Darden Finds New Growth and Cost Synergy Opportunities With Cheddar's Acquisition
While no-moat Darden's third-quarter update had a familiar feel--guest experience and takeout enhancements at Olive Garden helped drive consolidated comps of 0.9% (outpacing industry averages by 5 points) while adjusted operating margins came in at a respectable 12.2% (down 10 basis points but affected by the timing of certain marketing/preopening costs and an uptick in utilities costs)--the more interesting development consisted of plans to add Cheddar's to its brand portfolio.Darden plans 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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