Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Citigroup Lowers Darden Restaurants to 'Underperform'

Citigroup downgraded Darden Restaurants (DRI) to underperform.

Analyst Mark Kalinowski says his concerns include poor sales at Bahama Breeze, as well as various cost pressures such as insurance, which has deepened. He notes Darden has instituted an 8%-12% growth goal for fiscal 2004 (May), which is lower than his 13% estimate.

Kalinowski thinks a disappointing outlook for fiscal 2004 is actually worse than it appears at second glance. Darden's fiscal 2004 contains 53 weeks, in a typical year, with the extra 53rd week generally adding 5 cents to 6 cents to its annual earnings per share, however, the 8%-12% earnings per share growth goal includes this benefit. He cut the $1.47 fiscal 2004 earnings per share to $1.44, and reduced the $22 target to $18.

blog comments powered by Disqus