September 28, 2011 / 11:33 AM / in 6 years

Red Lobster parent Darden profit drops

(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

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below