Fast-food customers are shifting to casual-dining chains, Darden Restaurants CEO says
Publishing timestamp: 2024-06-20 13:52:55
Summary
Darden Restaurants CEO Rick Cardenas said casual-dining chains like Chili's and Applebee's are stealing customers from fast-food restaurants like McDonald's due to higher prices. While Darden itself hasn't benefited, its competitors have been successful in winning over fast-food diners with deals and ad campaigns. Overall, full-service menu prices have risen more than limited-service eateries, leading consumers to seek value in their dining choices. McDonald's has faced backlash for its prices but has introduced new value meals to appeal to price-conscious diners. Darden has focused on television advertising and lower pricing to attract customers, despite facing a weaker consumer environment. Executives remain optimistic about the company's performance compared to the broader casual-dining segment.
Sentiment: MIXED
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