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Stock Market & Financial Investment News

News Breaks
July 28, 2014
10:47 EDTDRIDarden completes sale of Red Lobster to Golden Gate Capital
Darden Restaurants and Golden Gate Capital announced that Golden Gate has completed the acquisition of the Red Lobster business and certain other related assets and assumed liabilities for approximately $2.1B in cash. As previously announced, approximately $1.0B of the net cash proceeds are expected to be used to retire outstanding debt. The remaining net proceeds of approximately $500M-$600M are expected to be deployed for a new share repurchase program of up to $700M in fiscal 2015. "In addition to strengthening Darden's credit profile, with the lower debt levels and reduced outstanding share count, Darden expects to maintain its current quarterly dividend of 55c per share, or $2.20 annually...The completion of this transaction marks an important milestone in the actions we are taking to improve our operations, reduce costs, and focus on opportunities with the highest value-creating potential. While we still have work to do, we are making progress in our efforts to enhance performance and shareholder value," the company said.
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September 12, 2014
08:49 EDTDRIDarden expects to maintain current quarterly dividend of 55c per share
08:49 EDTDRIDarden sees FY15 food costs up 2%-2.5%
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07:46 EDTDRIDarden issues statement regarding Starboard's operational plan
COO Gene Lee said, "We remain open minded toward all ideas that support long-term value creation for our shareholders and improve the dining experience for our guests. While we will carefully and thoughtfully review Starboard's plan, which has been promised by Starboard for some time, upon initial review, we believe many of the brand and cost optimization strategies are already being implemented across our company and are showing results. The Olive Garden Brand Renaissance is well underway, and the improvements we are seeing in guest satisfaction and traffic trends reinforce our confidence in Olive Garden's potential. In addition, our efforts to grow and develop LongHorn Steakhouse and our Specialty Restaurants are on track. As we evaluate the Starboard plan, we will work to continue making strong progress across our brands for the benefit of all Darden stakeholders, including our employees."
07:08 EDTDRIDarden sees Q2 adjusted EPS 26c-28c, consensus 26c
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07:07 EDTDRIDarden backs FY15 adjusted EPS 2.22-$2.30, consensus $2.23
These expectations reflect the Company's projection that U.S. same-restaurant sales growth for fiscal 2015 for Olive Garden, LongHorn Steakhouse and the Specialty Restaurant Group will be flat to +1%, +1% to +2% and approximately +2%, respectively. Current earnings expectations for the year also reflect previously announced plans for the opening of approximately 37 net new restaurants.
07:06 EDTDRIDarden: Olive Garden Renaissance plan beginning to delive rpositive results
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07:04 EDTDRIDarden reports Q1 Olive Garden's sales down 0.5% to $913.5M
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07:03 EDTDRIDarden reports Q1 LongHorn Steakhouse same-restaurant sales up 2.8%
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07:01 EDTDRIDarden reports Q1 adjusted EPS 32c, consensus 32c
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06:09 EDTDRIStarboard releases detailed transformation plan for Darden
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September 11, 2014
15:10 EDTDRIDarden technical comments before earnings
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15:10 EDTDRINotable companies reporting before tomorrow's open
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September 10, 2014
17:49 EDTDRIStarboard Value says Darden has not fully complied with Florida courtís order
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09:07 EDTDRIDarden Restaurants volatility elevated into Q2 and growth outlook
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September 4, 2014
08:05 EDTDRIDarden sends letter to shareholders regarding board nominees, CEO search
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September 3, 2014
13:32 EDTDRIStarboard says Darden's decision to delay meeting 'poorly conceived' solution
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September 2, 2014
08:38 EDTDRIDarden announces new director nominees for annual meeting of shareholders
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08:34 EDTDRIDarden backs FY15 adjusted EPS $2.22-$2.30, consensus $2.22
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08:34 EDTDRIDarden reports progress on its Olive Garden brand renaissance plan
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08:33 EDTDRIDarden sees Q1 adjusted 31c-33c, consensus 30c
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