Olive Garden parent Darden, Uber stocks pop after delivery deal announcement

Published On Sep 19, 2024, 11:07 AM

Darden Restaurants, the owner of Olive Garden, and Uber have announced a new partnership that will allow Darden to use Uber's delivery technology to facilitate on-demand delivery of Olive Garden's menu items. This marks a significant change for Darden, which has previously been hesitant to work with third-party delivery apps. The deal has led to a rise in share prices for both companies, with Darden's stock jumping by up to 9% and Uber's by approximately 3%. Despite a disappointing quarterly earnings report from Darden, which revealed a decline in same-restaurant sales at Olive Garden, analysts view the partnership positively, although some caution that it may not drastically increase sales given Olive Garden's target demographic.