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Friday, June 20, 2014

Darden profit falls 35 pct, (NYSE: DRI)

Darden Restaurants Inc's quarterly profit slid 35 percent as costs soared and sales at its flagship Olive Garden restaurant chain fell. Shares of Darden, which is selling its struggling Red Lobster seafood restaurants in a $2.1 billion deal, were down 5 percent in premarket trading.The Orlando-based company said net income fell to $86.5 million, or 65 cents per share in the fourth quarter ended May 25, from $133.2 million, or $1.01 per share, a year earlier.Net sales rose 3.6 percent to $1.65 billion.

Darden Restaurants, Inc. is a full service restaurant company. Shares of DRI fell by 0.4% or $-0.2/share to $49.52. In the past year, the shares have traded as low as $44.78 and as high as $54.89. On average, 1203670 shares of DRI exchange hands on a given day and today's volume is recorded at 1452095.