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Darden Plans 50 New Locations

ORLANDO-The multi-chain restaurateur posts 9% higher sales in its latest fiscal year.

By Carl Cronan | Updated on June 24, 2009

ORLANDO-Locally based Darden Restaurants Inc. plans 50 to 55 new locations in the coming fiscal year, after having opened 71 during the past year. The proprietor of Olive Garden, Red Lobster and LongHorn Steakhouse chains, among others, posted a 9% sales increase for the year ending May 31, totaling $7.2 billion.

Earnings for the year fell slightly to $372 million, but included a 21% boost in the fourth quarter to $123 million. Sales for the fourth quarter rose 8% over the year to $2 billion, attributed to new restaurant growth, including $890 million from Olive Garden and $734 million from Red Lobster.

Darden’s restaurant chain in the US and Canada totaled 1,773 locations at the end of the past fiscal year. The company added a net of 38 Olive Gardens, 16 LongHorns and 10 Red Lobsters over the past year, along with smaller numbers of other concepts such as Capital Grille, Bahama Breeze and Seasons 52.

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