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IN BRIEF / EARNINGS

Darden Restaurants' Profit Declines 12%

June 23, 2004|From Bloomberg News

Darden Restaurants Inc., owner of the Olive Garden and Red Lobster chains, said its fiscal fourth-quarter profit fell 12% after it closed six locales and wrote down the value of six others.

Net income in the period ended May 30 fell to $53.7 million, or 32 cents a share, from $61.1 million, or 35 cents, a year earlier, the Orlando, Fla.-based company said. Sales rose 11% to $1.36 billion.

Shares of Darden were unchanged at $21.65 on the NYSE.

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