Declining traffic to Olive Garden, Darden's top restaurant chain, resulted in weaker-than-expected revenue for its fiscal fourth quarter.
Traffic to Olive Garden, its top chain, declined during the quarter.An Olive Garden restaurant in Laguna Hills, Californiaslid nearly 5% in premarket trading Thursday after its earnings report showed that declining traffic to Olive Garden, its top chain, resulted in weaker-than-expected revenue for its fiscal fourth quarter.
Darden said foot traffic to Olive Garden locations open at least a year fell 0.4% during the quarter ended May 26. The Italian food chain, which accounts for roughly half of Darden's net sales, reported same-store sales growth of 2.4%. Fiscal fourth-quarter revenue increased 4.5% to $2.23 billion but fell short of Wall Street's estimates. Analysts surveyed by Refinitiv were expecting the company to report net sales of $2.24 billion.
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