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.
• Darden’s 1Q net income drops 36.6%
• Darden warns on 3Q sales decline at top brands
• More restaurant finance news
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