Darden same-store sales remain low but to-go keeps rising

ORLANDO, FL, April 20, 2020 /PRNewswire/ — Darden Restaurants, Inc., BB #:111525 today provided an update of certain business results given the dynamic environment resulting from COVID-19.

“Our brand teams continue to work extremely hard to deliver exceptional To Go experiences to our guests,” said CEO Gene Lee. “We are proud of our team’s ability to adapt and their dedication to producing results that consistently outperform our expectations and are building momentum.”

Business Update
For the fourth quarter to date through Sunday, April 19, Darden same-restaurant sales* declined (44.7)%. Based on the last two weeks’ performance, our ongoing weekly cash burn rate has improved to approximately $20MM including capital expenditures and not including any additional changes to net working capital. Same-restaurant sales* performance for Darden and its reportable segments are as follows:

Segment WE 4/12 WE 4/19 QTD 4/19
Darden (65.2)% (60.0)% (44.7)%
Olive Garden (53.6)% (44.8)% (38.0)%
LongHorn Steakhouse (66.3)% (59.2)%(42.6)%
Fine Dining (76.3)% (86.3)% (55.9)%
Other Business (88.0)% (87.9)%(59.2)%

* Same-restaurant sales is a year-over-year comparison of each period’s sales volumes and is limited to restaurants open at least 16 months.

To Go sales for Olive Garden and LongHorn Steakhouse for each week of our fiscal quarter to date are as follows:

To Go Sales per Restaurant WE 3/1 WE 3/8 WE 3/15 WE 3/22 WE 3/29 WE 4/5 WE 4/12 WE 4/19
Olive Garden $16,191 $15,500 $14,942 $20,549 $34,524 $39,133 $44,000 $52,936
LongHorn Steakhouse $6,517 $6,406 $6,210 $11,379 $17,361 $19,858 $23,117 $28,653

About Darden
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. For more information, please visit www.darden.com.