Darden is Orlando's only Fortune 500 company. At its annual shareholders meeting Sept. 18, Darden chairman Joe R. Lee told shareholders the company plans to open one million sf of new restaurants in fiscal 2003.
In a prepared statement yesterday, the company says sales at restaurants open at least a year were up about 6% at Olive Garden and showed no more than a 1% increase at Red Lobster. September sales last year at Olive Garden were up about 4%; at Red Lobster, up about 5%.
Darden attributes the Olive Garden sales increase to higher check averages and guest counts, up 2% and 3% respectively. At Red Lobster, the number of guests were flat to down 1%.
The company's stock was trading at noon today on the New York Stock Exchange at $22.81 per share, down 32 cents or 1.38% from the $23.13 close yesterday. Both numbers are among the lowest levels the company has experienced this year. The stock's 52-week high-low is $29.99 and $18.82 per share.
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