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Darden's profit plunges 35 pct.

Friday, Jun 20, 2014 - 00:57

June 20 - Falling sales and rising costs at Olive Garden and Red Lobster ate into Darden's profit. Cheaper chains like Chipotle are stealing its customers. Fred Katayama reports.

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Investors having less of an appetite for olive garden and red lobster the troubled change help. Dragged down -- quarterly profit 35%. Cheaper chain selling fast casual food like supposedly keep eating away at sales as costs rise. Strong same store sales and -- pricey restaurants like capital grille bahama breeze. Weren't enough to offset that. All this comes -- a fight over red lobster and Doris plans to revive the company. -- -- expects that that one point six billion dollars from its sale of red lobster part of which will be used to buyback shares. Activist investors -- a broader breakup of the company separating it's changed my size and creating a separate unit for its real estate. Darden has rejected their push for a new board. Darden's stock fell at the start of trade adding to its 10% loss this year.

Darden's profit plunges 35 pct.

Friday, Jun 20, 2014 - 00:57

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