly above the expected $3.63.
However, revenue of $3.72 billion fell short of the anticipated $3.73 billion, despite a 13.7% increase year-over-year, partly due to an extra week in the fiscal year. The company's same-store sales growth at Olive Garden and its fine-dining establishments did not meet market expectations, contributing to a more than 1% drop in shares during premarket trading.
This mixed performance highlights ongoing challenges in the casual dining sector, particularly for Olive Garden, which may impact investor sentiment moving forward