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On December 18th Darden Restaurants Inc. (DRI) posted the results for the second quarter of fiscal 2021 for the period ending November 29th.  For the quarter, Darden earned $96 million on revenue of $1,657 million with an EPS of $0.73.  Comparative values for the second quarter of fiscal 2020 were net earnings of $24.7 million on revenue of $2,056 million with an EPS of $0.20.  During the second quarter of FY2019, the company incurred non-recurring expenses of $153 million, but benefited from a $31.6 million income tax adjustment.

Darden Restaurants operates 1,818 locations including 874 Olive Garden locations, 527 Longhorn Steakhouses and 160 other units including fine dining restaurants.  For the quarter, Darden posted a 23.4 percent decline in same restaurant sales with individual brands ranging from a decline of 11.1 percent in Longhorn to 31 percent for the Fine Dining segment with Olive Garden intermediate at 20 percent.

Darden Restaurants posted total assets of $9,928 million of which $1,800million comprised goodwill and trademarks.  The company carries long-term debt and lease obligations of $5,100 million. 

In commenting on performance, Eugene Lee, CEO stated, "our restaurant teams continue to demonstrate remarkable flexibility and resilience while executing at a high level in serving our guests safely".  He added, "we continue to view this environment as a rare opportunity to meaningfully transform our business for long-term growth".

Following the announcement Darden named Ricardo Cardenas, previously CFO to be president and COO.  Eugene Lee will become Chairman, succeeding Charles Sonsteby but Lee will retain the position of CEO.

Darden Restaurants has a market capitalization of $15.12 billion.  The company has traded over the past fifty-two weeks in a range of $26.15 to $125.96.  The company closed at $116.16 on Friday, December 18th.

Over the trailing twelve months, operating margin was 1.6 percent and profit margin -1.7 percent.  Return on assets was 0.7 percent and on equity -4.7 percent.  In providing forward guidance for the third quarter the company predicted that total sales will fall between 65 percent and 70 percent of the corresponding quarter of the prior year and diluted net earnings per share will range from $0.50 to $0.75.