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Darden Restaurants swings to loss in fiscal Q1

Darden Restaurants Inc. said its normalized net income for the fiscal first quarter ended Aug. 24 came to a loss of 17 cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

The per-share result swung to a loss from the prior-year profit of 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $23.0 million, compared with income of $31.8 million in the prior-year period.

The normalized profit margin declined to negative 1.4% from 2.1% in the year-earlier period.

Total revenue rose on an annual basis to $1.60 billion from $1.53 billion, and total operating expenses rose 5.1% on an annual basis to $1.52 billion from $1.45 billion.

Reported net income totaled a loss of $19.3 million, or a loss of 15 cents per share, compared with income of $42.4 million, or 32 cents per share, in the prior-year period.