Darden looks to double size of LongHorn Steakhouse over 10 years
New York City — Darden Restaurants plans to roughly double the size of LongHorn Steakhouse during the next 10 years.
Speaking at Barclay’s Retail & Restaurants Conference in New York City, Darden president and COO Drew Madsen said LongHorn Steakhouse, Olive Garden and Seasons 52 would help drive the company’s growth going forward. Darden want to expand LongHorn Steakhouse, which currently has some 345 locations, to 600 to 800 units over the next decade.
Costco plans buyback, raises dividend
Issaquah, Wash. — Costco Wholesale Corp. said Tuesday that its board of directors has approved a $4 billion share buyback program. The company also raised its quarterly dividend by 17% to 24 cents, up from 20.5 cents.
The share buyback program expires in April 2015 and replaces a previous plan set to expire in July which had $800 million remaining.
Destination Maternity names president
Philadelphia — Destination Maternity Corp. announced the hiring of Chris Daniel as its president, effective June 1.
Daniel will report directly to Ed Krell, CEO, and will have responsibility for all merchandising, design, marketing, visual, sourcing and branding functions of the company. In connection with the hiring of Daniel, Krell, who held the additional title of president on a temporary basis since the departure of the company’s former president, will relinquish that title.
Daniel most recently served as the president of Torrid, a specialty retailer focusing on plus-sized teens and young women.