“We’re not going to do things to buy sales even with the increasing discounting our competitors are doing,” the chain’s CEO said. “Our focus is on profitable sales growth.”
Olive Garden said it plans to keep raising its menu prices — even as top executives admitted that sales dropped in the latest quarter as inflation-hammered customers pulled back on visits.
According to financial chief Raj Vennam, “The pullback is mostly at the below-median household income,” adding, “our other groups are stable or growing.” “Last year we had a little too high profit margin,” Vennam said. “It was industry leading and we had talked about not pricing as much” this year.
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