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Sales rose to $2.16 billion, helped by new locations. But that was still short of the $2.19 billion Wall Street expected, according to FactSet. Darden's stock fell $3.52, or 7.1 percent, to close at $45.78. The stock is down 16 percent over the past 12 months. Looking ahead, the company expects combined sales at Olive Garden, Red Lobster and LongHorn Steakhouse restaurants open at least a year to be flat, which is on the low end of its previous forecast for growth to be flat to up 2 percent. Darden stood by its earnings per share forecast of a 3 to 5 percent decline. Darden Restaurants Inc., based in Orlando, Fla., said Madsen will work with Lee and Darden's other executives on the transition until he retires at the end of its second fiscal quarter. Madsen, 57, joined the company in 1998 as executive vice president of marketing for Olive Garden. He became COO in December 2004. Lee joined Darden in 2007. Kim Lopdrup will take over leadership of the company's specialty restaurant group and continue to lead its new business development initiatives.
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