Darden Restaurants Partners with Uber for Delivery
Darden Restaurants Partners with Uber for Delivery
Darden Restaurants Partners with Uber for Delivery
News summary

Darden Restaurants Inc., the owner of Olive Garden, has announced a new delivery partnership with Uber Technologies, causing its shares to rise by about 7% in premarket trading. The pilot for this service will begin at select Olive Garden locations in late 2024, with plans for a nationwide rollout by May 2025. Despite this positive development, Darden reported a decline in same-store sales of 2.9% for Olive Garden and 6% for its fine dining restaurants, attributed to decreased customer traffic amid inflation concerns. The company maintained its full-year guidance but acknowledged a significant drop in customer numbers in July, leading to lower-than-expected earnings for the first quarter. Darden's revenue for the quarter was $2.76 billion, below analyst expectations of $2.80 billion. CEO Rick Cardenas emphasized the importance of addressing customer demand for delivery without compromising the dining experience.

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