Stocks making the biggest moves midday: GameStop, RH, Rite Aid, Nike & more
GameStop — Shares rose 31% in midday trading as the volatile video game retailer stock looked to snap a losing streak and curb steep losses from the prior session. Darden Restaurants — The restaurant brand owner's stock price gained 4.7% after the company reported earnings ahead of analysts' expectations. RH – Shares of the home furnishings provider jumped 6.4% after RH beat top and bottom line estimates during the fourth quarter. Rite Aid – The drug store chain's shares dropped more than 20% after Rite Aid said it expects to report a net loss for fiscal 2021. ViacomCBS — The media stock dipped 3% after research firm MoffettNathanson downgraded ViacomCBS to sell from neutral.cnbc.com
Free breadsticks and reasons for hope at Olive Garden
FILE - This June 27, 2016 file photo shows an Olive Garden restaurant in Methuen, Mass. Darden Restaurants said Thursday that every hourly restaurant worker will earn at least $10 per hour including tips as of Monday. At one point, same-store sales at Darden, a key reading in retail for the health of a company, plunged 75%. About 99% of Darden's dining rooms have since re-opened with at least partial capacity. AdIn the fiscal third quarter, which ended Feb. 28, Darden’s sales fell 26% to $1.73 billion, better than the $1.6 billion Wall Street had expected, according to FactSet.
Olive Garden parent's earnings beat, forecasts stronger sales next quarter
Darden's total same-store sales fell 26.7% during the quarter, down from the fiscal second quarter's same-store sales declines of 20.6%. Olive Garden, which accounts for roughly half of Darden's revenue, reported same-store sales declines of 25.8%. LongHorn Steakhouse is bouncing back more quickly, with a same-store sales decline of just 12.6%. Its same-store sales plunged 45.2%, declining more steeply than the prior quarter. Darden's same-store sales turned positive in the week ended March 21 as it starts to lap when restaurant lockdowns were first implemented.cnbc.com
How Covid derailed Olive Garden's success
When you think of free breadsticks, unlimited salad and pounds of pasta, one name comes to mind — Olive Garden. But the Italian eatery, known for its $5 take-home meal, has fallen on hard times as the coronavirus pandemic has wreaked havoc on the restaurant industry. In December, Darden Restaurants reported Olive Garden's fiscal second-quarter same-store sales fell 19% from a year earlier. In response to the pandemic, Olive Garden has trimmed its menu, pivoted to takeout and cut costs. Are those changes enough for Olive Garden to regain its momentum and offset the overall decline of the dine-in restaurant experience?cnbc.com
Olive Garden parent's revenue falls 19% as new dining restrictions hit same-store sales
Darden Restaurants on Friday reported quarterly revenue that fell short of analysts' expectations as another wave of pandemic-related dining restrictions weighed on its same-store sales. Olive Garden, the gem of Darden's portfolio, saw its same-store sales fall 19.9%. LongHorn Steakhouse, which has seen strong demand for its takeout, reported same-store sales declines of just 11.1%. In November and December, Darden's combined same-store sales fell sequentially as more states brought back restrictions on in-person dining and temperatures grew colder. After falling just 23.4% in the week ended Nov. 8, same-store sales had declined 36.9% by the week ended Dec. 13.cnbc.com
Olive Garden-parent Darden is 'more attractive' the longer the pandemic drags, Jim Cramer says
Investors should buy Darden Restaurants due to the uncertain future for the U.S. restaurant industry during the coronavirus pandemic, CNBC's Jim Cramer said Thursday. Shares of the Olive Garden owner soared more than 8% on Thursday, after it reported per-share earnings that outpaced Wall Street expectations. "These guys are on pace to be able to do almost exactly as well as they did before the pandemic." Darden's winning because its private competitors can't cope with the Covid-19 economy," Cramer said. Olive Garden will be the height of fine dining."cnbc.com
Pandemic slashes sales at Olive Garden's Times Square location by 94%
During a typical year, Olive Garden's Times Square restaurant rakes in $15 million in sales. Olive Garden accounts for roughly half of Darden's overall revenue. And the Olive Garden isn't the only Darden restaurant that has seen its New York business falter. The loss of tourism is among the factors hurting the New York restaurant industry, including the Olive Garden in Times Square. Pedestrian traffic in the New York City tourist hotspot has plunged to about 73% from the same time last year, according to the Times Square Alliance.cnbc.com
Olive Garden parent's quarterly revenue falls by 28% as pandemic weighs on sales
The company's fine dining business is under the most pressure, with same-store sales shrinking by 39%. Olive Garden, which accounts for roughly half of Darden's revenue, saw its same-store sales decline by 28%. LongHorn Steakhouse's same-store sales fell by just 18%. Lee said that the company needs states to loosen their capacity restrictions for dining rooms in order to improve same-store sales. California, which rolled back the reopening of dining rooms, is home to 100 Olive Garden restaurants.cnbc.com
Employee at Valley View Olive Garden in Roanoke tests positive for coronavirus
ROANOKE, Va. – One person who works at the Olive Garden on Valley View Boulevard in Roanoke has tested positive for the coronavirus, a Darden company spokesperson announced on Wednesday. The person last worked on June 24 and doesn’t work in a customer-facing role, according to Darden. The employee told their employers about the positive test result on Tuesday. This is now the fourth restaurant in the Valley View area of Roanoke to report a positive case among its employees. The Olive Garden employee can’t return to work until they have a written medical release or meet requirements to return to work per CDC guidelines, according to Darden.
