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Pandemic slashes gross sales at Olive Backyard’s Occasions Sq. location by 94% – Information by Automobilnews.eu

Pandemic slashes gross sales at Olive Backyard’s Occasions Sq. location by 94%


An Olive Backyard restaurant situated in Occasions Sq., New York.

Adam Jeffery | CNBC

Throughout a typical 12 months, Olive Backyard’s Occasions Sq. restaurant rakes in $15 million in gross sales.

However the coronavirus pandemic and native restrictions on eating have worn out the enterprise of the chain’s greatest location, slicing its common weekly gross sales from $300,000 to lower than $18,000.

Darden Eating places CEO Gene Lee advised analysts on the corporate’s fiscal first-quarter name that gross sales have slowed down to simply $2,500 a day for the takeout-only location. Olive Backyard accounts for roughly half of Darden’s total income.

And the Olive Backyard is not the one Darden restaurant that has seen its New York enterprise falter. Lee additionally stated that the three New York areas of the Capital Grille, a fine-dining chain owned by Darden, are shedding tens of millions of {dollars} each week in gross sales. 

Eating rooms, that are set to reopen at 25% capability on Sept. 30, have been closed within the metropolis since March. As of Monday, New York is the U.S. metropolis with the toughest hit restaurant trade. In accordance with Toast, the town’s restaurant income is down 65% in contrast with the identical time a 12 months in the past.

The lack of tourism is among the many elements hurting the New York restaurant trade, together with the Olive Backyard in Occasions Sq.. Pedestrian visitors within the New York Metropolis vacationer hotspot has plunged to about 73% from the identical time final 12 months, in accordance with the Occasions Sq. Alliance. Lower than half of Occasions Sq.’s eating places are open for out of doors eating.

Shares of Darden rose practically 5% in morning buying and selling after the corporate topped analyst estimates for its quarterly earnings. Darden’s total gross sales fell 28% throughout its most up-to-date quarter nevertheless it expects gross sales declines of solely 18% subsequent quarter.

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Pandemic slashes gross sales at Olive Backyard’s Occasions Sq. location by 94% – Information by Automobilnews.eu
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