Darden Restaurant Among Top Fallers Despite Reaffirming Outlook Share

Posted: Sep 26, 2017

Darden met profit expectations for the first quarter, and reaffirmed the financial outlook for the full year

Darden Restaurant Inc shares slumped over 6% to US$77.84 on Tuesday as its same store sales missed expectations for the first quarter.

It came despite the group meeting profit expectations for the first quarter, and reaffirming the financial outlook for the full fiscal year.

The parent of Olive Garden and LongHorn Steakhouse restaurant chains, said in a statement that net income for the quarter to Aug. 27 rose to US$119.0mln, or 93 US cents a share, from US$110.2mln, or 87 US cents a share, the same period a year ago.

On the winning front, Carnival Corp (NYSE:CCL) shares cruised 2.38% higher to US$65.01 as it posted reported third-quarter earnings and revenue that beat expectations.

Net income for the quarter totaled $1.33 billion, or $1.83 per share, down from $1.42 billion, or $1.93 per share, for the same period last year.

Carnival said changes in fuel prices and currency exchange rates lowered its earnings by 3 US cents per share, while non-cash impairment charges of US$392mln reflected a business realignment in Australia.

Among the top big cap gainers, L Brands Inc (NYSE:LB) added over 5.4% to US$43.11

Source: Proactiveinvestors.com
September 26, 2017

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