Rising costs hurt profit at Darden Restaurants
Darden Restaurants Inc. reported a 29% drop in quarterly earnings Tuesday as a decline in customers hurt sales and food and acquisition costs rose.
- » Match.com® Official SiteSomeone You Can Love is Nearby. Browse Profiles and Pics for Free.www.Match.com
- » Local Steak RestaurantsPay a Visit to the West - Find a LongHorn Steakhouse in Your Area.longhornsteakhouse.com/restaurant
- » DIRECTV In Your BusinessDIRECTV for Restaurant. 90% of Subs saw Increased Business. Get Quote.www.directv.com
The Orlando, Fla.-based parent of the Olive Garden and Red Lobster restaurant chains also scaled back its profit growth target for the year because a weak U.S. dollar made imported products more expensive.
"We were unable to meet our expectations for earnings growth," Chief Executive Clarence Otis said in a statement.
Second-quarter net income slid to $43.5 million, or 30 cents a share, in the fiscal second quarter ended Nov. 25, from $61.7 million, or 41 cents, a year earlier.
The company, which has more than 1,700 full-service restaurants, said costs from its acquisition of Rare Hospitality International Inc. and a legal settlement reduced earnings by 12 cents a share in the most recent period.
Many restaurant chains have struggled this year as consumers spent less eating out because of higher gasoline and food prices and a lackluster housing market.
- » Match.com® Official SiteSomeone You Can Love is Nearby. Browse Profiles and Pics for Free.www.Match.com
- » Local Steak RestaurantsPay a Visit to the West - Find a LongHorn Steakhouse in Your Area.longhornsteakhouse.com/restaurant
- » DIRECTV In Your BusinessDIRECTV for Restaurant. 90% of Subs saw Increased Business. Get Quote.www.directv.com
-
Two Darden chains to use trans fat-free oilDarden Restaurants Inc. plans to stop using trans fat frying oils at its Olive Gar...December 14, 2006|Business
-
Darden Restaurants' Profit Declines 12%Darden Restaurants Inc., owner of the Olive Garden and Red Lobster chains, said it...June 23, 2004|Business
|
|
|
|

