People buy more steak in restaurants when beef prices are high because they're scared to cook it at home and mess up, restaurant boss says [Business Insider]
Darden Restaurants, Inc. (DRI)
Last darden restaurants, inc. earnings: 3/19 07:00 am
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Source: Business Insider
He said that customers worry about taking a risk if they cook steak at home when it's expensive. Beefsteak prices rose by 8.1% over the past year, higher than the 1% rise in overall food prices. Customers worry more about cooking steak at home when it's expensive in case they mess it up, so they eat it at restaurants instead, Darden Restaurants' CFO said. "Steak does a little bit better when beef prices are higher just because … the consumer would rather not take a risk on cooking something that's expensive," Raj Vennam told investors during the company's third-quarter earnings call on Thursday. Darden owns several chains, including Olive Garden and LongHorn Steakhouse, and it acquired Ruth's Chris Steak House last year. Vennam told investors in September that beef accounted for 22% of Darden's ingredient spending. Diners at LongHorn Steakhouse spent an average of $25.50 on each meal in the 2023 fiscal year, though prices vary massively by location. At a restaurant in Calif
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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