Consumer Discretionary ETF (XLY) Takes Darden Restaurants Warning in Stride
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Consumer Discretionary ETF Consumer Discretionary SPDR (NYSE: XLY) saw a blip lower mid-day after restaurant Darden Restaurants, Inc. (NYSE: DRI), the owner of Red Lobster and Olive Garden, issued a cautious outlook on the casual dining sector.
Darden executives said this is a "new era" and they "need to change." They said consumers cut restaurant usage and need better value. They see slower revenue, earnings growth in coming years.
XLY last traded at $53.17, down 0.03%.
Darden executives said this is a "new era" and they "need to change." They said consumers cut restaurant usage and need better value. They see slower revenue, earnings growth in coming years.
XLY last traded at $53.17, down 0.03%.
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