I saw the headline this morning that Darden’s earnings declined, but THEY BEAT ESTIMATES!!!!
WOW!!! If they beat the estimates that have been dramatically decreased over the last three months than all must be well. What a fucking joke Wall Street and the MSM are.
Their earnings plunged by 18% over last year. Their comparable store sales are spiraling downward. These idiots took on $1 billion of debt in the last year as they have bought back $400 million of their own stock and have added 150 new restaurants.
Below is a chart from their earning release. Sales in February were rapidly deteriorating. The Obama tax increases, Obamacare health insurance premium increases, gasoline price increases, and “strong” jobs recovery are working their magic on the middle class.
Darden is the lobster in the coal mine. When the obese middle class are doing OK, they head out to Olive Garden for unlimited breadsticks or Red Lobster for unlimited crab legs. The middle class is not feeling OK. Ignore the MSM bullshit and look at the facts. The recession began last year and it’s getting worse. The proof is in the breadsticks.
Fiscal 2013 December, January and February U.S. Same-Restaurant Sales Results
Darden reported U.S. same-restaurant sales for the fiscal months of December, January and February as follows: