Darden Restaurants cuts annual sales forecast on slowing demand [Yahoo! Finance]
Yum! Brands, Inc. (YUM)
Last yum! brands, inc. earnings: 4/29 07:00 am
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Source: Yahoo! Finance
Shares of the Orlando, Florida-based company, which has casual and fine dining restaurant brands, fell nearly 4% in premarket trading after Darden also missed market expectations for third-quarter sales. Darden joined its fast food industry rivals McDonald's , Yum Brands and Starbucks in taking a sales hit, as consumers preferred affordable meals at home to spending at restaurants. In 2023, restaurant visit share dropped to 11.7% from a 13.8% rise seen in 2019, as per Placer.ai data. For fiscal 2024, Darden expects same-store sales growth of 1.5% to 2%, down from 2.5% to 3% it forecast previously. Analysts on average estimate growth of 2.73%, as per LSEG data. "While Darden's mix of restaurants allows it to appeal to diners across income levels, the company's lowered outlook indicates that it expects consumer spending to remain under pressure this year," said Rachel Wolff, analyst at eMarketer. The Longhorn Steakhouse-owner, however, slightly raised the lower end of its ann
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News
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YUM
Earnings
- 2/7/24 - Miss
YUM
Sec Filings
- 4/26/24 - Form 8-K
- 4/16/24 - Form 4
- 4/15/24 - Form 144
- YUM's page on the SEC website