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Darden Business Analysis

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    Darden Case Analysis February 14, 2010 Table of Contents ORGANIZATION MISSION …………………………………………………………. 1 CORPORATE OBJECTIVES …………………………………………………………. 1 Strategic objectives………………………………………………………………………1 Financial Objectives …………………………………………………………………….. 2 CORPORATE-LEVEL. STRATEGIES………………………………………………. 3 BUSINESS-LEVEL STRATEGIES ……………………………………………………4 EXTERNAL ANALYSIS ………………………………………………………………4 Opportunities……………………………………………………………………………. 4 Threats …………………………………………………………………………………… 7 COMPETITIVE ANALYSIS…………………………………………………………. 7 Five Forces Analysis……………………………………………………………………8 Key Success Factors……………………………………………………………………10

    INTERNAL ANALYSIS………………………………………………………………11 . Strengths………………………………………………………………………………… 11 Weaknesses……………………………………………………………………………… 12 FINANCIAL ANALYSIS………………………………………………………………12 Ratio Analysis…………………………………………………………………………… 15 STRATEGIC PROBLEMS……………………………………………………………16 LIST OF REFERENCES……………………………………………………………… 17 Organization Mission “Darden is the Company it is today because we place no limits on what we believe we can achieve. Like Bill Darden, Joe Lee and the others who founded our Company, we are willing to dream big dreams, and we are united by a strong, values-based culture. Clarence Otis, Jr. Chairman & Chief Executive Officer Darden Restaurants Corporate Objectives Strategic Objectives: A. Brand Management Excellence: Given the challenging economic period, “brands matter more than ever. ” Developing brands, and building brands, has occurred by forging a strong relationship among marketing and operations. Brand management excellence involves designing a brand promise and restaurant experience – around food, service and atmosphere – that is differentiated, compelling and relevant (1).

    While operation management is critical, Darden Company also see’s the need to focus on ensuring the “brand-builders” are available and skilled in the development of their particular brand. Darden has a pronounced interest in developing its brands. With the long-term cost dynamics that currently exist, Darden Company understands the fact that the brand support provided must be even more cost-efficient and effective than ever. Through their own consolidation, certain duplicated brand support services will no longer be brand specific, but more “shared centers of excellence. B. Pursuing transformational initiatives: In an effort to reduce costs and improve effectiveness in a majority of the higher expense departments, Darden vows to reduce costs in areas of supply chain, facilities management, as well as energy and water utilization. (1) “Given the competitive pressures, says Otis, it’s more important than ever for the company’s 180,000 employees to work collaboratively. Its three major brands should operate as test labs, sharing the best ideas and even personnel, while maintaining their distinctive identities.

    Nothing embodies Otis’s vision for Darden better than its new headquarters, a $100 million state-of-the-art building in Orlando. More than 1,400 executives and restaurant support staff are scheduled to relocate there in October; until now, they have worked in 12 buildings spread out over 2 miles. In the new arrangement, the brands’ test kitchens will operate side by side, to both practically and symbolically epitomize Otis’s mandate for sharing. ” (10) C. Highlight the value offered to consumers: While many of Darden’s competitors are providing deep discounts, Darden has stood firm with providing value, not discounts.

    Darden’s CEO discussed the importance of customer value in his interview with USA Today, and explained his reason for standing behind the no discount motto. While Applebee’s and Chili’s offers many of the two-for-twenty deals, Darden’s brands have been more interested in highlighting the value provided to their consumers. Otis reported that it would be simple enough to offer these discounts now, but offered his concerns of how difficult it would be to normalize in a changing economy. (9) (10) D.

    Manager in Training: Darden develops their management team from within, bringing forty percent of the class from hourly employees within their restaurants. They have increased the opportunities for manager to further develop by expanding this program. One of their brands, Olive Garden, has taken approximately 100 managers to train in Tuscany, Italy each year. (2) E. Pursue Opening New Stores: With Darden’s 1,700 unit company putting up some impressive numbers at most of its well-respected brands, Darden has plans to open an additional seventy-two to eighty restaurant in fiscal year 2010.

