Darden Restaurants ( DRI ) is down 9% as markets opened Monday after announcing that it expects fiscal Q2 EPS of $0.41, below the Thomson Reuters mean analyst estimate of $0.54. Q2 same-store sales growth is expected at 1.8%.
The company is changing its FY 2012 earnings outlook, expecting the Eddie V's acquisition to be neutral to results. The company anticipates total sales growth of between +6.0% and +7.0% for the year based upon combined U.S. same-restaurant sales growth of approximately +2.0% to +3.0% for Red Lobster, Olive Garden and LongHorn Steakhouse and the opening of 80 to 90 net new restaurants. And, the company expects diluted net earnings per share growth from continuing operations of +4% to +7% for fiscal 2012.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
