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Stock Market & Financial Investment News

News Breaks
January 22, 2013
09:02 EDTDRIDarden to develop Red Lobster restaurants in Puerto Rico
Darden Restaurants announced that it has amended its Area Development Agreement with Restaurant Operators to include Red Lobster. The amended agreement now calls for ROI to initially develop a minimum of eight Olive Garden, three Red Lobster and three additional LongHorn Steakhouse restaurants in Puerto Rico by 2017.
News For DRI From The Last 14 Days
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November 25, 2014
12:06 EDTDRIFDA finalizes menu calorie labeling rules
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06:51 EDTDRIFDA to force calorie restaurants, theaters to show calorie totals, NY Times says
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November 19, 2014
08:40 EDTDRIDarden results poised to improve, says Sterne Agee
Following recent management changes and cost cuts by Darden, Sterne Agee thinks the company's financial performance is poised to improve. The firm believes the stock has many potential catalysts, and it raised its price target on the name to $64 from $55 while keeping a Buy rating.
November 18, 2014
16:46 EDTDRIDarden up 2% following restructuring announcement
16:45 EDTDRIDarden to incur one-time charges in 2Q15
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16:43 EDTDRIDarden to clsoe corporate aviation departement, sell planes 'in due course'
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16:43 EDTDRIDarden to restructure Olive Garden, LongHorn field leadership
Darden will eliminate one layer of field operations supervision to provide greater line of sight for restaurant leadership teams. This streamlining is expected to result in improvements in both visibility and accountability as the brand leaders at Olive Garden and LongHorn continue to work on improving the guest experience.
16:41 EDTDRIDarden to eliminate 25 open support positions
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16:40 EDTDRIDarden Chief Human Resources Officer Ng to transition from position
Daisy Ng, Chief Human Resources Officer, will transition out of her role after more than nine years with Darden. Danielle Kirgan, currently SVP, Human Resources, Specialty Restaurant Group and Total Rewards, will assume Ng's position effective January 5, 2015. Ng will assist in the transition and support the work of the board including the work of the Compensation Committee.
16:39 EDTDRIDarden CFO Richmond to retire
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16:37 EDTDRIDarden announces restructuring, strategic actions
Darden Restaurants announced several leadership changes and strategic actions in order to increase the focus on restaurant operations and improve the guest experience. These changes will better position Darden to win the battle for market share across all of its concepts. In addition to improving focus and providing better support for the company's restaurants, the announcement will lead to approximately $20M in annualized cost savings through a reduction in General and Administrative expenses. The company expects savings of approximately $10M this fiscal year which will mitigate anticipated near-term cost increases in dairy, beef and other commodities. Darden Interim CEO Gene Lee stated, "Winning market share, improving same-restaurant-sales and achieving best-in-class profitability are our key operational objectives going forward, so we need to fine-tune our approach to the business to make sure we are laser-focused on these initiatives. The actions announced today are critically important steps in becoming more efficient in how we support the restaurants. This includes limiting the number of distractions that divert our attention from what matters most continually working to improve the food and service we offer our guests."
16:35 EDTDRIDarden reports restructuring, closes aviation department, CFO retirement
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November 13, 2014
08:35 EDTDRIDarden announces corporate governance reforms
Darden Restaurants is implementing a number of reforms and the board has also recommended changes that would require shareholder approval at the company's 2015 Annual Meeting of Shareholders. The changes include, but are not limited to: termination of the company's Shareholder Rights Plan the company has eliminated the Poison Pill by amending the Rights Agreement to expire on November 28, 2014 rather than May 25, 2015; the company has adopted a majority voting standard in uncontested elections; the company has amended its political engagement and disclosure policy to provide additional disclosure of its political contributions and lobbying efforts; the board has resolved to recommend for shareholder approval, at the company's next annual meeting, an amendment to the Charter to provide a 10% voting threshold to call a special meeting; the board has recommended for shareholder approval an amendment to the relevant provisions of the Charter to eliminate the supermajority requirement. The board also adopted a revised peer group for compensation benchmarking, which better matches the company's size and profile. This new peer group will assist the board in further aligning compensation practices with shareholder interests.

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