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Article: Red Lobster Chain Woes Drag Down Darden Restaurants' Profit.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- September 25, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Sarah Hale Meitner, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Sep. 25--As shareholders gather today for Darden Restaurants' annual meeting, the company's flagship chain has hit rough waters.
Sales barely advanced in the latest quarter at Red Lobster, Darden's oldest restaurant concept and the nation's leading seafood chain. Its latest ad campaign needs re-examining, operating profit fell in the first quarter, and company officials said Wednesday the outlook for the current quarter is worse.
Orlando-based Darden also announced that Red Lobster's president is leaving, with her duties to be assumed, at least for now, ...