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Darden Restaurants, Inc. (DRI)

  • Oct. 10, 2014, 9:22 AM
    • The votes are being counted this morning at the annual meeting of Darden Restaurants (NYSE:DRI) shareholders as investors wait to see if Starboard Value gains control of the restaurant chain operator.
    • In an interesting twist, Chairman Charles Ledsinger is giving the presentation for the company instead of CEO Clarence Otis who is MIA, according to an Orlando Sentinel reporter.
    • Most analysts thinks Starboard will triumph in the proxy battle.
    | Oct. 10, 2014, 9:22 AM | 2 Comments
  • Oct. 9, 2014, 8:21 AM
    • Shareholders of Darden Restaurants (NYSE:DRI) will get their say after hearing the restaurant chain operator and Starboard Value trade barbs for close to a year.
    • A vote on new members of the board of directors is set for Friday at Darden's annual meeting.
    • KeyBanc forecasts a "high probability" that Starboard nominees will win a majority of the seats to give the hedge fund control of the board.
    • Full Starboard Value thesis on transforming Darden (.pdf)
    | Oct. 9, 2014, 8:21 AM | 1 Comment
  • Oct. 2, 2014, 7:08 AM
    • Darden Restaurants (NYSE:DRI) releases same-restaurant sales growth numbers for September.
    • Fiscal September 2015 same-restaurant: Olive Garden +0.6%; Longhorn Steakhouse +3.2%; The Capital Grille +6.4%; Yard House +3.8%; Seasons 52 +1.3%; Bahama Breeze -0.3%; Eddie V's +4.0%.
    • The company says it expects FQ2 EPS to fall in the upper range of its previously announced range of $0.26-$0.28.
    | Oct. 2, 2014, 7:08 AM | 1 Comment
  • Sep. 26, 2014, 9:23 AM
    • Darden Restaurants (NYSE:DRI) responds to the backing of proxy firm ISS of Starboard Value's slate of nominees to the board of the company.
    • Reciting some of its same positions from over the last month, Darden says ceding full control to Starboard is a losing proposition for shareholders.
    | Sep. 26, 2014, 9:23 AM | Comment!
  • Sep. 25, 2014, 11:00 AM
    • Proxy firm Glass Lewis recommends to shareholders at Darden Restaurants (DRI -0.6%) that they elect all 12 of Starboard Value's nominees to the board.
    • A long term loss of shareholder value at Darden is cited by Glass Lewis in making its recommendation.
    | Sep. 25, 2014, 11:00 AM | Comment!
  • Sep. 23, 2014, 1:41 PM
    • Traffic to quick-service restaurants was flat for the year ending on June 30, according to data compiled by the NPD Group.
    • Establishments with an average check price of $10-$20 saw more traffic growth than sub-$10 outlets.
    • Fine dining restaurants saw a 3% increase in visits over the period.
    • The research firm says "cultural and economic phenomenon" have created a shift in consumer dining habits that may be permanent.
    | Sep. 23, 2014, 1:41 PM | 4 Comments
  • Sep. 18, 2014, 8:36 AM
    • Darden Restaurants (NYSE:DRI) sends a letter to shareholders warning that Starboard gaining control of the board would be "significantly disruptive and destabilizing" in light of the progress it thinks the restaurant chains are making.
    • Proxy votes will be tallied at Darden's annual shareholder meeting on October 10.
    • Starboard-Darden timeline
    | Sep. 18, 2014, 8:36 AM | 3 Comments
  • Sep. 17, 2014, 10:27 AM
    • No major shocker, but Darden Restaurants (DRI +0.4%) urges shareholders to vote for its board nominees over the full slate put up by Starboard.
    • Starboard has hammered away at Darden and is looking to gain enough board seats to implement sweeping changes with the Olive Garden chain.
    | Sep. 17, 2014, 10:27 AM | 1 Comment
  • Sep. 15, 2014, 1:07 PM
    • Darden Restaurants (DRI +3.5%) releases its response to Starboard Value's treatise on how to fix Olive Garden.
