Darden said total sales for the second quarter and six months of fiscal 2024 rose 9.7% and 10.6%, to $2.73 billion and $5.46 billion. The company cited sales from the addition of 78 company-owned Ruth's Chris Steak House restaurants, blended same-restaurant sales increases of 2.8% and 3.9%, and 45 net new restaurants as factors driving the increase.

1. 01

   Darden said total sales for the second quarter and six months of fiscal 2024 rose 9.7% and 10.6%, to $2.73 billion and $5.46 billion. The company cited sales from the addition of 78 company-owned Ruth's Chris Steak House restaurants, blended same-restaurant sales increases of 2.8% and 3.9%, and 45 net new restaurants as factors driving the increase.

2. 02

   The Company said net earnings from continuing operations for the second quarter and six months of fiscal 2024 were $212.3 million and $407.1 million, compared with $187.5 million and $381.1 million a year earlier. It said it incurred Ruth's Chris acquisition and integration expenses of about $12.8 million and $37.6 million in the same periods.

3. 03

   Darden said net cash provided by operating activities of continuing operations for the first 6 months of fiscal 2024 was $609.9 million, compared with $635.6 million a year earlier. It said net cash used in investing activities was $1.02 billion. Net cash used in the Ruth's Chris acquisition in the period was $699.9 million.

4. 04

   The company said it repaid the $600 million Term Loan it borrowed to fund part of the consideration for the Ruth's Chris acquisition in full on October 10, 2023. The repayment was funded with the proceeds of the 6.300% 2033 Notes, totaling $500 million, and cash on hand of $100 million.

Key figures

Quarter ended November 26, 2023

Revenue

$2.7B

Operating income

$279M

Net income

$212M

EPS

$1.76

Gross profit

$513M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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