LONDON, UK / ACCESSWIRE / July 7, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Darden Restaurants, Inc. (NYSE: DRI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=DRI, following the Company's announcement of its fourth quarter and fiscal 2017 earnings results on June 27, 2017. The restaurant Company surpassed revenue expectations and also raised dividend by 12.5%. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on DRI. With the links below you can directly download the report of your stock of interest-free of charge at:

http://protraderdaily.com/optin/?symbol=DRI

Earnings Reviewed

For the fourth quarter and fiscal year ended May 28, 2017, Darden's total sales from continuing operations increased 8.1% to $1.93 billion compared to sales of $1.79 billion in Q4 FY16. The Company's revenue numbers came in ahead of analysts' consensus of $1.87 billion. For FY17, Darden's total revenue of $7.17 billion increased 3.4% on a y-o-y basis and topped consensus mark of $7.09 billion.

The Company's same-restaurant sales increased 3.3% for Q4 FY17, excluding Cheddar's Scratch Kitchen outperforming the industry benchmarks, excluding Darden, by 480 basis points.

Darden reported Q4 FY17 net income of $123.8 million, or $0.98 per share, down from $139.6 million, or $1.09 per share, for Q4 FY16. The Company's adjusted diluted net earnings per share from continuing operations increased 7.3% to $1.18, beating the $1.15 per share market expectations. For FY17, Darden's diluted net earnings per share from continuing operations increased 37.8% to $3.83, while adjusted diluted net earnings per share from continuing operations increased 13.9% to $4.02.

Segment Details

During Q4 FY17, Darden's sales at Olive Garden grew 4.6% to $1.03 billion compared to $981.8 million in Q4 FY16. The segment's comparable sales grew 4.4%, outperforming the industry benchmark by 590 basis points. This was Olive Garden's 11th consecutive quarter of same-restaurant sales growth. Olive Garden posted segment profit of $204.3 million, up 7.6% versus $189.9 million in the prior year's comparable quarter.

Darden's sales from LongHorn Steakhouse rose 5.7% to $436.6 million in Q4 FY17 compared to $413.2 million in Q4 FY16. The segment's comparable sales increased 3.5%, reflecting the 17th consecutive quarter of growth, outperforming the industry benchmarks, by 500 basis points. In the reported quarter LongHorn Steakhouse recorded segment profit of $83.4 million, up 6.4% compared to $78.4 million in the year earlier corresponding quarter.

For Q4 FY17, Darden's Fine Dining generated sales of $139.1 million up 5.7% compared to $131.6 million in Q4 FY16. For the reported quarter, Fine Dining segment generated $28.4 million compared to $26.4 million in the year-ago same period, reflecting an increase of 7.6%.

In the reported quarter, sales from Darden's Other Business surged 25.8% on a y-o-y basis to $331.6 million compared to sales of $263.6 million in the prior year's same quarter. The segment's profit for Other Business totaled $57.8 million in Q4 FY17, representing growth of 16.1% compared to a profit of $49.8 million in Q4 FY16.

Quarterly Dividend Increase

On June 26, 2017, Darden's Board of Directors increased the quarterly dividend 12.5% to $0.63 per common share. The quarterly dividend is payable on August 01, 2017, to shareholders of record on July 10, 2017.

Share Repurchase Program

During Q4 FY17, Darden repurchased approximately 0.2 million shares of its common stock for a total cost of approximately $15 million; leaving approximately $470 million remaining under the current $500 million repurchase authorization. For FY17, the Company repurchased approximately $230 million of its outstanding common stock.

Financial Outlook

For FY18, Darden is forecasting same-restaurant sales growth of 1.0% to 2.0% and total sales growth of 11.5% to 13.0%. The Company is projecting adjusted diluted net earnings per share from continuing operations of $4.38 to $4.50, excluding approximately $0.06 to $0.08 of Cheddar's integration related expenses. Darden is expecting to open 35 to 40 new restaurant openings in the fiscal year and total capital spending in the range of $400 million to $450 million.

Annual Meeting of Shareholders

Darden's annual meeting of shareholders will be held on September 21, 2017, in Orlando, Florida. The record date for shareholders to vote in the Annual Meeting is July 25, 2017.

Stock Performance

On Thursday, July 06, 2017, the stock closed the trading session at $89.68, slightly down 0.50% from its previous closing price of $90.13. A total volume of 1.53 million shares has exchanged hands, which was higher than the 3-month average volume of 1.44 million shares. Darden Restaurants' stock price soared 8.20% in the last three months, 24.40% in the past six months, and 44.13% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 23.32%. The stock is trading at a PE ratio of 23.44 and has a dividend yield of 2.81%. At Thursday's closing price, the stock's net capitalization stands at $11.31 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily