3 months ago
Stock Market

Darden Restaurants Lends a Hand to Consumer Stocks Midday

Investing.com - Consumer stocks got a boost midday as Olive Garden parent Darden Restaurants (NYSE:DRI) raised its forecast for

Investing.com - Consumer stocks got a boost midday as Olive Garden parent Darden Restaurants (NYSE:DRI) raised its forecast for next year.

The company said same-store sales grew by 2.1%, while its earnings per share share came in at $0.92 compared with estimates of $0.91. The company's overall sales were slightly lower than expected at $1.97 billion.

Olive Garden saw the largest growth, along with LongHorn Steakhouse. Darden jumped about 4.5% in midday trading.

Darden boosted its full-year EPS guidance to $5.60-$5.70 from $5.52-$5.65.

Among other restaurant stocks, Red Robin Gourmet Burgers (NASDAQ:RRGB) was down about 0.2%, The Cheesecake Factory (NASDAQ:CAKE) lost about 0.5% and Ruth's Hospitality Group (NASDAQ:RUTH) rose 0.2%.

Other consumer stocks were higher, with the S&P 500 Consumer Discretionary index up 0.8%.

Starbucks (NASDAQ:SBUX) rose 0.3%, while apparel firms also picked up. Nike (NYSE:NKE) increased 2% and Nordstrom (NYSE:JWN) was up 1.5%, while Ross Stores (NASDAQ:ROST) rose 0.6%.