BelGioioso - Burrata & Stracciatella
Black Kassel - Snack like Royalty
Darden Foresees Strong Q3 2016; Appoints Ricardo Cardenas as CFO

Darden Foresees Strong Q3 2016; Appoints Ricardo Cardenas as CFO

Wednesday, March 9th, 2016

Darden Restaurants saw a boost in its shares during mid-day trading on Wednesday after the company posted a promising third quarter earnings forecast that beat Wall Street expectations.

On an adjusted basis, Darden expects its diluted net earnings per share from continuing operations to be approximately $1.18 to $1.21, surpassing estimates of $1.06 per share, according to MarketWatch. The adjusted results exclude debt brakeage costs from the early retirement of debt and other fees associated with the spin-off of Four Corners Property Trust.

Source: Google Finance

Other highlights from the restaurant operator’s third quarter outlook include:

  • Net earnings per share from continuing operations are expected to be approximately $0.81 to $0.84
  • Same-restaurant sales are expected to increase approximately 6%
  • On a comparable calendar basis, Darden expects same-restaurant sales to increase approximately 4%

Ricardo Cardenas, Senior Vice President and CFO, Darden RestaurantsDarden also made a few new administrative changes, including appointing former Chief Strategy Officer Ricardo Cardenas as its new Senior Vice President and Chief Financial Officer. Cardenas succeeds Jeffrey Davis, who announced his departure from the company to pursue other opportunities elsewhere.

Harald Herrmann, Senior Vice President, Special Projects, Darden RestaurantsAdditionally, Harald Herrmann, President, Specialty Restaurant Group, said that he will be stepping down from his position, effective August 2016. He will serve as Senior Vice President, Special Projects until his departure.

Darden has also implemented a new reporting structure for its dining brands. The Capital Grille and Eddie V’s and Yard House will become direct reports to CEO Eugene Lee, Jr. Dave George, Olive Garden’s President, will then assume additional responsibilities through oversight of Seasons 52 and Bahama Breeze along with his current role.

Gene Lee, CEO, Darden Restaurants“Our continued success and momentum is a direct result of executing against our plan and maintaining our focus on consistently delivering outstanding guest experiences,” Lee said in a press release. “I am confident that the leadership appointments and organizational changes we announced today will further strengthen our organization and will allow us to maintain our positive momentum.”

For more on Darden’s financial performance, stay tuned to DeliMarket News.

Darden Restaurants

BelGioioso - Burrata & StracciatellaBlack Kassel - Snack like Royalty

Have a new product, press release or story idea?

Let us know

In This Story

Across every one of our unique brands and in every role, we’re creating a company that matters.

Marin French Cheese Introduces Petite Mustard Brie

The cheesemaker's latest line extension embraces a piquant flavor trend.
View Press Release

Specialty Food Association Winter Fancy Food Show Features Innovation and Disruption

The fastest-growing segment of the food industry, specialty food, is gathering in San Francisco, California, for another great show.
View Press Release

Ithaca Cold-Crafted Closes $2.7 Million In New Growth Capital From LiDestri Food and Drink

The brand is currently available at more than 3,000 retail doors across the U.S., including Wegmans, Publix, Stop & Shop, Shoprite, and The Fresh Market.
View Press Release

Califia Farms Further Diversifies Plant-Based Offerings With Launch Of New Oatmilk Line

The plant-based beverage company deepens its commitment to craft and plant-based nutrition.
View Press Release

Dewey's Bakery Expands Product Portfolio

The company introduces its new Tiki Bar collection, which brings the excitement of the seasons to the cookie aisle.
View Press Release

Brand Spankin’ New: Cypress Grove Launches Fresh Goat Cheese Cups and “Cheeseboards for Dinner” Campaign

The Humboldt County-based cheese producer making award-winning and world-renowned cheeses since 1983, will be showcasing a new addition to its fresh goat cheese line at this year’s Winter Fancy Food Show.
View Press Release