Darden's Olive Garden continues to struggle

Darden Restaurants Inc (DRI.N), which operates the Olive Garden and Red Lobster chains, reported quarterly sales on Friday that missed estimates and forecast profits that fell short of the Wall Street view, sending shares down 1.8 percent.

Darden forecast fiscal 2013 earnings growth of 8 percent to 12 percent, working out to a range of $3.87 to $4.01 per share. That fell short of analysts' average estimate of $4.05.

"We believe the business environment in fiscal 2013 will be similar to that in fiscal 2012, with slow and uneven recovery in both the economy and our industry," Chief Executive Clarence Otis said in a statement.

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- Posted: 2012-06-22 11:56:19

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