Darden Restaurants, Inc. (DRI) has reported a 56.52 percent jump in profit for the quarter ended Feb. 26, 2017. The company has earned $165.60 million, or $1.32 a share in the quarter, compared with $105.80 million, or $0.82 a share for the same period last year. On the other hand, adjusted Earnings from Continuing Operations for the quarter stood at $166.30 million, or $1.32 a share compared with $157.10 million or $1.21 a share, a year ago.
Revenue during the quarter went up marginally by 1.69 percent to $1,878.70 million from $1,847.50 million in the previous year period. Gross margin for the quarter contracted 4 basis points over the previous year period to 23.34 percent. Total expenses were 87.78 percent of quarterly revenues, down from 88.03 percent for the same period last year. This has led to an improvement of 24 basis points in operating margin to 12.22 percent.
Operating income for the quarter was $229.50 million, compared with $221.20 million in the previous year period.
"We continued to gain market share as we outperformed industry same-restaurant sales by a considerable margin again this quarter," said chief executive officer Gene Lee. "Our teams remain incredibly focused on driving strong operating fundamentals, and I'm very proud of the work they are doing to create memorable experiences for our guests."
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $3.95 to $4.
Operating cash flow improves
Darden Restaurants, Inc. has generated cash of $689.40 million from operating activities during the nine month period, up 22.23 percent or $125.40 million, when compared with the last year period.
The company has spent $221.40 million cash to meet investing activities during the nine month period as against cash inflow of $142.90 million in the last year period
The company has spent $351.40 million cash to carry out financing activities during the nine month period as against cash outgo of $1,027 million in the last year period.
Cash and cash equivalents stood at stood at $391.40 million as at Feb. 26, 2017.
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