    F. Taking the Market Share: Darden’s CEO, Clarence Otis, reported “Darden’s future growth will come primarily through taking market share. Even before the financial crisis tightened consumers’ budgets, he was aware that Americans were dining out less frequently. Financial Objectives: A. Sustain Long-term Annual Sales Growth: Darden targets top-line growth of 7 to 9 percent over a long term horizon. This is detailed in the following table: Growth PercentageGrowth Concentration 5%Unit Growth 0. 5%-1. 5%Increase in Customer Traffic 1. 5%-2. 5%Increase in Guest Checks %-9%Total Growth Darden’s anticipation of Olive Garden and LongHorn Steakhouse’s 2010 fiscal year growth will likely represent a bulk of unit growth over the foreseeable future, but expansion from other concepts is also possible. Darden’s strong interest in reinventing Red Lobster brand will also play a major role in the annual sales growth. (13) B. Sustain Diluted Net Earnings Per Share Growth: Over time, the firm expects to drive earnings-per-share growth of 10 to 15 percent through scale advantages, infrastructure efficiencies, share repurchases, and acquisition synergies. 13) C. Ensuring Darden’s Volatility D. Increase Profits: By leveraging fixed and semi-fixed costs with sales from new restaurants and increased sales from the increase of traffic at existing restaurants, Darden plans to strengthen its bottom line. E. Invest in New Restaurant Growth: With a narrowing economy, consumers have become increasingly selective in where to spend their money. They are not interested in dining at the same restaurant that looks exactly the same and offers the food that tastes exactly the same as the last restaurant they visited.

    Darden has the opportunity to further invest in new restaurant growth by the mere fact that each of its brands are completely different and offer their consumers a different feel, look, and taste at each dining experience. In addition to their plans to invest in new restaurant growth, Darden’s COO Drew Madsen reported their plans to remodel 50 more restaurants by May of this year. (9) Corporate Level Strategies Business Level Strategies External Analysis 1. Opportunities Increasing health consciousness: Increasing awareness of consumer health in the United States in pushing Americans to seek healthier foods.

    Consumers are focused on healthier foods now more than ever, and this has lead to a greater demand in health foods such as organic foods. “The United States organic food market generated total revenues of $23,000 million in 2008, representing a compound annual growth (CAGR) of 17. 9% for the period spanning 2004-08. ” (4) With the company’s Seasons 52 chain of restaurants, excellent food is paired with fewer calories and nutritional balance. Acquisition of RARE hospitality: In an effort to tap into a growing consumer market, Darden acquired RARE Hospitality International.

    RARE, based in Atlanta, Georgia owned 323 restaurants, including 292 LongHorn Steakhouse restaurants and 29 The Capital Grille restaurants. While enabling Darden a greater market share, the acquisition of RARE Hospitality International has extended their reach to “various consumer segments. ” (4) Growing tourism market: While the economy has presented challenges Darden Company has had to face, they can capitalize on the growing tourism market. “In October 2008, the United States Department of Commerce announced that 5. million international visitors traveled to the United States in the month of July 2008, an increase of 2% over July 2007, and spent a record $12,700 million, marking a 21% increase over July 2007. ” The table below exhibits the concentration of restaurants in states with Gateway cities: State with Gateway CityRestaurants Florida189 New York100 California50 Advanced Technology: With Seasons 52 bolstering its Wi-Fi technology to enable their waiters and waitresses to place orders and close checks tableside, they are clearly taking a step in the technological direction.

    In order to better “beef-up” the client to server relationship, managers of Seasons 52 found this as a unique way to keep the service as close to their consumers as possible. (8) Patti Reilly White, chief information officer, leads the 170-person team at Darden that introduces order and predictability to this volatile business. ” (10) In the 1970s, Darden had worked with Burger King to build the first restaurant point-of-sale system; it tracked sales in real time, eliminating the need for managers to call in the previous day’s results. In every area where technology can be applied, Darden has a considerable lead on other businesses,” says Muller, who has followed the industry for 20 years. Darden was computerizing its guest surveys in the 1990s, he says, when other restaurants were relying on comment boxes. (10) 2. Threats Intense Competition: While there exists a strong market presence with Darden Restaurants in the North American market, the competition also exists. From other restaurant chains along with regional companies with strong market presence in their respective areas, Darden faces strong competition.

