Darden Restaurants, Inc.NYSE
Mon, Oct. 17, 1:18 PM
- Same-store restaurant sales were negative for the fourth consecutive month in September, with a drop of 1.1%, according to data from Black Box Intelligence.
- Same-store traffic was 3.5% lower Y/Y during the month. Higher prices partially offset the traffic decline.
- Restaurant stocks: CAKE, CBRL, DNKN, DPZ, DRI, EAT, JACK, MCD, RRGB, RT, SONC, WEN, BWLD, BDL, QSR, CHUY, BLMN, PZZA, TXRH, DENN, KKD, BBRG, DFRG, BOBE, RUTH, IRG, DIN, HABT, NDLS, BOJA, PBPB, PLKI, FRSH, RAVE, LOCO, TACO, PZZA, KONA, BGR, BJRI, CHUY, FRS, CBRL, GTIM, TAST, WING, BOJA, ZOES, FOGO, ARCO, SHAK, YUM.
- Related ETF: BITE.
Mon, Oct. 17, 5:33 AM
- In just one recent week alone, three restaurant companies filed for chapter 11 bankruptcy protection - Cosi (OTCPK:COSIQ), Rita Restaurant (Don Pablo), and Garden Fresh Corp. (Souplantation, Sweet Tomatoes). At least five other operators have done the same this year.
- Rattled by so many filings in such a short time frame, industry experts now say to expect more bankruptcies, closings, consolidations, and management shake-ups. Famous Dave's of America (NASDAQ:DAVE) is in the midst of closing many of its barbecue restaurants and last week named its fourth new CEO in four years.
- Late this summer, Ruby Tuesday (NYSE:RT) announced plans to close almost 100 locations, and Bob Evans (NASDAQ:BOBE) in April shuttered 27 restaurants on top of 20 closed last year.
- Behind the problems: Restaurant supply for years up until 2014 had been growing even as foot traffic hadn't. While restaurants have seen net closings since, other options have been drawing away even more customers - think meal-kit delivery services like Blue Apron, better prepared meal choices at supermarkets, and improved offerings at convenience stores.
- "Restaurants are competing against a lot of those other choices, not just restaurants,” Darden (NYSE:DRI) CEO Eugene Lee told investors earlier this month.
- Source: Julie Jargon and Lillian Rizzo at the WSJ
Fri, Oct. 14, 2:54 PM
- Piper Jaffray is out with the results of its annual Taking Stock With Teens Survey. The top brands listed by the 10K teens included in the survey are posted below.
- Top clothing brands: Nike (NYSE:NKE) 29%, American Eagle Outfitters (NYSE:AEO) 9%, Forever 21 5%, Ralph Lauren (NYSE:RL) 4%, Urban Outfitters (NASDAQ:URBN) 3%.
- Top handbag brands: Michael Kors (NYSE:KORS) 34%, Kate Spade (NYSE:KATE) 19%, Coach (NYSE:COH) 10%, Louis Vuitton (OTCPK:LVMHF) 5%, Longchamp Vera Bradley (NASDAQ:VRA) 3%.
- Top footwear brands: Nike 51%, Vans (NYSE:VFC) 9%, Converse 7%, Adidas (OTCQX:ADDYY) 6%, Steven Madden (NASDAQ:SHOO) 2%.
- Top restaurant chains: Starbucks (NASDAQ:SBUX) 14%, Chipotle (NYSE:CMG) 11%, Chick-fil-A 10%, Taco Bell (NYSE:YUM) 3%, Panera Bread (NASDAQ:PNRA) 3%, McDonald's (NYSE:MCD) 3%, Olive Garden (NYSE:DRI) 3%.
- Nothing earth-shattering in the tech results, dominating teen mindspace are Snapchat (Private:CHAT), YouTube, Instagram and Netflix (NASDAQ:NFLX).
Wed, Oct. 5, 10:13 AM
- The numbers don't lie: Olive Garden is on a hot streak
- The Darden Restaurants (DRI +0.8%) property posted a 2% increase in same-store sales in the latest quarter to top the industry average by over 400 bps. That 2% mark was the 8th quarter in a row of positive same-store sales growth for the pasta chain.
- Higher average tickets and an increase in popularity with teenagers and millennials are part of the reasons that Olive Garden has resurrected itself from its days of being the bottomless pit of free salads and breadsticks.
- The OG comeback can be traced in part to a 294-page thesis released by stakeholder Starboard Value in 2014 on how to fix the chain.
- Starboard has reduced its position in DRI to 3.08%, according to data from Morningstar.
Tue, Oct. 4, 7:14 AM
- Darden Restaurants (NYSE:DRI) reports same-restaurant sales increased 1.3% in FQ1. The modest gain is ahead of broad industry averages for a roughly overlapping period.
- Same-restaurants sales by brand: Olive Garden +2.0%, Longhorn Steakhouse +0.6%, Capital Grille -1.2%, Yard Hosue 0.0%, Eddie V's -1.7%, Seasons 52 +0.7%, Bahama Breeze +3.9%.
