UPDATE: Darden Q2 Profit Down 60%

Darden Restaurants

reported a 60% drop in its second-quarter profit. Darden's quarterly profit declined to $33.6 million, or $0.26 per share, versus $53.7 million, or $0.40 per share, in the year-earlier period. Its sales rose to to $1.96 billion from $1.83 billion. However, analysts were expecting earnings of $0.27 per share on sales of $1.96 billion. Darden projects FY13 earnings from continuing operations of $3.29 to $3.49 per share, versus analysts' estimates of $3.42 per share. Darden shares closed at $46.81 yesterday.