    • The gist of the presentation is that current Darden initiatives already address many of the Starboard proposals.
    • Darden says new pilot remodels of Olive Garden have led to a 10% boost in traffic and a higher percentage of alcoholic beverage sales.
    • SEC Schedule 14A
    | Sep. 15, 2014, 1:07 PM | Comment!
  • Sep. 12, 2014, 1:44 PM
    • Starboard Value's 294-page presentation on how to transform Darden Restaurants (DRI -1.7%) has a sharp focus on the need for change at the Olive Garden chain.
    • The hedge fund calls for a complete OG menu revamp to stick to authentic Italian dishes.
    • The quality of staples (soup, salad, and breadsticks) needs to be improved and the introduction of more  healthier (gluten-free, low-fat) options should be initiated.
    • A value proposition should be implemented at OG, instead of selling "massive quantities of barely edible fried items."
    • Increase the mix of alcohol to total sales by pushing wine. Currently, alcohol only accounts for 8% of revenue at Olive Garden vs. 15% at Macaroni Grill.
    • Tighter management of food inefficiencies to lower costs. Can the "unlimited" portions.
    • Full Starboard Value thesis on transforming Darden (.pdf)
    | Sep. 12, 2014, 1:44 PM | 1 Comment
  • Sep. 12, 2014, 8:06 AM
    • Darden Restaurants (NYSE:DRI) responds to the transformation plan offered up by Starboard Value this morning by leaning on its recent uptick in traffic trends.
    • The company also maintains some of the Starboard strategies are already being implemented.
    • Naturally, Darden wants shareholders to vote for its board nominees.
    • Darden's Annual Shareholder Meeting is scheduled for October 10.
    • DRI +2.8% premarket
    | Sep. 12, 2014, 8:06 AM | 1 Comment
  • Sep. 12, 2014, 7:59 AM
    • Starboard Value releases its transformation plan for Darden Restaurants (NYSE:DRI).
    • The firm wants to see a separation of the restaurant operator's concepts into more logical groupings, increase international franchising, and has a road map for enhancing the value of Darden's real estate assets.
    • The Starboard plan will add $15-$26 per DRI share in value, according to the presentation.
    • As detailed before, Starboard wants majority control of the board.
    • DRI +3.5% premarket
    | Sep. 12, 2014, 7:59 AM | 2 Comments
  • Sep. 12, 2014, 7:49 AM
    • Darden Restaurants (NYSE:DRI) declares $0.55/share quarterly dividend, in line with previous.
    • Forward yield 4.56%
    • Payable Nov. 3; for shareholders of record Oct. 10; ex-div Oct. 8.
    | Sep. 12, 2014, 7:49 AM | Comment!
  • Sep. 12, 2014, 7:10 AM
    • Darden Restaurants (NYSE:DRI) reports a -1.3% dip in same-restaurant sales at Olive Garden in FQ1.
    • Longhorn Steakhouse ran a +2.8% comp, while the Specialty Restaurant Group was at 2.1%.
    • Revenue by brand: Olive Garden -0.5% to $912.5M; Longhorn Steakhouse +9.7% to $356.9M; Specialty Group +14.5% to $322.3M.
    | Sep. 12, 2014, 7:10 AM | Comment!
  • Sep. 12, 2014, 7:03 AM
    • Darden Restaurants (NYSE:DRI): FQ1 EPS of $0.32 in-line.
    • Revenue of $1.6B (+4.6% Y/Y) beats by $10M.
    • Press Release
    | Sep. 12, 2014, 7:03 AM | Comment!
  • Sep. 11, 2014, 5:30 PM
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Company Description
Darden Restaurants Inc owns and operates dining restaurants. Some of its trade names are Red Lobster, Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, Eddie V's Prime Seafood, Wildfish Seafood Grille and Yard House.
Sector: Services
Industry: Restaurants
Country: United States