Darden Raises Sales Outlook, Unveils $1B Buyback After Strong Olive Garden Momentum

Darden Restaurants, Inc. (NYSE:DRI) ranks among the best consumer discretionary stocks to buy now. Following solid quarterly results on June 20, Darden Restaurants, Inc. (NYSE:DRI) projects annual same-store sales above expectations, relying on demand from food delivery and marketing initiatives at its casual dining brands like Olive Garden.

Darden Raises Sales Outlook, Unveils $1B Buyback After Strong Olive Garden Momentum

Image: Courtesy of Darden

Darden (NYSE:DRI) anticipates a 2% to 3.5% annual growth in same-store sales, with the midpoint of this range exceeding analysts’ projections of 2.64%. Additionally, initiatives like Olive Garden’s “buy one, take one” deals and home deliveries made possible by Uber Direct have further assisted the restaurant chain operator.

In addition, the company disclosed plans to explore strategic alternatives for its Bahama Breeze brand while also announcing a new $1 billion share repurchase program.

Darden Restaurants, Inc. (NYSE:DRI) is an American multi-brand restaurant operator headquartered in Orlando, Florida. Some of the most well-known and successful full-service dining brands can be found in Darden’s restaurant family, including Yard House, LongHorn Steakhouse, and Olive Garden.

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