Darden Restaurants on Friday reported quarterly earnings and revenue that topped analysts’ expectations, leading the company to raise its sales and earnings forecast for the rest of fiscal 2022.

Olive Garden parent company also revealed that Gene Lee, the CEO of Olive Garden, will be retiring May 29. Rick Cardenas, Chief Operating Officer of the board was elected its next chief executive. Cardenas joins the board as Chief Operating Officer on May 30th, while Lee will remain as executive chairman up to the next shareholder vote. He is likely to be reelected in the role of non-executive chair.

Premarket trading saw shares of the company fall by 5%

Based on an analysis of Wall Street analysts, here’s the report from the company.

• Earnings per share: $1.48 vs. $1.43 expected
• Revenue: $2.27B vs. expected at $2.23B

Darden’s fiscal second-quarter net profit was $193.2 million or $1.48 per shared, an increase of $96 million or 73 cents per sharing a year before. Refinitiv surveyed analysts and found that they expected $1.43 earnings per share.

Net sales Surpassing $2.23 billion expectations, the increase was 37%

In addition, Darden is increasing its wage hike plans. Darden’s minimum wage will increase to $12 an hour from Jan. 1st, inclusive of tips. The company announced that this spring it would increase its minimum hourly wage to $11 for January and $12 for January 2022.

Darden has increased its fiscal 2022 outlook, anticipating greater sales and earnings than originally forecast.