Olive Garden parent plans to reopen more than 65% of dining rooms by end of May
Olive Garden's parent company Darden Restaurants said Tuesday that more than 65% of its dining rooms will be open with limited capacity by the end of May. As of Sunday, nearly half of Darden restaurant dining rooms have reopened with limited capacity. The Orlando, Florida-based company closed all of its dining rooms on March 20 in response to the coronavirus pandemic. Reopening dining rooms, starting April 27, appears to have lifted the company's same-store sales. As it reopens dining rooms, the company is bringing back some of its furloughed hourly workers.cnbc.com
Cramer: Wall Street says 'happy days are again.' That's not what Main Street thinks
CNBC's Jim Cramer said Tuesday that he believes that Wall Street's recent optimism over an apparent slowdown in coronavirus cases is not shared by many Americans on Main Street. "There is a happy days are here again Wall Street impression versus what I hear ... people saying, 'Can I get a mask? The Dow was up more than 900 points at one point Tuesday morning before giving back a bulk of those gains. Investors are responding to an apparent slowdown in new U.S. cases of COVID-19 and optimistic comments from politicians such as President Donald Trump. Citing recent COVID-19 case data, JPMorgan's Marko Kolanovic recently told clients that a "limited reopening" of the U.S. economy could happen soon.cnbc.com
Olive Garden's parent begins offering paid sick leave to all employees amid coronavirus outbreak
Darden Restaurants said Monday it is providing paid sick leave for all hourly workers across its restaurant chains. Olive Garden's parent company said it has been working on the policy for a while, but sped up the process due to the COVID-19 outbreak. Employees will accrue one hour of sick leave for every 30 worked. New hires, who will begin accruing paid sick leave as soon as they start, can use it after 90 days of employment. Popular Information, a politics-focused newsletter, recently reported on Darden's lack of paid sick leave, which is common in the restaurant industry but could deter ill employees from calling out sick.cnbc.com
7 of our favorite Leap Day 2020 freebies, deals
So, happy birthday, Leap Day, kids! Olive GardenThis Leap Day, Olive Garden is gifting its “Leapling” guests, whose birthdays are on Leap Day, four FREE Dolicinis to make up for those lost birthdays. The beloved doughnut chain “is celebrating its leap to National Delivery by celebrating those who make possible the most special deliveries of all – Leap Day Babies!” Krispy Kreme’s website says. Anyway, follow the instructions on social media and make your beer purchase between Feb. 26 and Feb. 29. What are your Leap Day plans?
Love at first bite with a bouquet of Olive Garden breadsticks
Olive Garden has a better idea for Valentine’s Day -- they’re selling a breadstick bouquet. This bouquet is part of their Valentine’s Day special, known as “the perfect night in.”Customers can design the perfect meal, all starting at $35. Then, another tough one, this time with dipping sauce: five cheese marinara or alfredo. The shareable entree for two is five cheese ziti al forno or you can upgrade to chicken alfredo. The perfect Olive Garden meal is not complete without warm breadsticks, best served in bouquet form.
Olive Garden treats first responders to lunch delivery for working on Labor Day
ROANOKE, Va. - Olive Garden in Roanoke is making sure first responders don't go hungry while on the clock this Labor Day. This is the 18th year Olive Garden has coordinated the nationwide effort. It's all to say "thank you" to those who are working Labor Day, making sure the community is safe. For my company to tell us it's okay to do that is wonderful," said Michelle Rader, Olive Garden general manager. Since 2002, Olive Garden has served more than 14,000 meals to first responders on Labor Day.
What's News Today: Labor Day
Here's a look at some of the stories we'll be following today as they make headlines across the country and Southwest Virginia. Today is the last day of the Hillsville Flea Market. The hours for the flea market are 7 a.m. to 7 p.m.Virginia ABC stores will change its hours for the holiday. Temporary lane closures could impact your commute in Lynchburg starting today. Olive Garden restaurants across the country will say thank you to first responders today.
You can buy a lifetime pasta pass at Olive Garden Thursday
SAN ANTONIO - Olive Garden is once again offering carb lovers a chance at unlimited servings of pastas, sauces and toppings with its Never Ending Pasta Pass. The $100 pass allows customers to order from the Never Ending Pasta Bowl menu at the restaurant chain as many times as they wish for nine weeks, Sept. 23 to Nov. 24. The pass goes on sale at 2 p.m. Thursday and there are only 24,000 available. For the first time ever, Olive Garden is offering 50 lifetime pasta passes. The first 50 people who buy a pasta pass can upgrade to a lifetime pasta pass for an additional $400.
Red Lobster sold for $2.1B
Red Lobster sold for $2.1B Darden Restaurants says it is selling its seafood chain Red Lobster in a $2.1 billion cash deal. Darden also owns Olive Garden. Both restaurants have been losing business recently. Jill Wagner has that story and more MoneyWatch headlines.cbsnews.com
Olive Garden, Red Lobster seeing fewer customers
Olive Garden, Red Lobster seeing fewer customers Two well-known restaurants are seeing fewer customers come through the door. The company that owns both Olive Garden and Red Lobster says quarterly profits are down. Jericka Duncan has that and more in the MoneyWatch report.cbsnews.com