Darden Restaurants Raises 2010 Financial Outlook

Clarence Otis, chairman and CEO of Darden Restaurants Inc., owner of Olive Garden and Red Lobster restaurants, raised its 2010 outlook ahead of reporting third-quarter earnings March 23 after markets close. 

 Investors trade Orlando, Fla.-based Darden's stock on the New York Stock Exchange.

"The signs of sales and traffic improvement we began to see late in the second quarter and discussed during our December conference call with investors continued into January and February," Otis said in a statement Tuesday. "As a result, we are revising upward our outlook for same-restaurant sales and earnings per share for the fiscal year. We recognize that conditions continue to be far from normal. Still we believe our brands are well positioned and our teams are delivering more than ever on our promises to our guests." 

Darden Restaurants will open 50 to 55 new restaurants this year. Darden is the world's largest company-owned and operated restaurant company with over $7.2 billion in annual sales. The company employs 180,000 workers. Besides Red Lobster and Olive Garden, Darden ownes LongHorn Steakhouse, The Capital Grille, Bahama Breeze and Seasons 52.