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Restaurateur, Darden Restaurants (NYSE: DRI) announced that fourth-quarter net income checked in at 87 cents per share, up from 71 cents per share a year ago. The company also reported that sales increased to $1.97 billion from $1.82 billion. The eatery operator's sales were boosted by an extra week of business in the most recent quarter. In a statement, the company's CEO Clarence Otis noted that the company is hoping for an improvement in overall restaurant industry conditions and sales trends, but the current challenging environment is likely to continue through all of fiscal 2010. Otis stated that "there are reasons to believe there might be some favorable changes. However, given the current level of uncertainty, we think it's prudent to be cautious in developing our plans for the year."
Speaking of 2010, the company expects same-restaurant sales for its three dining brands to come in between break even or a 2% drop. For the fiscal year, DRI believes earnings will total between $2.59 and $2.85 per share.
Technically, the stock has backtracked in the past two months, bringing an end to a quick three-month run higher. The shares are currently teetering on support from their 50-month moving average, which is positioned in the $32 region. As the trading day starts, let's see if this region can continue to lend support to the stock as it battles overhead resistance in the $38 region. This level has acted as resistance throughout 2008, so finishing the month atop this level could be a bullish signal.
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