GO
Loading...

Enter multiple symbols separated by commas

Darden Restaurants Posts Loss on Smokey Bones Charge

Darden Restaurants posted a loss in the fourth quarter, citing charges related to the sale of Smokey Bones restaurants.

The Orlando, Fla.-based company reported a fourth-quarter net loss of $55.1 million, or 38 cents a share, due primarily to a $245 million charge related to the closure of 65 restaurants.

In May, Darden shuttered 54 Smokey Bones restaurants and announced plans to sell the 73 remaining restaurants.

The company, which runs the Olive Garden and Red Lobster restaurant chains, reported earnings of 67 cents a share, excluding the one-time charge related to Smokey Bones,

Analysts surveyed by Thomson Financial forecast earnings of 70 cents a share on sales of $1.57 billion. In the year-ago quarter, Darden posted earnings of 60 cents a share on sales of $1.51 billion.

Darden shares fell 5% in after-hours trading Tuesday.

The company also said it expects fiscal 2008 earnings growth in a range of 10% to 12%, compared with analysts' current forecast of 13%.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.