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Darden Restaurants profit misses consensus by 58.9% in fiscal Q2

Darden Restaurants Inc. said its normalized net income for the fiscal second quarter ended Nov. 23 was 11 cents per share, compared with the S&P Capital IQ consensus estimate of 27 cents per share.

EPS rose 74.6% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $14.4 million, a gain of 67.9% from $8.6 million in the prior-year period.

The normalized profit margin rose to 0.9% from 0.6% in the year-earlier period.

Total revenue increased 4.9% year over year to $1.56 billion from $1.49 billion, and total operating expenses rose 5.1% on an annual basis to $1.51 billion from $1.44 billion.

Reported net income came to a loss of $30.6 million, or a loss of 24 cents per share, compared with income of $6.6 million, or 5 cents per share, in the prior-year period.