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☆ Olive Garden's owner says lower-income customers are cutting back while richer diners are eating out more
▼ + stars: | 2024-03-22 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Darden says lower-income diners are cutting back on its brands while high earners are visiting more. Darden, which owns Olive Garden and LongHorn Steakhouse, said its customer base was reverting to its pre-pandemic makeup. Cardenas had told investors in December that lower-income diners had been "splurging" in the fine-dining sector in recent years but that their orders were getting back to a more normal level. "It doesn't mean that we won't have price points on things over time, but that's kind of more of our everyday low price or around that price," Cardenas said. Darden's second-biggest brand, LongHorn Steakhouse, which has about 570 restaurants, saw a 2.3% jump in same-restaurant sales.

Persons: Darden, —, Chris Steak, Rick Cardenas, Cardenas, Raj Vennam, — Vennam, Chris, Olive Garden's, Darden's, Vennam Organizations: Darden, Olive Garden, LongHorn, Service, Olive Locations: Olive, Texas, California, —

☆ Olive Garden owner Darden beats earnings estimates, hikes guidance as sales climb
▼ + stars: | 2023-12-15 | by ( Drew Richardson | ) www.cnbc.com time to read: +2 min

Darden Restaurants on Friday reported quarterly earnings that beat expectations and raised its annual guidance, helped by sales growth at chains such as Olive Garden and LongHorn Steakhouse. Darden completed its acquisition of Ruth's Hospitality Group, owner of chain restaurant Ruth's Chris Steak House, in June. The company will not include same-store sales from Ruth's Chris Steak House until Darden has owned and operated the restaurant for a 16-month period. "We continued to profitably grow market share again this quarter as we outperformed industry same-restaurant sales and traffic," said Cardenas in a statement. The LongHorn Steakhouse owner also projects $11.5 billion in sales for the fiscal year, as well as 50 to 55 new restaurant openings.

Persons: Chris, Rick Cardenas, Cardenas, Raj Vennam, Darden, Chris Steak Organizations: Darden, Olive Garden, LongHorn, LSEG, Ruth's Hospitality Group, Chris Steak House, CNBC PRO Locations: Olive

☆ ‘You Have to Work Extra to Hire People’: What Companies Have Been Saying About Jobs
▼ + stars: | 2023-08-04 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

As companies reported their latest quarterly earnings in recent weeks, hiring, wages and head counts were popular topics as analysts quizzed executives about their plans. Others said that rising wages remained a worry for their bottom lines. And many still looking to hire said that attracting and retaining workers was difficult as the labor market remained robust. “You have to work extra to hire people and to keep people,” Andrew Watterson, the chief operating officer of Southwest Airlines, said on a call with analysts. Even so, the rate of workers quitting their jobs, a measure of workers’ confidence in their prospects and bargaining power, continued to fall in June, according to data released Tuesday.

Persons: ” Andrew Watterson, ”, Martine Ferland, Mercer, Rick Cardenas Organizations: Southwest Airlines, Darden Restaurants Locations: Olive

☆ Olive Garden parent Darden Restaurants bets on fine dining with $715 million Ruth's Chris deal
▼ + stars: | 2023-05-04 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Olive Garden owner Darden Restaurants is betting on fine dining with its $715 million acquisition of Ruth's Chris Steak House . The average check at Ruth's Chris is $97, according to Darden's investor presentation. For comparison, the average check at Olive Garden, which accounts for roughly half of Darden's revenue, was $21 in fiscal 2022. Still, Darden executives emphasized that the Ruth's Chris acquisition is a long-term bet, and the decision wasn't made based on the current economic cycle. Cardenas also said third-party data shows that there is little overlap between Ruth's Chris customers and those who frequent The Capital Grill and Eddie V's.

