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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Smiling Bob who wrote (256348)6/23/2010 5:09:56 PM
From: patron_anejo_por_favor of 306849
 
>>Darden Restaurants, Inc. (NYSE:DRI - News) today reported sales and diluted net earnings per share for the fourth quarter and fiscal year ended May 30, 2010. In the fourth quarter, diluted net earnings per share from continuing operations decreased 7% to 81 cents, versus 87 cents in the prior year, which included an additional fiscal week. The additional fiscal week contributed approximately six cents of diluted net earnings per share in the fourth quarter of fiscal 2009.

Fourth quarter sales from continuing operations were $1.86 billion, compared to $1.98 billion in the prior year, a 5.7% decrease (13 weeks vs. 14 weeks). On a reported fiscal quarter basis, combined same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 2.3% this quarter (13 weeks vs. 13 weeks).

“Our financial performance for the quarter was solid, capping a year of strong earnings growth despite very challenging economic and consumer conditions,” said Clarence Otis, Chairman and Chief Executive Officer of Darden.<<

Sounds like sales and EPS are down compared to same quarter last year (in the depths of the recession) and the CEO is doing a hamsterdance celebrating? ROTFL.....I bet Mr. Market will wipe that smile off his face.
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