Darden Profit Sinks As Red Lobster And Olive Garden Continue To Struggle
Shares of Darden Restaurants are sinking in early Friday trading after the company’s latest set of earnings results revealed that the soon-to-be shed Red Lobster is still dragging down the restaurant operator’s profitability, which during its fourth fiscal quarter fell below expectations. And the news out of Olive Garden, which could account for as much as 60% of Darden’s revenue once Red Lobster is spun off, wasn’t much better: the Italian chain saw same-store sales drop and operating costs pop.
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