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Red Lobster parent Darden profit drops
Wed Sep 28, 2011 7:28am EDT
(Reuters) – Darden Restaurants Inc (DRI.N) posted a 6 percent drop in quarterly earnings, partly hurt by the hurricane Irene, but reaffirmed its full-year earnings outlook.
The company said Irene hurt sales at established Red Lobster, Olive Garden and LongHorn Steakhouse restaurants and estimated the storm reduced quarterly earnings by about 2 cents per share.
Orlando, Florida-based Darden earned $106.8 million for the first quarter, or 78 cents from continuing operations.
Sales were 1.94 billion, up about 7.5 percent.
Darden also said it sees full-year earnings per share growth from continuing operations toward the lower end of its previously announced range of 12 to 15 percent.
Shares of the company closed at $46.98 Tuesday on the New York Stock Exchange.
(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Sayantani Ghosh)
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