☆ Olive Garden owner Darden Restaurants buys Ruth's Chris Steak House for $715 million
▼ + stars: | 2023-05-03 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Darden Restaurants said Wednesday it is buying Ruth's Hospitality Group , the parent company of Ruth's Chris Steak House, for $715 million. Ruth's CEO Cheryl Henry will stay on as president of Ruth's Chris and report to Cardenas. Ruth's Chris was founded in 1965 after Ruth Fertel bought Chris Steak House in New Orleans. The terms of the sale kept her from reusing the name at other locations, so she chose to name new locations Ruth's Chris Steak House. As of Tuesday's close, Darden's stock had risen nearly 10% this year, giving it a market value of $18.4 billion.

☆ Olive Garden parent raises revenue outlook as same-store sales jump
▼ + stars: | 2023-03-23 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Darden CEO Rick Cardenas credited the quarter's strong sales growth to its strategy of pricing below inflation. Net sales rose 13.8% to $2.79 billion, fueled by same-store sales growth of 11.7% across all of its brands, which include chains like Olive Garden, LongHorn Steakhouse and The Capital Grille. Wall Street was expecting same-store sales to increase just 9.1%, according to StreetAccount estimates. Olive Garden, which accounted for nearly half of Darden's quarterly revenue, reported same-store sales growth of 12.3%. And its fine-dining business, which includes The Capital Grille, reported same-store sales growth of 11.7%.

☆ Olive Garden parent company Darden beats estimates, raises outlook
▼ + stars: | 2022-12-16 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

The company also raised its earnings outlook for fiscal 2023 to a range of $10.3 billion to $10.45 billion from its previous range of $10.2 billion to $10.4 billion. Revenue: $2.49 billion vs. $2.43 billion expected. Darden's total sales rose 9.4% compared with the same quarter last year. Olive Garden, which accounts for nearly half of Darden's revenue, saw same-store sales increase 7.6%, while overall same-store sales rose 7.3% for the company. Darden said it had 1,887 locations open as of the end of the quarter, compared with 1,852 last year.

☆ McDonald's is taking the McRib on a farewell tour. Here's why it will probably be back.
▼ + stars: | 2022-10-29 | by ( Mary Meisenzahl | ) www.businessinsider.com time to read: +3 min

McDonald's is taking the McRib on its fourth farewell tour. A farewell tour is more of a "call to action" than a sign the McRib will actually leave menus, an analyst said. McDonald's has held three other farewell tours for the sandwich, in 2005, 2006, and 2007. Taco Bell famously removed potatoes and the Mexican Pizza from menus only to return both within a year, saying demand for the Mexican Pizza was seven times higher after its return. When dishes like Mexican pizza or the McRib return, they already have a built-in fanbase among customers.

☆ Olive Garden parent Darden stands by outlook after mixed quarterly results
▼ + stars: | 2022-09-22 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

An order of breadsticks from a Darden Restaurants Inc. Olive GardenDarden Restaurants on Thursday reported mixed quarterly results but still reiterated its outlook for fiscal 2023. The company's same-store sales increased 4.2% in the quarter. CEO Rick Cardenas said in a statement that Darden saw seasonal changes to demand return to the business. For its fiscal 2023, Darden expects earnings per share from continuing operations of $7.40 to $8. Darden is also expecting same-store sales growth of 4% to 6% and 50 to 60 new restaurant openings in fiscal 2023.

☆ CEOs send mixed signals about consumer spending as split emerges between income levels
▼ + stars: | 2022-07-26 | by ( Robert Hum | ) www.cnbc.com time to read: +5 min

If the signals you're getting about the U.S. consumer seem mixed, there could be a very good reason for that: They are. In recent earnings conference calls, CEOs have been presenting more evidence that consumer spending patterns are bifurcating. Despite rampant inflation, the high-end consumer is remaining strong, but the low-end consumer is starting to buckle under the pressure. That comment came after the company, which owns brands such as Louis Vuitton and Tiffany, reported earnings Tuesday. On Tuesday, the company reported better-than-expected profit growth as price increases on its menu helped offset rising costs.

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