[Darden profit misses as Olive Garden sales dip]

chinesebuffet

Darden Restaurants Inc. said its fiscal fourth-quarter earnings slid 35% as higher costs and expenses at the casual-dining restaurant operator offset an increase in revenue.

The company's profit fell far short of market expectations. Darden said write-downs and the cost savings plan it unveiled in December hurt results by about 19 cents a share.

The company's Olive Garden and Red Lobster chains have struggled amid declining sales and traffic recently. In May, Darden said it would sell its Red Lobster chain for $2.1 billion to private-equity firm Golden Gate Capital. The company had previously disclosed its intent to separate the lagging chain, and Red Lobster's results were classified as discontinued operations in the most recent quarter.

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