Watch CBSN Live

Red Lobster parent Darden profit misses, revenue beats

ORLANDO, Fla. Darden's (DRI) fourth-quarter net income fell 12 percent on rising costs and expenses.

Comparable sales at its Olive Garden, Red Lobster and LongHorn Steakhouse restaurants rose 2.2 percent thanks to improving traffic.

For the period ended May 26, Darden Restaurants Inc. earned $133.2 million, or $1.01 per share. That compares with $151.2 million, or $1.15 per share, a year ago.

Removing acquisition-related costs, earnings were $1.02 per share, two cents shy of Wall Street estimates.

Revenue climbed 11 percent to $2.3 billion.

Darden, based in Orlando, Fla., said Friday that it expects fiscal 2014 adjusted earnings per share to be up between 4 percent and 6 percent.

The company raised its quarterly dividend 10 percent, to 55 cents per share.

Shares slipped less than 1 percent in premarket trading.

View CBS News In