Darden Restaurants 3Q earnings beat expectations
Earnings HQ: FBN’s Ashley Webster breaks down Darden Restaurants’ fiscal third-quarter earnings report.
Darden Restaurants, Inc. is offering its restaurant team members $17 million in bonuses.
This announcement comes straight from the company’s Chairman and CEO Gene Lee, who detailed the payout in Darden’s third quarter results.
The American multi-brand restaurant operator includes popular restaurant chains such as LongHorn Steakhouse, Olive Garden, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's.
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“First, we are investing approximately $17 million to provide a one-time bonus for our hourly restaurant team members in recognition of their hard work and dedication,” Lee said in a statement issued on Thursday, March 25. “Second, while we are proud that, on average, our hourly restaurant team members earn more than $17 per hour today, starting Monday, every hourly restaurant team member will earn at least $10 per hour, which includes tip income — increasing to $11 an hour in January 2022 and $12 an hour in January 2023.”
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Lee went on to add that Darden’s one-time bonus is meant to help the company “retain the best talent in the industry.”
Darden’s total sales for the third quarter of 2021 was $1.73 billion, according to the company’s reported results.
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Compared to Darden’s third quarter results from last year ($2.35 billion), current total sales are roughly 26.1% lower. However, March 2020 was notably the start of the coronavirus lockdowns in the U.S., which triggered a surge in food delivery and takeout orders.
The incremental raise Darden is offering its workers comes at a time when unions, restaurant and fast food workers have joined the “Fight for $15” — a political movement that is trying to increase the federal minimum wage from $7.25 to $15 per hour.
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