Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, June 20, 2014

Darden profit slides as costs soar, Olive Garden drags, (NYSE: DRI)

Darden Restaurants Inc reported a much-lower-than-expected quarterly profit as costs soared and sales at its flagship Olive Garden restaurant chain fell.Legal and other costs related to the company's plan to separate its Red Lobster chain also hurt the company's profit.Darden is selling its struggling Red Lobster seafood restaurants in a $2.1 billion deal that is being challenged by two major shareholders who want the company to take other steps to improve profitability.The company's shares fell as much as 5 percent in premarket trading on Friday.

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 1475231.