Darden Restaurants Inc. (NYSE: DRI) announced Tuesday that the restaurant group has lifted its full-year earnings guidance, citing improving sales and traffic, according to Associated Press.
Darden, which operates Red Lobster and Olive Garden restaurants, said it now expects fiscal 2010 earnings from continuing operations to rise 5 percent to 8 percent. Its prior outlook was for earnings to be flat to up 4 percent.
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Based on 2009's profit of $2.65 per share, this would imply earnings of about $2.78 to $2.86 per share.
Analysts polled by Thomson Reuters, whose estimates normally take out one-time items, predict 2010 profit of $2.74 per share.
Darden said its revised outlook assumes combined U.S. sales at restaurants open at least a year for Red Lobster, Olive Garden and LongHorn Steakhouse will decline about 3 percent for the fiscal year.
Darden predicts third-quarter earnings from continuing operations between about 91 cents and 93 cents per share. Analysts expect 80 cents per share for the quarter.
The company anticipates blended U.S. sales for restaurants open at least a year will be down 5 percent to up 5 percent for the quarter.
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