NEW YORK (AP) -- Darden can't seem to convince more people to sit down for a meal at its Olive Garden and Red Lobster restaurants.
The company reported a sharply lower quarterly profit on Friday that missed Wall Street expectations, with sales down at its two biggest chains despite ongoing attempts to revamp their menus with lighter, cheaper options. Darden said it would slash costs to prepare for future challenges, in part by reducing its workforce.
It also said that its president and chief operating officer, Drew Madsen, was retiring and would be succeeded by Gene Lee, effective immediately. Lee headed Darden's specialty restaurants such as The Capital Grille and Bahama Breeze, which had fared relatively better than the company's flagship chains.
- Professional Services
- Consumer Discretionary
- Olive Garden
- Red Lobster