Darden's Profit Falls and More Industry News

Contributor
A roundup of this week’s food industry financial news
Darden Restaurants Inc. experienced a continuing decline in sales at its Olive Garden and Red Lobster chains, and its profit fell 35 percent below market expectations.

This week in industry news, Darden Restaurants Inc.’s profit fell 35 percent below market expectations, NPC International Inc. will buy 56 Wendy’s units in a $58.2 million acquisition deal, and David Goronkin was named the new CEO of My Fit Foods.

Read on for more of this week's biggest financial news in the world of food.

Earnings

Darden Restaurants Inc.: The company experienced a continuing decline in sales at its Olive Garden and Red Lobster chains, and its profit fell 35 percent below market expectations due to higher costs and expenses.

 

Leadership Change

My Fit Holdings LLC: David Goronkin was named the new CEO of My Fit Foods, effective immediately. Goronkin previously served as CEO of Garden Fresh Restaurant Corp.

Pieology: The company named Bob Baker its first president. Baker was formerly president and chief financial officer of Café Rio.

Red Robin Gourmet Burgers Inc.: Todd Brighton, Red Robin’s senior vice president and chief development officer, will step down from his position in July 2014. He did not indicate his reason for leaving the company.

 

Mergers/Acquisitions

NPC International Inc.: The company, which is the largest franchise operator of Pizza Hut restaurants, will buy 56 Wendy’s units in North Carolina and Virginia in 2015 in a $58.2 million acquisition deal.

 

More Financial News
The Elephant Bar
: The company filed for Chapter 11 bankruptcy reorganization and has closed 16 of its restaurants.

King’s Seafood Company: Planning to focus efforts on its Water Grill concept, the company restructured its operations and hired new management.

Have the inside scoop on a merger or acquisition? Know of a new advertising campaign around a new iconic product? We’re always looking to get ahead of the game, so email us your tips.

Haley Willard is The Daily Meal's assistant editor. Follow her on Twitter @haleywillrd.

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