{"id":32647,"date":"2014-10-03T06:39:25","date_gmt":"2014-10-03T10:39:25","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=32647"},"modified":"2014-10-03T06:39:25","modified_gmt":"2014-10-03T10:39:25","slug":"darden-restaurants-inc-nysedri-president-and-coo-gene-lee-says-september-same-restaurant-sales-demonstrate-operational-improvements","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/darden-restaurants-inc-nysedri-president-and-coo-gene-lee-says-september-same-restaurant-sales-demonstrate-operational-improvements-32647","title":{"rendered":"Darden Restaurants, Inc. (NYSE:DRI) President And COO, Gene Lee, Says September Same-Restaurant-Sales Demonstrate Operational Improvements"},"content":{"rendered":"<p style=\"text-align: justify;\">Boston, MA 10\/03\/2014 (wallstreetpr) \u2013 <strong>Darden Restaurants, Inc. (NYSE:DRI) <\/strong>President and Chief Operating Officer, Gene Lee, said that the growth in September same-restaurant sales indicated operational improvements taking a firm hold. The company also lifted second quarter earnings above the Wall Street analysts\u2019 estimations. This favorable news assumes importance in the wake of a shareholder meeting scheduled for next week.<\/p>\n<p style=\"text-align: justify;\"><strong>Same-Restaurant Sales<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the company\u2019s <a href=\"http:\/\/finance.yahoo.com\/news\/darden-reports-fiscal-september-same-110000256.html\" target=\"_blank\">statement<\/a>, its flagship brand Olive Garden, witnessed 0.6% uptick in same-restaurant sales in September on top of a 2.6% drop in the year-ago month. Similarly, while its LongHom Steakhouse brand witnessed 3.2% growth, The Capital Grille same-restaurant sales advanced 6.4% in September over the last year month. The two brands achieved 2.9% and 1.5% uptick respectively in the previous year month\u2019s same-restaurant sales.<\/p>\n<p style=\"text-align: justify;\">Its Yard House and Seasons 52 brands also recorded 3.8% and 1.3% growth in same-restaurant sales in September. The two brands\u2019 results were in contrast to the de-growth of 0.6% and 3.2% respectively in the prior year September month. However, its Bahama Breeze witnessed 30 basis points fall in its September same-restaurant sales on top of a 1.7% uptick in the year-ago month.<\/p>\n<p style=\"text-align: justify;\"><strong>2Q Outlook<\/strong><\/p>\n<p style=\"text-align: justify;\">Darden Restaurants, Inc. (NYSE:DRI) said that it estimated its adjusted earnings from continuing operations to be at the higher end of its earlier outlook of 26 \u2013 28 cents a share for the second quarter. The updated earnings guidance suggests that it would easily surpass the Wall Street <a href=\"http:\/\/finance.yahoo.com\/q\/ae?s=DRI+Analyst+Estimates\" target=\"_blank\">analysts\u2019<\/a> earnings predictions of 26 cents a share.<\/p>\n<p style=\"text-align: justify;\"><strong>Proxy Challenge<\/strong><\/p>\n<p style=\"text-align: justify;\">The company would have to face a <a href=\"http:\/\/www.orlandosentinel.com\/business\/os-darden-september-sales-20141002-story.html\" target=\"_blank\">proxy<\/a> challenge in the next week\u2019s annual meeting of the shareholders from activist shareholder, Starboard Value. The activist blamed the company\u2019s management for the fall in restaurant sales.<\/p>\n<p style=\"text-align: justify;\">However, Darden Restaurants, Inc. (NYSE:DRI) management differed from the activist\u2019s view and pointed out that it has commenced a turnaround plan, which required some time to make changes. The company\u2019s improved results in August, as well as, September should reduce the tone of the activist investor if not silence him.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston, MA 10\/03\/2014 (wallstreetpr) \u2013 Darden Restaurants, Inc. (NYSE:DRI) President and Chief Operating Officer, Gene Lee, said that the growth in September same-restaurant sales indicated [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":32648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[9093,3013,9094,3014],"stock_ticker":[],"class_list":["post-32647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-darden-restaurants-inc","tag-darden-restaurants-inc-nysedri","tag-gene-lee","tag-nysedri","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Darden Restaurants, Inc. 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