Why Pizza Chains Are Weathering The Coronavirus Downturn Better Than Their Restaurant Counterparts [Forbes]
Darden Restaurants, Inc. (DRI)
Last darden restaurants, inc. earnings: 3/19 07:00 am
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Source: Forbes
A Domino's restaurant in Nottingham which remains open as the company provides a contactless... [+]delivery service to help limit the spread of coronavirus. (Photo by Tim Goode/PA Images via Getty Images)The past two weeks have provided an early glimpse of just how badly the COVID-19 pandemic could affect the restaurant industry in the long term.It’s not pretty.From Darden Restaurants to Denny’s, public restaurant companies are withdrawing their 2020 guidance and drawing down from their revolving credit lines to sustain their businesses through the pandemic-induced downturn. And though it’s still early says, what a downturn it’s been.The National Restaurant Association estimatesthatabout 3% of restaurantshave already closed permanently, with another 11% anticipating closure within the next month. According to the association, there are about 1 million restaurant locations in the U.S., so effectively 110,000 storefronts could be empty when the dust clears.Today In:Further, the industry
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DRI
Earnings
- 3/21/24 - Miss
DRI
Sec Filings
- 4/9/24 - Form 4
- 4/8/24 - Form 144
- 4/3/24 - Form 8-K
- DRI's page on the SEC website