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Olive Garden, Red Lobster Sales Continue to Slide

Updated: 06/20/2014 10:04 AM
Created: 06/20/2014 10:03 AM WDIO.com

ORLANDO, Fla. (AP) - Darden's fiscal fourth-quarter profit dropped 35 percent, dragged down by charges and costs tied to its strategic plan to reshape the restaurant company.

The owner of Red Lobster, Olive Garden and other restaurants earned $86.5 million, or 65 cents per share, for the three months ended May 25. A year earlier the Orlando, Florida-based company earned $133.2 million, or $1.01 per share.

Adjusted earnings were 84 cents per share. Analysts predicted 94 cents per share.

Darden is looking to sell Red Lobster to investment firm Golden Gate Capital in a proposed $2.1 billion deal. Starboard Value LP and Barington Capital Group LP have challenged Darden's planned sale.

Darden Restaurants Inc.'s revenue rose slightly to $2.32 billion, just short of the $2.33 billion Wall Street predicted.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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