Huawei CEO Ren Zhengfei laid out plans to bring more efficiencies to the organization. This included simplifying the reporting structure, cutting down on surplus staff, axing...Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
"I think (rate cuts) will help, but whether they're going to be sufficient to counter the negative trade pressures and global growth slowdown and impact is debatable," one...Central Banksread more
Chinese overseas investment growth will likely slow or even decline in the next few years as risks around the world increase, according to new research by Moody's Investors...China Economyread more
The two countries want to smash the civil aerospace duopoly enjoyed by Airbus and Boeing.Aerospace & Defenseread more
Alibaba held a board meeting before its latest quarterly earnings release last week, during which the board decided to postpone the Hong Kong listing, Reuters reported.Technologyread more
Federal Reserve Chairman Jerome Powell is set to deliver his annual speech on Friday at the Jackson Hole, Wyoming symposium, where he's expected to provide more clarity on the...Asia Marketsread more
U.S. and Asian investors poured $3.7 billion into U.K. tech start-ups in the first seven months of 2019, research shows.Technologyread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Darden Restaurants shares hit a 52-week high Thursday after the company posted better-than-expected fiscal first-quarter earnings, buoyed by strong sales at most of its restaurants, and a raised outlook for 2019.
Darden's shares were recently up more than 3 percent. Earlier, the stock traded as high as $124, setting a fresh high. The stock is up more than 22 percent since January.
"We are pleased to report another quarter of strong results and market share gains," Gene Lee, CEO of Darden, said in a statement. "Our competitive advantages continue to work hard for us, allowing us to invest in our people and brands to deliver exceptional guest experiences."
The restaurant group, whose eight brands include Olive Garden and LongHorn Steakhouse, said net income rose to $166.2 million, or $1.32 per share, from $119.0 million, or 93 cents per share, a year ago.
Excluding discontinued operations, the company earned $1.34 per share, beating Wall Street estimates of $1.24 per share, according to Thomson Reuters consensus.
Revenue in the latest period increased 6.5 percent to $2.06 billion, larger than the $2.03 billion analysts had expected.
Darden's strong first-quarter earnings performance was buoyed by positive same-store sales at six of its eight branded restaurants. Across all brands, same-store sales grew 3.3 percent, better than the 1.1 percent analysts had forecast.
Olive Garden saw same-store sales rise 5.3 percent in the quarter, and LongHorn Steakhouse's grew 3.1 percent. At Eddie V's, the figure jumped 3 percent, and The Capital Grille's climbed 3.9 percent. Yard House and Bahama Breeze also reported sales growth.
Cheddar's Scratch Kitchen, which the company acquired a year ago, saw same-store sales fall 4 percent in the quarter, and Seasons 52 saw sales growth slip 1.9 percent.
Darden said it now expects same-store sales in fiscal 2019 to grow 2 to 5 percent, up from the 1 to 2 percent it forecast last quarter. The company also estimated full-year earnings to be $5.52 to $5.65 per share.