LongHorn Steakhouse Owner Sees Imports Easing Beef Costs
Dow Jones09-25 02:45
Darden Restaurants expects a rise in beef imports to ease its soaring costs for the commodity.
The owner of LongHorn Steakhouse told investors it should benefit from the Trump administration allowing more beef to enter the U.S. tariff-free and from Mexico after lifting a ban because of cases of New World screwworm.
"There's some reasons to believe the beef market will slightly improve," Darden Chief Financial Officer Raj Vennam said during a first-quarter investor call.
Darden expects inflation of 3% for food and other ingredients during its fiscal year, including beef. The company last September estimated commodity inflation of 3% to 4% for the previous fiscal year.
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