Darden posts first same-store sales decline since pandemic, offset by Ruth's Chris acquisition
Publishing timestamp: 2024-03-21 09:43:12
Summary
Darden's quarterly earnings met expectations but revenue fell short. Only LongHorn Steakhouse reported same-store sales growth, while Olive Garden saw a decline. Lower-income consumers are spending less at Darden's restaurants, but higher-income customers are increasing. Darden is not planning on changing its strategy despite the slowdown. Company updated its outlook for fiscal 2024, narrowing its earnings forecast and lowering revenue projection.
Sentiment: MIXED
Tickers: DRI,
Keywords: breaking news: markets, business, breaking news: business, business news, retail industry, markets, darden restaurants inc, dividends, restaurants, earnings,
Source: https://www.cnbc.com/2024/03/21/darden-restaurants-dri-q3-2024-earnings.html