Olive Garden operator Darden Restaurants Inc. (DRI) said late Monday that it had begun to sell $400 million of stock and said that same-restaurant sales had declined 44.7% during the fourth quarter. Darden stock was down 3.1% in the extended session. The restaurant operator said that it had improved its weekly cash burn rate to $20 million, including capital expenditures. Darden said that the underwriters have the option to purchase an additional $60 million worth of stock. Shares of Darden closed down 2.5% to $61.79 during regular trading Monday.
-Max A. Cherney; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 20, 2020 16:47 ET (20:47 GMT)
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