UPDATE: Darden Posts Lower FQ4 Profit, Shares Fall

Shares of Darden Restaurants DRI dropped more than 3% in pre-market trading- after the company posted downbeat results for the fiscal fourth quarter. Darden's quarterly profit fell to $86.5 million, or $0.65 per share, versus a year-ago profit of $133.2 million, or $1.01 per share. Its adjusted earnings came in at $0.84 per share. Its total sales from continuing and discontinued operations rose to $2.32 billion from $2.30 billion Its sales from continuing operations came in at $1.65 billion, while sales from discontinued operations came in at $666.2 million. However, analysts were expecting earnings of $0.94 per share on sales of $2.3 billion. Darden's sales at Olive Garden fell 2.7% to $926 million, while sales at LongHorn Steakhouse surged 10.8% to $376 million. Sales at the Specialty Restaurant Group jumped 15.9% to $342 million, while sales at Red Lobster dropped 5.6% to $664 million. US same-restaurant sales rose 2.4% at LongHorn Steakhouse and increased 2.0% at the Specialty Restaurant Group. Its same-restaurant sales slipped 3.5% at Olive Garden and declined 5.6% at Red Lobster. Darden shares fell 3.47% to $47.80 in pre-market trading.