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Brian James Harbour

Research Analyst at Morgan Stanley

Brian James Harbour is Executive Director and Senior Equity Analyst at Morgan Stanley, specializing in research coverage of US restaurants and food distribution companies with a rigorous focus on both market trends and financial performance. He leads analysis on over two dozen publicly traded restaurant and foodservice firms, providing institutional clients with actionable investment recommendations that have achieved a success rate of approximately 53-55% and average returns per rating in the 2.6-3.7% range, as ranked by TipRanks. Harbour began his finance career at J.P. Morgan as an equity research associate in the energy sector before joining Morgan Stanley in 2017, and he holds a CFA designation alongside FINRA registration. He is recognized for partnering on research projects with II Hall of Fame analysts and is sought after in industry conferences for insights on major corporations like McDonald's and Restaurant Brands International.

Brian James Harbour's questions to DARDEN RESTAURANTS (DRI) leadership

Brian James Harbour's questions to DARDEN RESTAURANTS (DRI) leadership • Q1 2026

Question

Brian James Harbour asked about Darden's food cost contracting strategy, particularly for beef, and the visibility on future commodity outcomes. He also inquired about Olive Garden's new portion sizes, their impact on guest demographics, potential as a traffic driver, and any check dilution.

Answer

CFO Raj Vennam explained that Darden's beef coverage is currently less than typical (25% for the next six months) due to recent spikes in tender and ribeye prices, which are not believed to be sustainable. CEO Rick Cardenas noted that Olive Garden's lighter portion sizes are still early in testing but are expected to be a long-term traffic driver, potentially causing slight check dilution if guests trade down. Initial response shows increased affordability scores and satisfaction.

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Brian James Harbour's questions to DARDEN RESTAURANTS (DRI) leadership • Q1 2026

Question

Brian James Harbour asked about Darden's contracting strategy for the balance of the year, particularly regarding beef costs, and the visibility on food cost outcomes. He also inquired about the new portion sizes at Olive Garden, their impact on guest demographics, traffic, and potential check dilution.

Answer

Raj Vennam, SVP & CFO, explained that Darden has limited beef coverage (25% for the next six months) due to significant, unsustainable spikes in beef costs and tariffs on shrimp. Rick Cardenas, President, CEO & Director, noted that Olive Garden's lighter portions are an early-stage traffic driver, potentially causing slight check dilution, but have increased affordability scores and guest satisfaction with portion size.

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