Dec 19, 2024 - Economy
Charted: Casual's comeback
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Casual dining chains aren't gone for good if the Olive Garden owner's earnings report today is any indication.
Why it matters: The sector's been struggling as consumers have been looking for savings on food, leading to the bankruptcies of chains like TGI Fridays and Red Lobster.
Driving the news: Darden Restaurants topped earnings estimates and posted an overall same-restaurant sales increase of 2.4% for the latest quarter, compared with a year earlier.
- That included a blistering 7.5% jump for LongHorn Steakhouse and a 2% increase for Olive Garden — chains that collectively represent about 69% of the company's revenue.
Yes, but: Fine dining's slump continued.
The impact: Darden's stock rose nearly 15% today.
