Darden Restaurants earnings disappoint as Olive Garden, fine dining sales struggle

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Olive Garden parent Darden Restaurants reported weaker-than-expected earnings and revenue for its fiscal first quarter.

CEO Rick Cardenas said the company fell short of its own expectations for the quarter."While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business," CEO Rick Cardenas said in a statement."I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits.

Olive Garden's same-store sales fell 2.9% in the quarter. The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers. Darden's fine-dining segment, which includes Eddie V's and The Capital Grille, reported same-store sales declines of 6%. LongHorn Steakhouse was the company's only division to report same-store sales growth. The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%.

Despite the gloomy quarter, Darden reiterated its full-year forecast. Darden is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.

 

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