Rich People Aren't Spending As Much At Steakhouses: Recession Warning Sign?
Portfolio Pulse from Aaron Bry
Darden Restaurants Inc (NYSE:DRI) reported earnings before Thursday's market open, slightly beating EPS and revenue estimates. However, the company saw weaker growth in the fine dining sector compared to the more casual restaurants it owns. Darden's fine-dining sector saw growth of less than 3%, indicating that high-earning spenders could be cutting back. Darden’s stock was trading 1.08% lower at $147.84 at the time of publication Thursday.
September 21, 2023 | 7:02 pm
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Darden Restaurants Inc reported earnings, beating EPS and revenue estimates. However, the company saw weaker growth in the fine dining sector. The stock was trading 1.08% lower.
Darden Restaurants Inc reported earnings that beat estimates, which is generally positive news. However, the company saw weaker growth in the fine dining sector, which could be a concern for investors as it may indicate a potential slowdown in consumer spending in this segment. This could have contributed to the stock trading lower.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100