Darden Q1 sales $2.31B (+51%), EPS $1.76, raises FY2022 outlook, adds $750M buyback

DARDEN RESTAURANTS INC

2022-Q1 EPS reported $1.75 revenue$2,306,000,000

Reported diluted EPS from continuing ops of $1.76 vs $0.28 last year; sales rose 51% to $2.31B.
Blended same-restaurant sales increased 47.5%; Olive Garden +37.1%, LongHorn +47.0%, Fine Dining +84.6%.
Quarterly dividend declared of $1.10 per share, payable Nov 1 to holders of record Oct 8.
Board authorized additional $750M share repurchase, bringing total remaining authorization to ~$1B; Q1 buyback of $186M.
FY2022 outlook raised: total sales $9.4-9.6B; diluted EPS $7.25-$7.60; EBITDA $1.54-1.60B.

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