Darden Restaurants had low net earnings for each of its shares, and revenue in the third fiscal quarter according to a press release.
"We believe that shareholders should continue to engage directly with the company and should not view a special meeting as a substitute for that ongoing two-way engagement," Darden Chief Executive Officer Clarence Otis said on a conference call on Friday Reuters reported.
Olive Garden brought in $929 million in sales, 3.4 percent less than last year's third third fiscal quarter because as percentages from sales between company restaurants decreased 5.4 percent, which was balanced out thanks to the addition of 18 new restaurants
Red Lobster brought in $611 million, 8.7 percent less compared to 2013's third fiscal quarter 8.8 percent since the firm open up one restaurant.
Longhorn Steakhouse had $363 million, which was 9.1 percent more compared to 2013's 0.3 percent increase since the brand opened up 37 restaurants the press release reported.
Darden's specialty restaurant group brought in $320 million, which were 11.6 percent more than last year's third fiscal quarter.
Darden announced Dec. 19, that they are making Red Lobster its own separate entity Forbes reported.
The new arrangement will put Red Lobster's 705 restaurants alone from Darden, which has not done well for the company. The organization also has Olive Garden, LongHorn Steakhouse, Bahama Breeze Capital Grille, and Seasons 52 Forbes reported.
The group also plans to halt expansion of Olive Garden, in order to bring in more earnings for shareholders, and slash its capital spending $100 million a year. LongHorn Steakhouse is also expected to stay where it is.
"The changes we're making involve reshaping our portfolio to increase the size and contribution of Specialty Restaurant Group, which is something that broadens our guest and occasion base," Clarence Otis CEO at Darden told Nation's Restaurant News.
Darden's Specialty Restaurant Group consists of Eddie V's, Seasons 52, The Capital Grille, and Yard House the press release reported.
