Olive Garden parent company Darden Restaurants reported Thursday with better-than-expected fourth-quarter results.
The company also provided a business update and first-quarter outlook.
Darden’s results. Darden reported a loss of $1.24 per share for the quarter ended May 31 on revenue of $1.27 billion.
Wall Street analysts were expecting the company to lose $1.71 per share on revenue of $1.24 billion.
Sales were down 43% from last year. Same-store sales at Olive Garden were down 39.2% and down 45.3% at LongHorn Steakhouse.
For the full fiscal year, total sales were down 8.3% to $7.81 billion, partially driven by negative blended same-restaurant sales of 11%.
Business Update. Darden said the same-restaurant sales in the quarter through June 21 are down 33.2%.
As of June 22, 91% of the company’s dining rooms were open with at least limited capacity, the company said.
Based on the results in the week ending June 21, Darden said its cash flow is positive.
The company is sitting on $750 million in cash on the balance sheet and has access to another $750 million through a credit facility.
Guidance. Darden guided for fiscal first-quarter total sales to be down around 70% year-over-year; EBITDA to be at least $75 million; and net earnings per share from continuing operations to be at least break-even.
This story originally appeared on Benzinga.
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