Darden Restaurants Inc. (DRI) said same-restaurant sales fell 47.9% in the fourth quarter to date through May 17. The operator of the Olive Garden, LongHorn Steakhouse and Fine Dining chains, said it started to reopen dining rooms on April 27, limited to 25% and 50% capacity, based on local or state regulations. The company had about 49% of its dining rooms opened as of May 17 and expects to have more than 65% open with restrictions on capacity by the end of the month. Same-restaurant sales at Olive Garden were down 39.4% in the quarter to date through May 17, the company said. The company said its cash burn rate has improved to less than $10 million a week. The company has fully repaid a $750 million credit facility and had about $700 million in cash on hand as of May 17. It also has access to a $750 million credit facility. Shares were down 1.1% premarket and have fallen 31% in the year to date, while the S&P 500 has fallen 9%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 19, 2020 08:19 ET (12:19 GMT)
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