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Darden
Restaurants
Headquarters:
5900 Lake Ellenor Drive
Orlando, FL 32809
Employees: 180,000
CEO: Clarence Otis
Stock Symbol: DRI
Website: http://www.darden.com
Darden Restaurants operates some of the best known restaurant chains in the country including Olive Garden and Red Lobster. Olive Garden is a very popular casual restaurant serving Italian food and Red Lobster is the nation's largest restaurant chain specializing in seafood. Other chains include: LongHorn Steakhouse, The Capital Grille, Bahama Breeze and Seasons 52.
Darden has a total 1,714 restaurants in the USA and Canada. These include 679 Red Lobster restaurants, 662 Olive Garden restaurants, 308 Longhorn Steakhouse locations, 23 Bahama Breeze restaurants, 33 Capital Grille restaurants and 7 Seasons 52 locations.
In fiscal 2008, Darden had total revenues of $6.63 billion and net earnings of $338.2 million.
Average annual sales at Red Lobster in fiscal 2008 were $3.9 million per restaurant. Olive Garden annual sales were $4.9 million per restaurant. Longhorn Steakhouse had sales of $2.9 million. Bahama Breeze reported average sales of $5.9 million per restaurant. Capital Grille had $8.1 million in sales per location.
Darden said it plans to open 75-80 new restaurants over the next year.
In May, Darden announced the closure of 56 Smokey Bones Barbeque & Grill and two Rocky River Grillhouse restaurants. Darden sold the remaining 73 Smokey Bones restaurants all located in the eastern half of the United States.
History
The first Red Lobster opened in 1968 in Lakeland, FL as a "Harbor for Seafood Lovers" and was founded by Bill Darden who preached great service and quality seafood. A 19-year old Joe Lee would help Darden run the restaurants and would become President of Red Lobster as the company expanded in the Southeast. Red Lobster would become the nation's leading restaurant chain.
Darden Restaurants was spun off from General Mills in 1995 and included Olive Garden, which opened its first restaurant in Orlando on Dec. 13, 1982. Olive Garden was developed by General Mills Restaurants.
Current Chairman Joe Lee was the President and CEO of General Mills Restaurants, Inc.
Benefits
Here are some of the benefits provided to restaurant workers by Darden.
Health Insurance: Day one medical coverage with just a $100 deductible and a dental plan with a $50 deductible and you can use any Doctor, Dentist or Hospital you want. For a little extra money you can purchase short-term disability insurance, which provides weekly benefits for up to 6 months. You can also sign up for $20,000 in term life insurance and $20,000 in Accidental Death & Dismemberment coverage.
Discounts: Eat at any Olive Garden or Red Lobster (when you are not working) and get a 25% dining discount for you and up to 7 friends or family members.
Eye Care: You can see for yourself with discounts up to 60% on lenses, frames and contact lenses, which are available through our Eye Care Savings Program.
Education: Get low interest educational loans for you and your family through our ConSern Student Loan Program.
Vacation: One week of paid vacation; two weeks after 3 years and three weeks after 7 years.
Retirement: You can start saving for tomorrow immediately with the Day One Darden 401k savings plan. After one year of employment, the company will match part of your contributions.
Updated September 21, 2008