Pro Research: Wall Street Deep Dive into Darden Restaurants
), Inc., the owner of popular dining brands such as Olive Garden and LongHorn Steakhouse, continues to draw attention on Wall Street with its financial performance. Originally projecting a +17% increase in the sector for Q4, the restaurant industry has seen a revised average comps growth expectation of +3.2% for 2024, down from +6.8% in the previous year. This moderation aligns with a broader trend where restaurant sales typically experience a +7% boost during election years since 2000.
However, Darden faces moderating comp trends in upcoming quarters due to consumer spending pressures and the normalization post-promotion periods. Additionally, margin expansion is expected to moderate with the anticipated reacceleration of beef inflation and other commodity prices, along with the lapse of previous labor productivity gains. Notably, BMO Capital Markets Corp.
InvestingPro Tips highlight that Darden has raised its dividend for 3 consecutive years and has maintained dividend payments for 30 consecutive years, underscoring its commitment to returning value to shareholders. This is particularly noteworthy as the company's dividend yield currently stands at 3.51%, reflecting an 8.26% dividend growth over the last twelve months as of Q3 2024.
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