Darden Restaurants Inc. reported Thursday a 41.1-percent decline in profit for the second quarter ended Nov. 24, saying it plans to spin off or sell its 705-unit Red Lobster brand.
Clarence Otis, chairman and chief executive of the Orlando, Fla.-based casual-dining operator, said industry conditions in the quarter “remained weaker than we had hoped.”
Darden owns and operates the Olive Garden, Red Lobster, LongHorn Steakhouse, The Capital Grille, Bahama Breeze, Eddie V’s, Yard House and Seasons 52 brands.
NET INCOME
Result: $19.6 million, or 15 cents per share% Decrease: 41.1% (from $33.6 million, or 26 cents per share)
REVENUE
Result: $2.05 billion% Increase: 4.6% (from $1.96 billion)
SAME-STORE SALES
% Decrease at Olive Garden: 0.6%
% Decrease at Red Lobster: 4.5%
% Increase at LongHorn Steakhouse: 5%
% Increase at Bahama Breeze: 6.2%
% Increase at The Capital Grille: 6.7%
% Increase at Eddie V's: 5.7%
% Increase at Seasons 52: 1.2%
% Increase at Yard House: 1.2%
Source: Company report
RELATED:
• Darden’s 1Q net income drops 36.6%
• Darden warns on 3Q sales decline at top brands
• More restaurant finance news
Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless