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Darden Restaurants Same-Restaurant Sales Drop

Darden Restaurants Inc. (DRI) Monday said its same-restaurant sales had declined 44.7% during the fourth quarter.

The restaurant operator said that it had improved its weekly cash burn rate to $20 million, including capital expenditures.

Separately, Darden Restaurants said it has commenced an underwritten public offering of $400 million of common. In addition, Darden expects to grant the underwriters an option to purchase up to an additional $60 million of shares.

Darden plans to use the net proceeds from the offering for general corporate purposes.

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