Darden Restaurants jumps on Uber food-delivery partnership
Updates
** Shares of Darden Restaurants DRI.N jump as much as 9% at $173.51 - highest since March
** Longhorn Steakhouse-owner announces delivery partnership with Uber UBER.N, set to begin with its Olive Garden restaurants in late 2024
** If gains hold, stock set for best day since March 2021
** Deal allows patrons to order food via Darden restaurant channels, with delivery handled by Uber
** National expansion at Olive Garden expected to be complete by May 2025 after the pilot round is finished
** TD Cowen says it does not expect as material a sales lift as other concepts launching third-party delivery
** Co also posts Q1 adj. profit of $1.75 per share, below LSEG estimates of $1.83 per share
** Including session moves, DRI stock up about 4% YTD
Reporting by Savyata Mishra and Anuja Bharat Mistry in Bengaluru
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