Darden Restaurants cuts annual sales forecast on slowing demand [Reuters]
Yum! Brands, Inc. (YUM)
Last yum! brands, inc. earnings: 4/29 07:00 am
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Source: Reuters
Thursday, as customers avoid dining out to keep their spending under check amid inflation. 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 (MCD.N) , opens new tab Yum Brands (YUM.N) , opens new tab and Starbucks (SBUX.O) , opens new tab 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 , opens new tab 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 e
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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