Darden’s “brilliant with the basics” operating strategy has been the anchor for its industry-fronting results for years now, and the fourth quarter was no different. Same-store sales increased at every brand except its most recent acquisition, Cheddar’s Scratch Kitchen, resulting in a blended lift of 2.
Darden’s total sales lifted 13.3 percent to $2.13 billion in the third quarter, offering another positive chapter in what’s been a robust fiscal 2018 to date. But the report also arrived with Olive Garden news that will dismay some customers, and could have an adverse traffic effect in Q4 for the company, at least in the short term.
Darden Restaurants is preparing to open a burger-focused sibling of its high-end steakhouse chain, The Capital Grille. With an anticipated debut in March, according to its website, The Capital Burger will open across from the Walter E.
Darden announced Monday that Dave George is assuming the newly created role of executive vice president and chief operating officer. George was named president of Olive Garden in 2013 and executive vice president of Darden in 2016.
Darden’s momentum continues to accelerate in 2018, with the company announcing Monday that it plans to invest about $20 million “in initiatives directly benefitting our workforce.” This came with news the casual dining giant was increasing its financial outlook for fiscal 2018 from $4.
There is nothing overly complicated about what Darden is doing these days. CEO Gene Lee even called it a “back-to-basics operating philosophy” Tuesday as he recapped the company’s bullish second-quarter performance.
Hurricane Harvey made landfall on the final weekend of Darden’s first quarter. In that short time, the catastrophic storm left a pronounced impact on the casual dining company’s bottom line. Rick Cardenas, Darden’s senior vice president and CFO, said during a conference call that the day before Harvey hit Texas, where Darden has 99 total units across its brands (including 47 Cheddar’s Scratch Kitchen locations), same-restaurant sales for the quarter were up 2 percent.
Now under the umbrella of casual dining giant Darden, Cheddar’s Scratch Kitchen is no longer in need of a corporate office. The 165-unit brand (140 company-owned) will close its office in Irving, Texas, and cut 69 positions, according to documents filed with the Texas Workforce Commission and reported by The Dallas Business Journal.
Behind the sales metrics and calculations driving Darden forward is a much simpler story. During a conference call Tuesday, CEO Gene Lee recalled the landscape three years prior. LongHorn Steakhouse and Olive Garden were standing at the terminal with suitcases full of luggage and zero chance of fitting them in the overhead bin.
Coinciding with the brand’s announcement of its Q3 earnings results, Darden Restaurants will add casual dining brand Cheddar’s to its portfolio that includes Olive Garden and LongHorn Steakhouse.Why Did Darden Take This Gamble? Read More About it HereFrom expanding to-go offerings to focusing on real estate, here’s a look at how the company continues to improve its restaurants and how it plans to integrate Cheddar’s.
It isn’t every day that a major casual dining company precedes a financial review with a $780 million jolt. In this sector of the industry especially, it has become commonplace for organizations to huddle and guard their assets.
A November study by Market Force Information revealed, in a surprising twist, that Cheddar’s Scratch Kitchen had unseated Cracker Barrel as America’s favorite chain. It was the first time the 165-unit chain even earned votes to be included in the rankings.
Darden Restaurants recently announced the recipients of its annual “William B. Darden Distinguished Supplier Awards.” The award, named for the company's late founder, recognizes suppliers who continuously exceed expectations by providing innovative products and services that contribute to the success of the company.
Darden Restaurants, Inc., reported its financial results for the first quarter ended August 28.First Quarter 2017 Financial Highlights Versus Same Fiscal Quarter Last YearTotal sales from continuing operations increased 1.