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For the latest business news and markets data, please visit CNN Business. A big reason for the company’s success? Darden’s new management team is turning around Olive Garden. Activist investing firm Starboard Value Partners took a stake in the company at the end of with the aim of shaking it up. Starboard put out an epic slide show presentation detailing all the culinary sins it thought the company was making — such as not salting the pasta water, putting excessive amounts of sauce on its food, and having non-Italian items on the menu. Related: Starboard executives actually waited tables at Olive Garden. Investors clearly agreed. Starboard won control of the company’s board at Darden’s shareholder meeting in October. CEO Clarence Otis left soon after that. Since then, Darden has taken several steps to boost sales and profits — particularly at Olive Garden. Darden sold Red Lobster to a private equity firm last year. Related: Olive Garden is red hot again. That gave diners eating at Olive Garden the choice of a free entree to take home as well.
And the company is now doing even more with its popular breadsticks, recently unveiling breadstick sandwiches. Darden also announced Tuesday that it plans to spin off its real estate assets into a separate company. Investors liked that news as well.
Olive Garden fans should feel free to eat as many breadsticks as they want. The restaurant’s parent company can clearly afford it.
Darden Restaurants , whose brands include Olive Garden, reported mixed quarterly results on Tuesday, but raised its forecast for fiscal , sending premarket share prices up nearly 5 percent. Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:. Darden also said same-store sales grew 2. Strong sales at Olive Garden and Capital Grille restaurants that have been open at least a year boosted those numbers. Darden’s upscale steakhouse chain reported the highest same-store sales growth of 3. Telsey Advisory Group analyst Bob Derrington said on CNBC’s » Power Lunch » that off-premise dining — a category that includes takeaway, catering and delivery — was one key to Darden’s same-store sales’ beat. Olive Garden, which was responsible for about half of Darden’s revenue in the second quarter, saw its own same-store sales increase by 3. Raising prices on menu items like its popular Never Ending Pasta Bowl helped boost sales, despite declining traffic to the Italian restaurant chain.
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Big Secrets Olive Garden Tried To Hide
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How much does Olive Garden in the United States pay?
Olive Garden Salaries in the United States Salary estimated from 3, employees, users, and past and present job advertisements on Indeed in the past 36 months. Last updated: January 16, Most Reported. Line Cook. Get personalized salary insights. Tell us about you and get an estimated calculation of how now you should be earning and insight into your career options. Get started. Utility Worker. General Manager. Service Manager.
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