    In addition to restaurant chains, the fast food restaurants are now moving in to the casual dining arena. The company divides its competition in primary and secondary classifications as outlined below: Primary CompetitionSecondary Competition Applebee’s International Supermarket “Convenient Meals” Denny’s CorporationFrozen Food packaged by restaurant Domino’s Pizza Lone Star Steakhouse & Saloon McDonald’s Corporation Wendy’s International Ark Restaurants Raising Labor Wages in the United States: With the challenging economic times, it’s imperative that any company manage its expenses.

    The largest cost as a percentage of revenue for Darden Company is its labor costs. The minimum wage rose from $5. 55 in 1997 to $6. 55 in July 2008, to the current $7. 25 that changed July 2009. Darden’s total labor cost for the past three years is illustrated below: YearRestaurant Labor Costs 2009$ 2,308. 2 million 2008$2,124. 7 million 2007$1,808. 2 million Weakening Consumer Confidence: “The consumer price index in the United States has increased in February 2009. The consumer price index, the key measure of inflation, rose at 0. 4% in February after a 0. 3% jump in January. The monthly increase in CPI was foreshadowed by increasing costs in energy, transportation, apparel, medical, recreation, education and communication, and other goods and services. This increase in consumer price index has lessened the consumer confidence, as it fell to 25 in February from 37. 4 in January 2009. This is a direct correlation with consumer spending, when consumer confidence drops-the consumer spending falls with it. Any decline in the consumer spending will negatively impact the company’s bottom line. (4) Changing Consumer Habits: People are eating at home more often.

    According to an interview with Darden’s CEO, Clarence Otis, he stated “people are dining out less, so the occasion is more dear when they do. Someone who may have gone to four or five places a month may be going twice. There is a lower tolerance for service shortfalls, so make sure you operate better than you might normally. ” (7) Credit Cards are harder to get: Many consumers use there credit cards to pay for meals, and now that credit is become more and more unavailable, these consumers relying on credit will be less likely to dine out. Competitive Analysis Five Forces Analysis 1.

    Competitive force of potential entry of new competitors: moderate While Darden Restaurant Company is the dominant market leader in the restaurant management arena, the opportunity to prevail in a challenging economy seems rather enticing for many investors. The barriers to entry are low; however, the potential for new entry still remains low. Darden has the research, experience, and financial power to go head on with any competition. •Economies of Scale: The economies of scale relative to the restaurant management business aide in providing additional barriers for entry to other potential competitors.

    In order to compete in this industry, a potential competitor would be forced to enter the market with a much larger scale than some of the other industries. Startup costs on entry would more than likely prevent a new company from earning a profit in the first few years of business, and because of this, most of the competition results in local restaurants opened and managed locally. •Inability to gain access to technology and specialized knowledge: While Darden has reported many years with good numbers, this didn’t come overnight.

    Darden has several years of experience in operating restaurants and has the technology to support large scale operations. The cost associated with a restaurant techonology system will also provide barriers for entry. •The existence of learning and experience curve effects: Companies, like Darden, who have lower unit costs, have more experience in profitably producing and marketing their brands, as well as managing their restaurants. •Brand preferences and-customer loyalty: While it may be possible for a company to open a smaller scale restaurant, it will be difficult for a new entrant to build a business comparable to Darden.

    Darden has created huge brand recognition paired with stellar customer loyalty. Any new entrant would have difficulty in competing with a well known brand, and incredibly difficult with the multiple brands Darden owns and operates. 2. Competitive pressures from substitute products: strong While Darden has done a good job at exhibiting excellent value delivery to its consumers, the fact is there are substitutes available for Darden’s restaurants. In addition to the substitutes, the switching costs for Darden’s restaurants don’t exist.

