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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Uses a comparison-based logic to justify cost-cutting measures.",
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      "kind": "callout",
      "text": "Assumes Olive Garden continues to spend more than anyone else in the industry",
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      "text": "We estimate that most of Darden's inefficient advertising is due to Olive Garden's wasteful TV spend.\nBy focusing Darden's advertising dollars on ROI and efficiency, we believe significant savings can be realized.",
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      "text": "EBITDA improvement: $55 - $62 million",
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      "text": "Advertising would not be reduced immediately – savings would be realized gradually over time as more effective digital / social programs are phased in and certain ineffective and low ROI traditional programs are phased out after thorough testing.",
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      "text": "We estimate a $55 - $62 million EBITDA improvement opportunity through a more effective advertising spend at Olive Garden alone.",
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      "kind": "source-note",
      "text": "Source: Company filings. (1) Allocation to divisions is estimated. Assumes 3.8% of LongHorn sales and assumes no TV advertising for SRG.",
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      "text": "Advertising and marketing spend opportunity table comparing Olive Garden, LongHorn, and Total Darden against peer benchmarks.",
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      "text": "Estimated savings by reducing Olive Garden spend table showing low/high scenarios.",
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      "kind": "title",
      "text": "Darden can reduce its marketing budget by an estimated $55 – $62 million while improving outreach and increasing traffic",
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      "text": "A significant opportunity exists to optimize the ROI from Darden's advertising and marketing expense",
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