Updates
** 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
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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