Restaurant operator Darden Restaurants (NYSE:DRI) has delivered better-than-expected numbers for the third quarter.
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Revenue increased 13.9% year-over-year to $2.79 billion, outperforming expectations by about $60 million. Further, EPS at $2.34 too came in ahead of estimates by $0.09. During the quarter, blended same-restaurant sales increased by 11.7% with growth across Olive Garden, LongHorn Steakhouse, Fine Dining as well as Other businesses.
Additionally, DRI bought back shares worth $124 million during this period, and a further $687 million remains under its $1 billion stock buyback program.
Looking ahead, for 2023, DRI expects revenue to hover between $10.45 billion and $10.5 billion. EPS is seen landing between $7.85 and $8.
Overall, Wall Street has a consensus price target of $162.09 on DRI, implying a 7.3% potential upside in the stock. That’s after a nearly 14.4% run-up in the share price over the past year.
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