Darden Restaurants hits record high after maintaining annual sales forecast

Olive Garden owner Darden Restaurants DRI.N rises as much as 8.1% to a record high of $203.47

*Co maintains annual net sales and same-store sales forecasts despite missing Q3 same-store sales and net sales estimates, betting on steady spending

"I think as long as incomes are going up and outpacing inflation, I think they (consumers) are likely to keep spending" - CEO Rick Cardenas

Co also forecasts Q4 net sales above estimates

Q3 adjusted profit narrowly beat estimates, while co narrowed annual profit forecast, whose midpoint is slightly below prior forecast

Says $548 million remaining under current $1 billion repurchase authorization at Q3 end

DRI rose 13.6% in 2024, and was up ~1% YTD, as of last close