Darden Restaurants Reports 28.4 Percent Slide in Fiscal First-Quarter Sales
ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported its sales fell 28.4 percent in its fiscal first quarter, which ended Aug. 30. The Orlando-based company owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.
Darden reported that sales in its fine dining restaurants fell 38.9 percent year-over-year. Sales at Olive Garden slid 27.7 percent, while LongHorn saw a decrease of 16.3 percent. At the beginning of its first quarter, Darden had 68 percent of restaurants in its portfolio open, compared with 91 percent on Sept. 1.
Despite the fall in sales, Darden is still progressing with its full-year outlook, which includes the addition of 35 to 40 new restaurants and total capital spending of $250 million to $300 million. As of Aug. 30, Darden operated 1,807 restaurants.