Posted 3/21/2024, 8:40:00 PM
Darden Restaurants Stock Drops 11% as Olive Garden Parent Misses Revenue Expectations
- Darden Restaurants (owner of Olive Garden) stock dropped 11% after missing Wall Street revenue expectations for Q3
- Darden reported $2.97B revenue and $2.62 adjusted EPS, missing $3.03B revenue estimate
- Darden sales grew after acquiring 79 Ruth's Chris Steak Houses and 53 new restaurants
- Lower income consumers spending less at restaurants, while higher income above $150K spending more
- Darden updated fiscal 2024 outlook expects $11.4B sales, 1.5-2% growth, $8.80-$8.90 adjusted EPS
