The publicly-traded local firm reported first-quarter profit of $56.9 million on sales of $1.02 billion. That performance is up from $47.3 million in net earnings on $929.4 million in sales for first quarter 1999.
The company's per-diluted share earnings were a record 46 cents, up from 35 cents in the same period last year. Darden operates the Red Lobster, Olive Garden, Bahama Breeze and Smokey Bones BBQ chains.
Olive Garden posted a same-restaurant sales growth of 8.7%, its 24th consecutive quarter of growth. Red Lobster had a 6.2% same-restaurant growth for the 11th straight quarter. Bahama Breeze and Smokey Bones individual sales are still being compiled.
In a prepared statement, Darden chairman/CEO Joe Lee called the first-quarter performance "fantastic." He says the company is considering opening new restaurants at an undetermined date. Darden's stock on the New York Stock Exchange is trading at $17.31 per share.
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