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Darden Restaurants Earnings Fall 18%

|Includes:Darden Restaurants, Inc. (DRI)

Originally published at www.seclive.com

Filing in Focus: Darden Restaurants 8-K, March 21, 2014

Darden Restaurants, Inc. (NYSE:DRI) announced its financial results for the third fiscal quarter of 2014, reporting a net loss of 18% due to lagging sales in its brands but the largest decline with Red Lobster. Darden owns and operates Olive Garden, Red Lobster, and LongHorn Steakhouse as well as specialty restaurants including Bahama Breeze, The Capital Grille, and a few others. Same-restaurant sales declined the most, by 8.8%, at Red Lobster while its $611M in sales was 8.7% lower than the year-ago quarter. Overall net earnings fell from $134.5M and $1.02 per share a year ago to $109.5M and $0.82 per share this quarter. The company's board of directors announced a quarterly dividend in the amount of $0.55 per share to shareholders of record as of April 10, payable on May 5.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: DRI