    While the opportunity for these competitive pressures exists from substitute products, Darden has a clear advantage through its proven track record for quality service and customer satisfaction. 3. Rivalry among competing sellers in the industry: strong As the number of competitors increase, the amount of rivalry among competing sellers will increase as well. With the large number of competing sellers in the restaurant industry, the rivalry is high. As the competition increases in the restaurant industry, the rivalry will continue to increase with this. 4. Bargaining power and leverage of suppliers: moderate

    With such a large presence, Darden Company has a good amount of bargaining power when negotiating supplier contracts. The company has taken a look at the “Wal-Mart Concept” (10) to better analyze and manage their supply costs. In addition to Darden’s bargaining power as a large company, the large number of restaurant supply companies also provides Darden with a large menu to choose from. (Sysco, Star, United, etc. ) 5. Bargaining power and leverage of buyers: Moderate Restaurant consumers typically don’t have an option to utilize price discounts; however, some competing firms are now offering discounts in order to bring consumers in.

    With Chill’s two-dinners for $20. 00, this gives consumers an opportunity to gain a useful discount. Key Success Factors Leading Edge Technology: Darden’s strengths not only lie with preparing great food, it is paired with their stellar ability to “make a notoriously unpredictable business more efficient. ” (10) Through their employment of multiple technological advances, Darden has been able to dive into the technological age head first. Decentralized Brand Management: With Darden’s impressive 1,700 unit brand diverse portfolio, it has been able to open the doors to thousands of innovative ideas shared among one company.

    This “no-holds-barred sharing of information between brands. “I want to come stand in the kitchen on Friday night at 8 o’clock and see it when you’re slammed,” LongHorn president Dave George tells an Olive Garden executive. (10) Staff who are on board with the mission of the company: David Pickens, 53, the president of Olive Garden brand, reported that “brand is built around the notion that guests are treated like family, but Pickens knows that isn’t likely to happen unless employees feel like family too.

    Employees, he says, need to believe that serving meals and cleaning tables and cooking pasta in a hot kitchen is meaningful. “It’s very difficult for the experience of the guests to exceed the experience of the staff,” Pickens says. “We put the two together. ” (10) Research and Development: Darden understands the need for good food, but more importantly, it understands the need for their guests to leave wanting to come back. When discussing the 1990s lull of Olive Garden, Drew Madsen, COO, turned to research to find out why. The key consumer insight was that people missed the emotional comfort and connectivity that comes with family,” says Madsen, then the chain’s head of marketing. “People come to a restaurant for both physical and emotional nourishment. The physical is the food; and the emotional is how you feel when you leave. ” (10) Internal Analysis 1. Strengths: Diverse Service Concepts: Darden Owns and operates many different brands, or “restaurant concepts” like Olive Garden, Red Lobster, LongHorn Steakhouse, The Capital Grille, Bahama Breeze, as well as Seasons 52.

    In addition to its owned brands, Darden also operates several specialty restaurants: The Old Grist Mill Tavern and Hemenway’s Seafood Grille and Oyster Bar. The table below describes the concept Darden boasts in each of its owned restaurant brands: RestaurantOlive GardenRed LobsterLongHorn SteakhouseSeasons 52Bahama Breeze ConceptItalian bistro, Tuscany dishesSeafood Specialty Restaurant Steakhouse serving both lunch and dinnerCasually sophisticated fresh grill and wine barCaribbean-inspired fresh seafood, chick, & steak “A wide service mix enables the company in catering to the diversified customer egments thus, reducing its business risks substantially. ” (4) Large Scale Operations: Darden holds the title for being the largest restaurant company in the United States, as well as being ranked number one by Nation’s Restaurant News. Darden serves nearly 400 million meals annually through its 1,700 restaurants in the United States and Canada. (4) Darden operates nearly 1,670 restaurants in the United States and 35 restaurants in Canada. “Large scale of operations enhances the company’s market penetration opportunities and gives it substantial bargaining power. (4) Differentiated Service Offering: Darden provides “highly differentiated” dining service in its Season 52 brand concept. Not only does it offer an international wine list of more than 140 wines, it uses natural cooking techniques such as grilling over open fires which provides a better taste with fewer calories than its competitors. Their strong brand image has enabled Darden more of a competitive advantage and helps in bringing more customers through its doors. (4)

