Darden Restaurants’ Profit Declines 12%
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From Bloomberg News
Darden Restaurants Inc., owner of the Olive Garden and Red Lobster chains, said its fiscal fourth-quarter profit fell 12% after it closed six locales and wrote down the value of six others.
Net income in the period ended May 30 fell to $53.7 million, or 32 cents a share, from $61.1 million, or 35 cents, a year earlier, the Orlando, Fla.-based company said. Sales rose 11% to $1.36 billion.
Shares of Darden were unchanged at $21.65 on the NYSE.
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