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Darden Restaurants Withdraws Outlook; Suspends Quarterly Dividend

Darden Restaurants, Inc., (DRI) said, in response to COVID-19, the company is withdrawing its financial outlook for fiscal 2020. The Board of Directors has suspended the quarterly cash dividend. Also, the company is fully drawing on its $750 million credit facility.

"With the drawdown of our revolver, and cash on the balance sheet, we will have approximately $1 billion in cash on hand," said CFO Rick Cardenas.

For the fourth quarter to date through March 15, Darden same-restaurant sales declined 5.9%.

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