Darden Continues to Offer a Blueprint for Today's Casual Dining Chains but Reflected in Market Price
There wasn't much more that Darden investors could ask for in its start to fiscal 2019, with first-quarter comps of 3.3% outperforming the casual-dining industry (headlined by 5.3% comps at Olive Garden) and 20 basis points of EBITDA margin expansion to 18.2% despite wage rate inflation and a 50-basis-point hit due to mark-to-market manager equity awards. While casual dining has had a relatively strong summer, we believe it would be a mistake for investors to chalk up Darden's outperformance to ...Darden Restaurants is a restaurant company. The company owns and operates restaurants through subsidiaries in the U.S. and Canada under the Olive Garden?, LongHorn Steakhouse?, Cheddar's Scratch Kitchen?, Yard House?, The Capital Grille?, Seasons 52?, Bahama Breeze?, and Eddie V's Prime Seafood? trademarks. The company has four reportable segments: Olive Garden; LongHorn Steakhouse; Fine Dining (which includes The Capital Grille and Eddie V's); and Other Business (which includes Cheddar's Scratch Kitchen, Yard House, Seasons 52, Bahama Breeze and results from its franchise operations).
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