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Darden Restaurants fiscal Q1 profit climbs 30.4% YOY

Darden Restaurants Inc. said its normalized net income for the fiscal first quarter ended Aug. 28 amounted to 71 cents per share, compared with the S&P Capital IQ consensus estimate of 82 cents per share.

EPS climbed 33.1% year over year from 53 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $89.8 million, an increase of 30.4% from $68.8 million in the prior-year period.

The normalized profit margin climbed to 5.2% from 4.1% in the year-earlier period.

Total revenue climbed on an annual basis to $1.71 billion from $1.69 billion, and total operating expenses came to $1.56 billion, compared with $1.55 billion in the year-earlier period.

Reported net income rose 36.9% year over year to $111.5 million, or 88 cents per share, from $81.5 million, or 63 cents per share.