The surprise lettuce crisis cost Olive Garden's owner as much as $5 million in 3 months
Olive Garden's parent company has been hit by a"surprise" lettuce crunch which cost as much as $5 million in the three months to November 27. for its fiscal Q2 2023, Darden Restaurants chief financial officer Raj Vennam estimated that issues with lettuce production cost between $4 million to $5 million. The company owns Olive Garden in addition to Longhorn Steakhouse and Cheddar's Scratch Kitchen.
Darden has faced mounting costs this year, with Vennam saying costs are up 20% for chicken and dairy year on year. The hit from rising prices for lettuce — a bedrock of Olive Garden's never-ending salad — was a shock. "While we did not experience the same level of inflation as the general market, it was a big surprise. It was, call it, $4 million to $5 million impact in the quarter, that's meaningful," Vennam said.
The spike represents a small fraction of the company's nearly $2.5 billion in sales in the same period.
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