Darden Restaurants guides Q1 EPS just above consensus; reaffirms FY15 guidance; new Board of Directors will have four Starboard members, four incumbents and four new independent/unaffiliated members
Co issues upside guidance for Q1 (Aug), sees EPS of $0.31-0.33, excluding non-recurring items, vs. $0.30 Capital IQ Consensus Estimate. The Company reported that it anticipates U.S. same-restaurant sales for the first quarter to be approximately +2.8% for LongHorn Steakhouse, -1.3% for Olive Garden and +2.1% for its Specialty Restaurant Group. The Specialty Restaurant Group's results reflect preliminary U.S. same-restaurant sales of approximately +3.9% for The Capital Grille, +2.5% for Eddie V's, +2.3% for Yard House, +1.1% for Bahama Breeze and -0.3% for Seasons 52.
Co reaffirms guidance for FY15 (May), sees EPS of $2.22-2.30, excluding non-recurring items, vs. $2.23 Capital IQ Consensus. These expectations reflect the Company's projection that U.S. same-restaurant sales growth for fiscal 2015 for Olive Garden, LongHorn Steakhouse and the Specialty Restaurant Group will be flat to +1%, +1% to +2% and ~ +2%, respectively.
Co also announced a new slate of nominees for election to the Company's Board of Directors at the 2014 Annual Meeting of Shareholders, which is scheduled for October 10, 2014. The new slate reflects the Board's commitment to serving the best interest of all Darden shareholders. Darden's slate and proposed board structure would provide for four new independent nominees unaffiliated with the Company or Starboard, four returning independent director nominees, and four seats to be filled by candidates proposed by Starboard Value L.P. and its affiliates.
Co reaffirms guidance for FY15 (May), sees EPS of $2.22-2.30, excluding non-recurring items, vs. $2.23 Capital IQ Consensus. These expectations reflect the Company's projection that U.S. same-restaurant sales growth for fiscal 2015 for Olive Garden, LongHorn Steakhouse and the Specialty Restaurant Group will be flat to +1%, +1% to +2% and ~ +2%, respectively.
Co also announced a new slate of nominees for election to the Company's Board of Directors at the 2014 Annual Meeting of Shareholders, which is scheduled for October 10, 2014. The new slate reflects the Board's commitment to serving the best interest of all Darden shareholders. Darden's slate and proposed board structure would provide for four new independent nominees unaffiliated with the Company or Starboard, four returning independent director nominees, and four seats to be filled by candidates proposed by Starboard Value L.P. and its affiliates.