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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "The chart uses a 'fully-leased' adjustment to normalize for real estate ownership differences among restaurant chains.",
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      "kind": "callout",
      "text": "Despite high AUV and ~4.5x the scale of peers on average, Darden's operating performance is significantly worse than peers",
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      "text": "Adjusting for real estate ownership, Darden's margins are significantly below peers, despite the fact that it has an enormous scale advantage and is led by Olive Garden, which should be an extremely profitable concept given its high AUV and pasta focus.",
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      "kind": "source-note",
      "text": "Source: Company filings, Capital IQ, company presentations and Green Street Advisors.",
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