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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "The slide uses a grouped bar chart to compare demographic segments over time (2008 vs 2013) for two brands.",
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      "kind": "callout",
      "text": "As you can see, management's data actually demonstrate that Red Lobster and Olive Garden have very similar customer demographics.",
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      "text": "Grouped bar chart showing % of guest count by income bracket and year for Red Lobster and Olive Garden.",
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      "text": "In a research report dated March 7, 2014, leading restaurant analyst Howard Penney of Hedgeye pointed out that management's argument... is borderline comical. In fact, in our opinion, all the data actually demonstrates that traffic among low-income customers at Red Lobster has been declining.",
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      "text": "The chart below, which uses the very same data from management's chart, is what management should have shown... The data clearly show that Red Lobster and Olive Garden have very similar customer demographics.",
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      "text": "\"is borderline comical.\" — Howard Penney of Hedgeye",
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      "text": "Management has misled shareholders regarding customer demographics at Red Lobster and Olive Garden (cont'd)",
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