Darden Restaurants Inc. reported an 18.4-percent decline in profit for the Feb. 23-ended third quarter, pointing to severe winter weather and costs associated with the spinoff of its 706-unit Red Lobster brand.

Darden ended the quarter with 836 Olive Garden units and, in its Specialty Restaurant Group, 53 Capital Grilles, 48 Yard House units, 38 Season 52s, 37 Bahama Breeze restaurants and 13 Eddie V’s units.

NET INCOME

Result: $109.7 million, or 82 cents per share
% Decrease: 18.4% (from $134.4 million, or $1.02  per share)

REVENUE

Result: $2.23 billion
% Increase: 1.1% (from $2.26 billion)

SAME-STORE SALES

% Decrease at Olive Garden: 5.4%


% Decrease at Red Lobster: 8.8%


% Increase at LongHorn Steakhouse 0.3%


% Decrease at Specialty Restaurant Group: 0.7%


Source: Company report

RELATED:
Barington: Red Lobster spinoff plan falls short
Darden to spin off or sell Red Lobster chain
More restaurant finance news

Contact Ron Ruggless at ronald.ruggless@penton.com.
Follow him on Twitter: @RonRuggless