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  "docSlug": "28a425ed69eb",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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      "kind": "callout",
      "text": "We believe Darden can reduce food costs through simple operational controls that will also enhance the guest experience",
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      "text": "Food costs as a % of sales",
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      "text": "Despite having far more stores than any of its peers, Darden does not show economies of scale in food costs. In fact, Darden's food costs are near the highest in the industry. We believe food waste significantly contributes to Darden's high food costs, especially food waste at Olive Garden. Olive Garden's food costs historically have been ~26-27% of sales, but now they have risen to an estimated 29%, contributing to Darden's overall 30% food costs. We believe the primary driver of Darden's food cost problem is poor execution and discipline around food waste, portion size, and preparation. Menu design has also played a role. Given Olive Garden's pasta focus, food costs should be among the best in the industry.",
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      "text": "food costs as a % of sales: 30.1%",
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      "text": "Source: Company filings and Wall Street equity research.",
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      "text": "Despite its scale advantage, Darden's food costs and waste are abnormally high",
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