    Owns Most of Its Restaurants: Darden has captured the national market in providing an excellent restaurant experience; it has done this independently without the use of franchises. Darden owns most of the restaurants it operates, with the exception of the Old Grist Mill Tavern and Hemenway’s Seafood Grille and Oyster Bar. (5) Target Wide Range of Household Incomes: From its Olive Garden soup & salad for $5. 95 to its Seasons 52 Grilled Rack of New Zealand Lamb for $26. 95; Darden Restaurant Company targets a wide range of household incomes. (5) (6)

    Strong Brand Recognition: Darden has been extremely successful in branding its restaurants across North America. “Darden knows restaurant brands – how to develop, acquire, manage and evolve them in ways that make them part of the fabric of American life. This is a differentiating and palpable competitive advantage, especially in an industry that is increasingly competitive and continuing to consolidate. ” (1) 2. Weaknesses Increasing Debt: While Darden holds a promising balance sheet, a substantial amount of its business is financed through debt. “Darden total long-term debt for fiscal year 2009 was $1,691. compared to $1,634. 3 million in fiscal year 2008, and nearly $492 million in fiscal year 2007. Interest expense in 2009 was $107. 4, as compared to $89. 2 million in fiscal year 2008, and $43. 6 million in fiscal year 2007. With a challenging economy, the need to be operating with minimal debt is now. This large amount of debt will place an unwanted negative pressure on its margin. (4) Geographic Concentration: While many of its competitors have elected to broaden their market internationally, Darden has only been successful in maintaining a marginal geographic concentration in North America.

    While the strong presence in the North America market has been successful, a change in state legislation regarding taxation will expose Darden to the risks of market concentration as well as losses in the benefits its competitors have benefited from diversified operations in other high growth markets. Darden has failed to penetrate the “high-growth” markets of Asia Pacific and Europe. (4) Highly leveraged after rare hospitality acquisition in 2007: No franchise opportunities: Dependent on Consumer Disposable Incomes: Financial Analysis

    With a portfolio of almost 1,800 locations, Darden Restaurants is among the leading casual dining restaurant companies in North America. Morningstar Investment Research Center commented on Darden’s financial position by stating: “the firm’s balance sheet is fairly heavily leveraged for a restaurant chain: $1. 6 billion of debt outstanding is equal to roughly 1. 8 times operating income, excluding depreciation and amortization. ” (12) With large chains, comes large bargaining power over suppliers, scale advantages, and convenient restaurant locations.

    Darden is classified under SIC code 5812: eating and drinking places. (13) Darden Restaurants (NYSE: DRI) closed Friday (2/12/2010) at $38. 99. Through Friday, the stock has hit a 52-week low of $24. 11 and a 52-week high of $41. 21. (11) •Growth From fiscal year 2004 to fiscal year 2007, Darden delivered compounded annual revenue growth of 5%, fueled by 2% unit growth (primarily from Olive Garden) and low-single-digit same-store-sales. The RARE Hospitality acquisition helped boost top-line growth to 19% in fiscal 2008, followed by 9% growth in fiscal 2009. •Profitability

