Darden sees Q3 EPS $1.00-$1.02, consensus $1.13 Sees Q3 U.S. same-restaurant sales will be approximately -4.5% and that this result was adversely affected due to severe winter weather. The company estimates blended U.S. same-restaurant sales for Q3 for its Specialty Restaurant Group will be approximately 2%.
Darden says separation of real estate assets to complete by end of 2015 Expects to retire $1B of debt with proceeds from sale leasebacks. Expects to separate 488 of its restaurant real estate properties across two executions. Comments taken from Q1 earnings conference call.
Darden raises FY16 adjusted EPS to $3.15-$3.30 from $3.05-$3.20, consensus $3.13 The company's expectation for combined U.S. same-restaurant sales growth, on a 52-week basis, for fiscal 2016 remains unchanged at 2.0% to 2.5%. This does not include the impact of any fiscal 2016 real estate transactions and related capital structure activities.