Olive Garden Restaurant in Times Square, New York.
Adam Jeffrey | CNBC
During a typical year, Olive Garden’s Times Square restaurant sold વેચાણ 15 million.
But the coronavirus epidemic and local restrictions on meals have destroyed the chain’s top business and reduced its weekly sales from 300 300,000 to less than 18 18,000.
Jean Lee, CEO of Darden Rest Restaurant Rents, told analysts at the company’s first quarter call of the financial year that sales for the out-of-loss location alone reached just $ 2,500 a day. The Olive Garden accounts for about half of Darden’s total income.
And Olive Garden is not the only Darden restaurant that has seen its New York business falter. Lee also said that the Capital Grill’s three New York locations, the fine-dining chains owned by Durden, are losing millions of dollars every week in sales.
The dining room, which is set to reopen at 25% capacity on September 30, has been closed in the city since March. As of Monday, New York is the U.S. capital. The city, whose hardest hit is the restaurant industry. According to Toast, the city’s restaurant revenue is 65% lower than a year ago.
Among the factors hurting the New York restaurant industry is the loss of tourism, including the Olive Garden in Times Square. According to the Times Square Alliance, pedestrian traffic at the New York City tourist hotspot has increased by almost% to% compared to the same period last year. Less than half of the restaurant in Times Square is open for outdoor dining.
Shares of Dardan rose nearly 5% after analysts ’estimates of the company’s quarterly earnings topped the morning trade. Darden’s overall sales have dropped 28% in its most recent quarter but it expects to see only 18% sales declines in the next quarter.
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