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Darden Restaurants profit misses consensus by 17.9% in fiscal Q1

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Darden Restaurants profit misses consensus by 17.9% in fiscal Q1

Darden Restaurants Inc. said its normalized net income for the fiscal first quarter ended Aug. 27 amounted to 81 cents per share, compared with the S&P Capital IQ consensus estimate of 99 cents per share.

EPS climbed 14.4% year over year from 71 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $103.2 million, a gain of 15.0% from $89.8 million in the year-earlier period.

The normalized profit margin rose to 5.3% from 5.2% in the year-earlier period.

Total revenue grew 12.9% on an annual basis to $1.94 billion from $1.71 billion, and total operating expenses increased 12.5% on an annual basis to $1.76 billion from $1.56 billion.

Reported net income increased 8.5% on an annual basis to $120.9 million, or 95 cents per share, from $111.5 million, or 88 cents per share.