News Summary: Darden cuts guidance for year

Published on NewsOK Modified: February 22, 2013 at 10:03 am •  Published: February 22, 2013
Advertisement
;

ORLANDO, Fla. (AP) — THE NEWS: Olive Garden and Red Lobster parent Darden Restaurants Inc. predicted a third-quarter profit below Wall Street's expectations and cut its outlook for the year.

THE CONTEXT: The Orlando, Fla.-based chain has tried to revamp menus and marketing for its flagship chains. But so far these changes have not sparked a turnaround. The company expects revenue at Olive Garden, Red Lobster and LongHorn Steakhouse restaurants open at least one year will fall 4.5 percent in the third quarter.

WHAT HAPPENED: The company said higher payroll taxes and rising gas prices, along with severe winter weather, drove down sales in February.


Advertisement


Trending Now



AROUND THE WEB

  1. 1
    Dave Chappelle Reveals Shockingly Buff New Look
  2. 2
    Peaches Geldof Funeral to Be Held on Easter Monday
  3. 3
    Mayor Who Fired Lesbian Police Chief Caught On Tape In Homophobic Tirade
  4. 4
    NBA commissioner wants to raise age limit to 20
  5. 5
    Dream guitars I wouldn't mind calling my own (34 Photos)
+ show more