Darden Restaurants (DRI) Q1-09 August 2008 Notes
September 17, 2008 8:30am
-Knapp-Track industry sales -3.7% for the quarter ex-Darden. Olive Garden same-store up 2.4%. Red Lobster -3.7%. Longhorn -4.9%. Capital Grille -8.6%. Bahama Breeze -3.7%
-Wage inflation 2-3%. Guide to 0-1% same-store sales growth in FY2009
-Difficult June, more difficult July, better consumer in August, but not great
-100% company operated system
-Historically pricing increase is 2-3% a year, this year it will be the upper end of that range
Categories: Blog