Darden Restaurants is an American multi-brand restaurant operator headquartered in Orlando. Until July 28, 2014, Darden also owned Red Lobster. Darden has more than 1,500 restaurant locations and more than 150,000 employees, making it the world’s largest full-service restaurant company.
What is Darden
Darden is a premier full service restaurant company featuring a portfolio of category leading brands that include Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V’s and Yard House. Each of our brands enjoys industry leading average unit volumes that together generate $6.8 billion in annual sales across more than 1,500 company-owned and operated locations.
In 1995, General Mills decided to spin off its restaurant chains to focus on consumer food products. The new company was named Darden Restaurants, after Red Lobster’s founder. General Mills stockholders received one share of Darden for every common share of General Mills held. Darden Restaurants was spun off from General Mills beginning on May 9, 1995, when it began trading on when-issue basis at $9.75 a share. The company became a fully separate entity on May 31, 1995, when its shares went on sale on the NYSE.
On December 19, 2013, Darden announced plans to sell or spin-off the Red Lobster brand, citing pressure from stock investors. This was in direct response to the company spending US$100 million on a new digital platform. At the time, the project was already at least one year behind schedule and above budget. A large number of layoffs occurred in its marketing department, and the company’s second in command also left.
Market Traders Alert Darden Restaurants
Darden Restaurants, Inc.’s, a part of Services sector and belongs to Restaurants industry; ended its day with a gain of 0.70% and finalized at the price of $77.25. During its last trading session, Stock traded with the total exchanged volume of 2.11 million shares. The average volume stands around 1.77 million shares. The average numbers of shares are traded in a security per day, during the recent 3-month period.
Darden Restaurants The Industry’s
When Darden Restaurants the company behind Olive Garden, Bahama Breeze, LongHorn Steakhouse and more reported first quarter earnings results Tuesday morning, the results were better than expected earnings per share beat the Wall Street estimate by six cents, an increase in same store sales proved a welcoming outlier among its food industry peers, and the company raised its full year earnings outlook. I just have a hard time when you think about our brands that where they’re experiential that people are trading out and staying home because they can get their groceries a little bit cheaper.