Lighthouse News Daily

Breaking Daily News

Monday, March 1, 2021
Log in
  • Headlines
  • Business
  • Education
  • Entertainment
  • Sports
  • Technology
  • U.S.
  • World
  • Latest News
    • Inflatable Greenhouse Could Be A Food Source In The Outer Space
    • YouTube for Children Being Launched by Google
    • Some Animals Produce Natural Sunscreen to Protect Themselves from Radiation, New Study Shows
    • A New Genetic Map Tracks Down Dog Breeds And Their Evolution
    • Lack Of Sleep Causes Brain Cells To Slow Down
    • Meet Lyuba, the Best-Preserved Baby Mammoth in the World
    • Reports of Great White Shark Spottings Around Wells, Maine
    • Minecraft Adds Hour of Code Designer Tutorial
    • The de Broglie-Bohm Theory Is Back and It’s Surreal
    • Could High Carbon Dioxide Concentration Make Earth Greener?
You are here: Home / Business / Olive Garden Continues Comeback

Olive Garden Continues Comeback

March 20, 2015 By David Kellen Leave a Comment

Email, RSS Follow

Not that long ago, consumers as well as investors were saying enough was enough at Olive Garden. However, the Italian food restaurant chain has made a remarkable turnaround over the last few months following its takeover by a hedge fund that shook things up.

Darden Restaurants, Olive Garden restaurant’s parent company reported solid revenue and earnings on Friday. Shares of its stock was up over 4% to reach a new all time high after the earnings were posted.

The stock has now increased by 40% since Starboard the activist investment firm took control of the board of directors last October and replaced the CEO and the entire board.

Starboard took to task Darden in 2014 for what it called culinary and financial sins.

In the first earnings report for Darden’s since new CEO Eugene Lee Jr. took the helm, Lee said consumers had become more willing to run up bigger tabs which helped the company to its second straight quarter in sales growth for Olive Garden restaurants opened 16 months or more.

The results mark the most recent evidence of an ongoing recovery that is taking hold across a large part of the restaurant sector the past few months, bolstered by a better economy and more money in the pockets of consumers thanks to lower prices of gasoline.

Darden said its profit was up 22% to end the quarter at $133.7 million for the fiscal third quarter, which came to an end on February 22. That was compared to last year during the same period when profit was $109.6 million.

Same stores revenue was up 2.2% for Olive Garden and 4.4% for LongHorn Steakhouse, in part thanks to price increases and customers purchasing items that were overall pricier. Capital Grille its higher end restaurant chain recorded an increase in sales of 6.1%.

The company based in Orlando, Florida said it is expecting it earnings for the ongoing quarter to top its expectations and raised its range of per share projected earnings for its current fiscal year to 8%.

 

Email, RSS Follow

Filed Under: Business, Headlines Tagged With: Dardens Restaurants, Earnings, Olive Garden

Pages

  • About/Contact
  • AccomplishNow Sandra Rechsteiner | A Journey to Self-Acceptance
  • Privacy Policy GDPR
  • Staff
  • Terms and Conditions

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 17 other subscribers

Former FBI Special Agent Mark Padilla Shares Safety Tips

March 29, 2016 By Lonnie Davidson Leave a Comment

New FAA Rules May Ground Amazon Drone Delivery Plan

February 17, 2015 By Adam Lynch Leave a Comment

RadioShack Booted Off NYSE

February 3, 2015 By Barbara Mast Leave a Comment

The hype around “Batman v Superman: Dawn of Justice” is unbelievable considering that the movie will be released in March next year.

All You Need To Know About Batman V Superman

August 31, 2015 By Adam Lynch Leave a Comment

Shake Shack Soars in Debut on Wall Street

January 30, 2015 By Janice Bower Leave a Comment

Florida Woman Driving under Influence while Live Streaming on Periscope

October 13, 2015 By Lonnie Davidson Leave a Comment

Deflated Balls or Egos

January 19, 2015 By David Kellen Leave a Comment

Alleged Spies from Russia Face Charges in New York

January 26, 2015 By David Kellen Leave a Comment

Related Articles

  • Artist's rendering of a wormhole, used for time travel

    19th Century Painting Finally Proves Time Travel?

    Nov 15, 2017
  • Artist's rendering of an UFO

    UFO Shown Floating Over Navy Base in the Californian Desert

    Nov 14, 2017
  • Officials celebrating the singing of the Paris climate agreement

    Syria Prepares to Join Paris Climate Agreement

    Nov 10, 2017
  • income tax tab on a playing board with two dice near it

    Major Leak Under Codename Paradise Papers Exposes How Wealthiest Persons Use Tax Havens

    Nov 6, 2017
  • boston dynamics schaft robots

    Softbank Just Revealed Its Acquisition Of Boston Dynamics And Schaft

    Jun 9, 2017
  • barra and oculus showroom

    Barra Left Xiaomi But Will Now Join Facebook VR

    Jan 27, 2017
  • medium evan williams

    Medium Will Be Laying Off Some Of Its Staff

    Jan 5, 2017
  • The terms of Brexit are still unclear after the vote

    A Special Project to Save London From Brexit

    Oct 2, 2016
  • Toy companies are forbidden to use children's personal data

    No More Toy Companies Spying On Kids’ Online Habits

    Sep 15, 2016
  • Uber wants to allow self-driving cars in Pittsburgh

    Uber’s Self-Driving Cars Are Facing Uncertainty

    Sep 12, 2016

Categories

  • Business
  • Education
  • Entertainment
  • Headlines
  • Health
  • Nature
  • Science
  • Sports
  • Technology
  • U.S.
  • Uncategorized
  • World

Copyright © 2021 lighthousenewsdaily.com

About | Contact · Staff · Terms and Conditions · Privacy Policy

This website uses cookies to ensure you get the best experience on our website. Learn more.