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Soft traffic plagues Darden Restaurants

Darden Restaurants (DRI) reports a blended same-restaurant sales decline of 3.3% for its Olive Garden, Red Lobster, and LongHorn Steakhouse chains in FQ1 as higher prices couldn't offset soft traffic patterns.

The company says that after conducting a review it has decided to take steps to reduce expenses by $50M through job and spending cuts. (PR)

DRI -3.5% premarket.

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