Darden Restaurants(DRI) - 2026 Q2 - Quarterly Results

Financial Performance - Total sales increased by 7.3% to $3.1 billion, driven by a blended same-restaurant sales increase of 4.3% and sales from 30 net new restaurants[5] - Reported diluted net earnings per share from continuing operations were $2.03, while adjusted diluted net earnings per share increased by 2.5% to $2.08[5][16] - Year-to-date consolidated sales for fiscal 2026 reached $6.1 billion, up from $5.6 billion in fiscal 2025[6] - Olive Garden's sales increased to $1.36 billion in Q2 2026, up from $1.29 billion in Q2 2025[4] - LongHorn Steakhouse reported Q2 2026 sales of $775.9 million, an increase from $710.1 million in Q2 2025[4] - Operating income for the six months ended November 23, 2025, was $659.6 million, up 17.5% from $561.3 million in the prior year[19] - Net earnings for the six months ended November 23, 2025, reached $495.0 million, representing a 17.2% increase compared to $422.3 million for the same period last year[24] - Basic net earnings per share for the three months ended November 23, 2025, were $2.05, an increase of 11.4% from $1.84 in the same quarter last year[19] Shareholder Returns - The company declared a quarterly cash dividend of $1.50 per share, payable on February 2, 2026[7] - The company repurchased approximately 1.1 million shares of its common stock for a total of $222 million, with $643 million remaining under the current $1 billion repurchase authorization[8] - The company repurchased common stock totaling $407.1 million during the six months ended November 23, 2025[24] Future Outlook - Fiscal 2026 financial outlook includes total sales growth of 8.5% to 9.3%, with same-restaurant sales growth of 3.5% to 4.3%[11] - New restaurant openings are projected to be between 65 to 70, with total capital spending estimated at $750 to $775 million[11] Assets and Liabilities - Total current assets increased to $1,043.4 million as of November 23, 2025, compared to $937.7 million on May 25, 2025[21] - Total liabilities rose to $10,859.8 million as of November 23, 2025, up from $10,275.7 million on May 25, 2025[21] - The company reported a decrease in cash and cash equivalents to $224.1 million as of November 23, 2025, from $240.0 million on May 25, 2025[21] Share Statistics - The average number of diluted shares outstanding was 116.7 million for the three months ended November 23, 2025, compared to 118.3 million in the same period last year[19] - Cash flows from operating activities for the six months ended November 23, 2025, were $663.2 million, slightly up from $661.8 million in the prior year[24]