Overview Key strengths Key risks Largest casual dining restaurant operator in the U.S., with a portfolio of well-recognized brands. Operates in the highly competitive, discretionary casual and fine dining restaurant industry, which is defined by changing consumer preferences. Significant scale and leading restaurant productivity. Inflationary pressures on costs and consumers spending could compress margins and reduce demand. Moderate financial policy and stable cash flow generation support consistent credit metrics. Customer demand for the company's restaurants remains robust, despite continued inflationary trends, which supported positive same-restaurant sales across all of its brands relative to pre-COVID levels in fiscal year 2023. In our view, Darden?s investments in its food quality, portions, pricing, and off-premise capabilities have strengthened its value proposition. We believe
