Earnings

Darden Restaurants (DRI) Q3 2022 earnings miss estimates

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An Olive Garden restaurant in Times Square in New York.

Richard Levine | Corbis | Getty Images

Darden Restaurants on Thursday reported quarterly earnings and revenue that missed analysts’ expectations, saying the omicron variant of Covid-19 led to disappointing sales for its Olive Garden chain.

The company also lowered its earnings outlook for fiscal 2022, expecting that food and labor costs will keep rising.

Darden’s stock was down slightly in morning trading.

Outgoing CEO Gene Lee said in a statement that the company saw record sales in December, before omicron disrupted customer traffic, staffing levels and its operating expenses the following month. However, Darden’s restaurants began…



Source cnbc.com

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