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
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