UPDATE: Darden Posts Lower Q1 Profit

Darden Restaurants

reported a drop in its first-quarter profit and announced the retirement of its president and chief operating officer. Darden's quarterly earnings fell to $70.2 million, or $0.53 per share, from $110.8 million, or $0.85 per share, in the year-earlier period. However, analysts were projecting a profit of $0.70 per share. Its sales climbed to $2.16 billion, missing estimates of $2.19 billion. Darden shares fell 4.46% to $47.10 in pre-market trading.