    Operating margins steadily improved from 8. 4% in fiscal year 2004 to 10. 3% in fiscal year 2007, supported by operating expenses and depreciation spread over a wider revenue base. Operating margins contracted to 9. 1% in fiscal year 2008 and 8. 6% in fiscal year 2009 because of the RARE Hospitality acquisition and a challenging economic climate. •Financial Health Darden has $1. 8 billion in debt on its balance sheet as of May 2009, roughly 50% of total capital. Because the firm generates substantial free cash flow, it is still considered to be in stable financial health. 12) Ratio Analysis 1. Liquidity Ratios •Current Ratio: The current ratio is an indication of the company’s ability to pay current liabilities using assets that can be converted to cash in the near term. Ratio should definitely be higher than 1. 0; ratios of 2 or higher are better still. (14) (15) Current Ratio. 200920082007 Industry Darden Restaurants, Inc. 0. 50. 40. 5 Brinker International, Inc. 0. 90. 90. 7 Ruth’s Hospitality Group0. 50. 60. 4 •Quick Ratio: The quick ratio shows a firms ability to pay current liability without relying on the sale of its investments. 14) (17) (18) (19) Quick Ratio. 200920082007 Industry Darden Restaurants, Inc. 0. 090. 10. 07 Brinker International, Inc. 0. 350. 20. 26 Ruth’s Hospitality Group0. 260. 420. 27 2. Asset Management Ratios •Inventory Turnover: The inventory turnover measures the number of inventory turns per year, the higher number is better. (14) (17) (18) (19) Inventory Turnover200820072006 Industry Darden Restaurants, Inc. 30. 6331. 1727. 34 Brinker International, Inc. 100. 51123. 01118. 87 Ruth’s Hospitality Group47. 1642. 4548. 36 Days Sales Outstanding: The days sales outstanding indicates the average length of time the firm must wait after making a sale to receive cash payment. A shorter collection time is better. (14) (17) (18) (19) Days Sales Outstanding200820072006 Industry Darden Restaurants, Inc. 133. 22114. 66133. 69 Brinker International, Inc. 71. 3283. 1585. 73 Ruth’s Hospitality Group32. 327. 922. 31 3. Debt Management Ratios: •Debt-to-Equity Ratio: The debt-to-equity ratio should usually be less than 1. 0. High ratios, especially above 1. , signal excessive debt, lower creditworthiness, and weaker balance sheet strength. (14) (17) (18) (19) Debt-to-Equity Ratio. 200820072006 Industry Darden Restaurants, Inc. 1. 151. 330. 64 Brinker International, Inc. 1. 131. 521. 03 Ruth’s Hospitality Group4. 311. 11 •Long-term Debt-to-Equity Ratio: The long-term debt-to-equity ratio shows the balance between debt and equity in the firm’s long-term capital structure. Low ratios indicate greater capacity to borrow additional funds if needed. (14) (17) (18) (19) Long-term Debt-to-Equity Ratio. 200920082007 Industry

    Darden Restaurants, Inc. 1. 051. 20. 45 Brinker International, Inc. 1. 121. 521. 03 Ruth’s Hospitality Group4. 311. 11 4. Profitability Ratios: •Net Profit Margin: Net profit margin shows after-tax profits per dollar of sales, higher is better, and the trend should be upward. (14) (17) (18) (19) Net Profit Margin200820072006 Industry Darden Restaurants, Inc. 24. 729. 532. 4 Brinker International, Inc. 7. 424. 519. 7 Ruth’s Hospitality GroupNM23. 343. 8 •Return on Assets: The return on assets is a measure of the return on total investment in the enterprise.

    Interest is added to after-tax profits to form the numerator, since total assets are financed by creditors as well as by stockholders. Higher is better, and the trend should be upward. (14) (17) (18) (19) Return on Assets200820072006 Industry Darden Restaurants, Inc. 7. 69. 712. 8 Brinker International, Inc. 3. 82. 310. 1 Ruth’s Hospitality GroupNM7. 713. 8 5. Other Ratios: •Book value per share: Book Value Per Share200820072006 Industry Darden Restaurants, Inc. 4. 102. 657. 57 Brinker International, Inc. 4. 496. 057. 42 Ruth’s Hospitality Group(2. 01)0. 350. 01 Earnings per share: The earnings per share ratio show the earnings for each share of common stock outstanding. The trend should be upward, and the bigger the annual percentage gains, the better. (14) (17) (18) (19) Earnings Per Share200820072006 Industry Darden Restaurants, Inc. 2. 712. 632. 63 Brinker International, Inc. 0. 501. 901. 66 Ruth’s Hospitality Group(2. 28)0. 781. 02 Strategic Problems 1. No Franchise Availability: 2. Reliability on Seafood: Scientists are projecting a 2050 collapse of the world’s fisheries, for which Darden has began a proactive approach in investing in the Aquaculture Alliance.

