Darden Restaurants (DRI) official guidance

As we look at where we thought we would be for beef at the beginning of the year and three months later, we're basically trending pretty much in line with our initial estimate of low single-digit inflation for our fiscal 2027.

From a commodities inflation perspective, for the year, we're still expecting 3%.

I would expect second quarter to be in that 2.5%-3% range, and then back half to be closer to 3%.

I would expect second quarter to be in that 2.5%-3% range, and then back half to be closer to 3%.

As shared in our press release this morning, we are reaffirming all aspects of our financial outlook for the fiscal 2027, culminating in diluted net earnings per share between $11.10 and $11.35 for the year.

Yard House is a high potential growth brand with plans to open 13 new restaurants this fiscal year, giving even more guests an opportunity to experience the brand.

Second quarter will probably be in that, call it mid 3% range, and then it will go down as we go through the year.

I expect that to moderate as we go through the year, coming down to basically low to mid twos by Q4.

Five of the openings will be conversions of Bahama Breeze restaurants, and half of the other locations will utilize the new smaller Yard House prototype.

We expect this calendar shift to create an approximately 1% headwind to second quarter sales with an offsetting benefit in the third quarter.

We expect this calendar shift to create an approximately 1% headwind to second quarter sales with an offsetting benefit in the third quarter.

For the first half, I think we signaled low-single digit inflation, but that includes mid to high in the first quarter and basically slight deflation in the second quarter.

One of the things that we expect to see in the first quarter primarily is beef is going to be somewhere in that mid- to high-single digit, because we're wrapping on pretty low inflation a year ago.

If you look at the guidance of $875 million, roughly $25 million is related to the conversions.

Close to $350 million is maintenance/IT investment. It's basically maintaining our buildings, technology investments, all of that, and roughly $500 million is related to new unit growth.

Close to $350 million is maintenance/IT investment. It's basically maintaining our buildings, technology investments, all of that, and roughly $500 million is related to new unit growth.

Capital spending of approximately $875 million, total inflation of approximately 3%, which includes commodities inflation of approximately 3% and labor inflation of approximately 3.5%.

I think we're expecting roughly 4% in the first quarter.

An annual effective tax rate of approximately 13.5% and approximately 114 million diluted average shares outstanding for the year.

All of this results in EBITDA of $2.26 billion-$2.29 billion and diluted net earnings per share between $11.10 and $11.35.