Olive Garden's earnings just pulled back the curtain on the economy: The rich are dining out while the poor are falling back [Yahoo! Finance]
Darden Restaurants, Inc. (DRI)
Last darden restaurants, inc. earnings: 3/19 07:00 am
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Source: Yahoo! Finance
Think endless soup, salad, and breadsticks at Olive Garden and the irresistible rolls from LongHorn steakhouse. But from what the CEO of Darden Restaurants Inc. (which owns those two brands) is seeing, lower-income families aren't dining out at their establishments as much—despite seeing total third-quarter sales rise 6.8% to $3 billion. "We're clearly seeing consumer behavior shifts," Darden CEO Rick Cardenas said in a third-quarter earnings call on Thursday. "Transactions from incomes below $75,000 were much lower than last year. And at every brand, transactions fell from incomes below $50,000." Meanwhile, transactions for higher-income individuals were higher than last year, according to the earnings call, so households earning at least $150,000 were dining out more. That's an “ongoing change” to Darden's income mix, said CFO Raj Vennam. It's also a vivid illustration of a two-track economy in which lower-income consumers are pulling back and higher-income families are splash
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News
- Red Lobster seeks a buyer as it looks to avoid bankruptcy filing [Yahoo! Finance]Yahoo! Finance
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- Darden Restaurants, Inc. (NYSE: DRI) had its "buy" rating re-affirmed by analysts at TD Cowen. They now have a $190.00 price target on the stock.MarketBeat
- Red Lobster May Soon File for Chapter 11 Bankruptcy, Here's Why [Yahoo! Finance]Yahoo! Finance
DRI
Earnings
- 3/21/24 - Miss
DRI
Sec Filings
- 4/26/24 - Form 4
- 4/25/24 - Form 144
- 4/9/24 - Form 4
- DRI's page on the SEC website