Darden Restaurants Trades Lower On Q2 Earnings, Reaffirms Guidance

Darden Restaurants DRI shares are trading lower after the company reported second-quarter earnings results.

The company reported second-quarter earnings of $1.12 per share, which beat the analyst consensus estimate of $1.07 estimate and inline sales at $2.06 billion.

Darden reaffirmed fiscal year 2020 guidance adjusted EPS $6.30 to $6.45 versus the $6.40 estimate and sales growth 5.3% to 6.3% year-over-year.

"We had a good quarter with continued same-restaurant sales growth outpacing the casual dining industry benchmarks, especially at LongHorn," said Darden Restaurants CEO Gene Lee. "We continue to see that consumers are willing to visit brands with compelling value and strong guest experiences," adds Lee.

Darden Restaurants shares were trading down 3.7% at $111.90 in Thursday's pre-market session. The stock has a 52-week range of $128.41 and $95.83.