Reported 2 days ago
Darden Restaurants Inc., the owner of Olive Garden, saw its shares rise to a record high after increasing its sales forecast for the year, indicating a rebound in casual dining as more consumers are dining out. The stock jumped 18% to $188.82 following positive second-quarter revenue results and higher-than-expected same-store sales growth from its brands. CEO Rick Cardena noted that diners with incomes between $50,000 and $100,000 are returning, while those earning $150,000 or less have decreased visits to fine-dining establishments. Demand for casual dining is projected to improve in 2025 as the economy stabilizes.
Source: YAHOO