Olive Garden's owner says lower-income customers are cutting back while richer diners are eating out more [Business Insider]
Darden Restaurants, Inc. (DRI)
Last darden restaurants, inc. earnings: 3/19 07:00 am
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Source: Business Insider
Darden, which owns Olive Garden and LongHorn Steakhouse, said its customer base was reverting to its pre-pandemic makeup. Diners aged 65 and over are spending less on each visit, too. Darden Restaurants says lower-income customers are visiting its brands less often. The CEO of Darden, which owns a range of fast-casual and fine-dining chains including Olive Garden, LongHorn Steakhouse, and Cheddar's Scratch Kitchen and recently acquired Ruth's Chris Steak House, said that lower-income consumers "appear to be pulling back." "We're clearly seeing consumer behavior shifts," CEO Rick Cardenas said, speaking about the company's third-quarter results 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." Executives said that this was an "ongoing" shift and was most pronounced in its fine-dining segment. Cardenas had told investors in December that lower-income diners had been "splurgi
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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