- Darden boosted its FY17 EPS guidance to $3.87 to $3.97, from a prior range of $3.80 to $3.90. The company expects FY17 same-restaurant sales growth of 1% to 2%.
- DRI +5.61% premarket to $64.80.
Tue, Oct. 4, 7:02 AM
Mon, Oct. 3, 5:30 PM| Mon, Oct. 3, 5:30 PM
Thu, Sep. 29, 4:10 PM
Sat, Sep. 10, 12:17 PM
- The sluggish trend continues in the restaurant sector with same-store sales down 0.6% in August, according to the latest read from Black Box Intelligence.
- Same-store traffic was 2.7% lower Y/Y during the month to improve on the 3.9% drop recorded in July. Average guest check across the industry was up 2.3% to help offset for some of the loss of customers.
- Another weak month in the Southwest (sales -5%, traffic -7%) doesn't bode well for chains with a high concentration of stores in Texas.
- Though the broad read from analysts is that consumer spending is still tight in the U.S., there are also some concerns that restaurant chains are having trouble building brand loyalty with millennials giving their business to independent eateries.
- Restaurant stocks: CAKE, CBRL, DNKN, DPZ, DRI, EAT, JACK, MCD, RRGB, RT, SONC, WEN, BWLD, BDL, QSR, CHUY, BLMN, PZZA, TXRH, DENN, KKD, BBRG, DFRG, BOBE, RUTH, IRG, DIN, HABT, NDLS, BOJA, PBPB, PLKI, FRSH, RAVE, LOCO, TACO, PZZA, KONA, BGR, BJRI, CHUY, FRS, CBRL, GTIM, TAST, WING, BOJA, ZOES, PLAY, FOGO, ARCO, STKS, WING.
- Related ETF: BITE.
Mon, Aug. 29, 10:52 AM
- Keybanc says mixed beverage revenue at restaurants in Texas fell harder in July than the national average.
- The analyst team led by Christopher O'Cull notes that Texas Roadhouse (NASDAQ:TXRH) already updated investors on its July trends during a guidance update, but warns on decelerating same-restaurant sales for Buffalo Wilds Wings (NASDAQ:BWLD), Olive Garden (NYSE:DRI), and Kona Grill (NASDAQ:KONA) during the month. Analysis suggests that Chili's (NYSE:EAT) outperformed and may end up with a positive SRS mark.
- O'Cull ranks #847 out of the 4,127 analysts listed on TipRanks.com.
Mon, Aug. 22, 5:51 PM
- Canaccord Genuity dove into the restaurant sector after the market closed to pick out some favorites.
- Sonic (NASDAQ:SONC), Dave & Buster's (NASDAQ:PLAY), Panera Bread (NASDAQ:PNRA), and Darden Restaurants (NYSE:DRI) were lined up with Buy ratings, with trends seen working in the favor of the chains.
- Fogo De Chao (NASDAQ:FOGO), McDonald's (NYSE:MCD), Brinker International (NYSE:EAT), Del Frisco's Restaurants (NASDAQ:DFRG), and Buffalo Wild Wings (NASDAQ:BWLD) were assigned Hold ratings by the investment firm.
- Traffic pressure in the U.S. is an ongoing concern for the restaurant industry.
- Related ETF: BITE.
Fri, Jul. 8, 8:52 AM
- Canaccord Genuity warns on a sluggish environment in the restaurant industry during June.
- Channel checks show a decline in sales and traffic which is believed to be due in part to a heightened sense caution from consumers and uptick in gas prices.
- Canaccord estimates that U.S. restaurant same-store sales fell 2.0% to 2.5% in June.
- Restaurant stocks: CAKE, CBRL, DNKN, DPZ, DRI, EAT, JACK, MCD, RRGB, RT, SONC, WEN, BWLD, BDL, QSR, CHUY, BLMN, PZZA, TXRH, DENN, KKD, BBRG, DFRG, BOBE, RUTH, IRG, DIN, HABT, NDLS, BOJA, PBPB, PLKI, FRSH, RAVE, LOCO, TACO, PZZA, KONA, BGR, BJRI, CHUY, FRS, CBRL, GTIM, TAST,WING, BOJA, ZOES, PLAY, FOGO, ARCO.
- Related ETF: BITE.
Wed, Jul. 6, 12:30 PM
Thu, Jun. 30, 8:07 AM
Thu, Jun. 30, 7:29 AM
- FQ4 same-restaurant sales up 2.6% Y/Y, includes 2.4% gain for Olive Garden, 3.7% for Capital Grille, 2.2% for LongHorn Steakhouse, 1.4% for Yard House, 2.7% for Eddie V's, 5% for Seasons 52, and 4.7% for Bahama Breeze.
- About 700K shares bought back during quarter for $45M. Another $315M remains under authorization.
- Fiscal 2017 outlook: Same-restaurant sales growth of 1-2%. EPS of $3.80-$3.90. Consensus is for $3.99.
- Conference call at 8:30 ET
- Previously: Darden Restaurants beats by $0.02, misses on revenue (June 30)
- DRI flat premarket
Thu, Jun. 30, 7:16 AM