    Even with the fish farms, the aquaculture can only satisfy part of America’s constant appetite for seafood. (20) 3. Higher End Restaurants face Economic Hardships- With Darden’s diverse branding of restaurants, some restaurants are facing hard times with the challenging economic times. Several of the Darden brands feature higher end wine lists, more expensive entrees, and higher than average total guest checks. In the current economic period, the Red Lobsters and Olive Gardens may be struggling, but not as badly as the Bahama Breeze, The Capital Grille, and The Seasons 52 restaurants that target higher income households.

    Though Darden has had two instances of restaurant spin-off, Darden vows to keep trucking with the winning and the losing brands. From 2004 to 2007, Darden closed 15 Bahama Breezes. In a recent interview with Orlando Sentinel, Darden CEO Clarence Otis reported “I think that the problem is that people don’t understand the concept,” said business-networking company owner Scott Bender, a frequent visitor to the Orlando restaurants. “It’s not all Caribbean food. . . . It’s really getting someone to try it for the first time if they’ve never been there. ” (21) References 1. “Darden 2009 Annual Report. http://www. darden. com 2. “Olive Garden Outpaces Casual Dining Industry With 50th Consecutive Quarter of Same-Restaurant Sales Growth; Darden Restaurants attributes milestone to Olive Garden’s guest-focused culture and the brand’s committed pursuit of inspiration from Italy. ” PR Newswire 22 March 2007 ABI/INFORM Dateline, ProQuest. Web. 12 Feb. 2010. 3. (2009). DATAMONITOR: Darden Restaurants, Inc. Darden Restaurants, Inc. SWOT Analysis, 1-9. Retrieved from Business Source Premier database. References 4. Datamonitor: Darden Restaruants Inc. Company Profile 5. WikiSwot . Seasons 52 Menu 7. “Good service vital during downturn. ” USA Today n. d. : Academic Search Premier. EBSCO. Web. 8. Panettieri, J. (2003). ‘May I take your order, wirelessly? ‘. eWeek, 20(49), S4. Retrieved from Academic Search Premier database. 9. Michael Sanson. (2009, August). Darden Restaurants. Restaurant Hospitality, 93(8), 28-36. Retrieved February 11, 2010, from ABI/INFORM Global. 10. Salter, C.. (2009, July). why america is addicted to olive garden. Fast Company,(137), 102-108,121. Retrieved February 9, 2010, from ABI/INFORM Global. (Document ID: 1793479491). 11.

    Google Finance Company Summary: Darden Restaurants, Inc. NYSE: DRI. http://www. google. com/finance? client=ob=NYSE:DRI. Retrieved February 13, 2010. 12. Hottovy, R. J. , CFA. Morningstar Credit Committee: Darden Restaruants, Inc. DRI. O2-09-2010. 13. United State Department of Labor: Occupational Safety & Health Administration. http://www. osha. gov/pls/imis/sic_manual. display? id=44=description 14. Thompson. Strickland, & Gamble. Crafting & Executing Strategy. Seventeenth Edition. 2010. 15. Basham, Mark. Standard & Poor’s. Industry Surveys: Restaurants. September 3, 2009. 16.

    MERGENT Online: Darden Restaurants, Inc. 17. Lockyer, S. (2009). Blinker, Darden defy dire projections for dinnerhouses. Nation’s Restaurant News, 43(4), 1-49. Retrieved from Business Source Premier database. 18. MERGENT Online: Equity Research Report, Brinker International, Inc. February 10, 2010. 19. MERGENT Online: Equity Research Report, Ruth’s Hospitality Group, Inc, February 10, 2010. 20. Kaminis, Markos. Fool on the Street: Grilling Darden Restaurants. July 23, 2007. http://www. fool. com/investing/general/2007/07/23 21. Pedicini, Sandra. Orlando Sentinel. “Bahama or Bust” June 11, 2009.

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