"Darden Restaurants Faces Stock Dive and Sales Decline Despite Ruth's Chris Acquisition"
TL;DR Summary
Darden Restaurants reported a decline in same-store sales for the first time since the pandemic, despite an increase in net sales fueled by the acquisition of Ruth's Chris Steak House and other new restaurant locations. The company's overall same-store sales fell 1% in the quarter, with Olive Garden and other segments reporting declines, while LongHorn Steakhouse saw growth. Darden also updated its fiscal 2024 outlook, narrowing its earnings forecast and lowering its revenue and same-store sales projections.
Topics:business#business-finance#darden-restaurants#earnings-report#fiscal-outlook#ruths-chris-steak-house#same-store-sales
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- Darden Restaurants Stock Falls as Outlook Disappoints Barron's
- Darden Restaurants: Fiscal Q3 Earnings Snapshot Quartz
- Darden posts first same-store sales decline since pandemic, offset by Ruth's Chris acquisition MSN
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