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Darden Restaurants Q1 Results Fall Short of Expectation, Shares Plunge

By Warren Paige

Parent Company of Olive Garden and Red Lobster, Darden Restaurants Inc. (NYSE: DRI) said on Friday that fiscal first quarter earnings fell sharply as rising labor and food costs dented margin even as the restaurant operator’s biggest chain did not fare well. For the period which ended Aug. 25, same-store-sales at Olive Garden fell 4% while it dipped 5.2% at Red Lobster. Same-store-sales at LongHorn rose 3.2%. Overall, same-store-sales fell 3.3%. Both earnings and revenue missed analysts’ forecast. Total costs and expenses increased 9.6% to $2.07 billion. However, Darden backed its full-year guidance.

September 20th, 2013 | Tags: | Category: Large Cap Growth Stocks

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All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com . About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.