Darden Restaurants Provides Business Update

Darden brands include, Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V’s

ORLANDO, FL (STL.News) Darden Restaurants, Inc., (NYSE: DRI) today provided an update of certain business results given the dynamic environment resulting from COVID-19.

“As we continue to reopen our dining rooms, we remain dedicated to providing a safe environment for our team members and guests,” said CEO Gene Lee.  “Early signs show that our loyal guests are grateful for the opportunity to dine-in with us, and they appreciate the added safety measures we have implemented.  At the same time, our To Go business remains strong.  I am pleased that we are able to return some team members from furlough to support these phased openings, and we look forward to safely serving more guests as more communities begin to reopen.”

Darden Restaurants Business Update

For the fourth quarter to date through Sunday, May 17, Darden same-restaurant sales declined 47.9%.  Beginning April 27, we began reopening dining rooms limited to between 25% – 50% capacity, depending on local or state regulations.  As of May 17, we had 49% of our dining rooms open in limited capacity, and based on information we have available today, we expect to have more than 65% of our dining rooms open with limited capacity by the end of May.

NOTE: this is NOT the complete release.