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Darden Restaurants Inc (DRI) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, May 28, 2023

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Darden Restaurants Inc

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CIK: 940944 Ticker: DRI




Exhibit 99.1
drilogoa06a.jpg
Darden Restaurants Reports Fiscal 2023 Fourth Quarter and Full Year Results;
Increases Quarterly Dividend;
And Provides Fiscal 2024 Outlook

ORLANDO, Fla., June 22, 2023 /PRNewswire/ --
 Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 28, 2023.
 
Fourth Quarter 2023 Financial Highlights
•Total sales increased 6.4% to $2.8 billion driven by a blended same-restaurant sales increase of 4.0% and sales from 47 net new restaurants
•Same-restaurant sales:
Consolidated Darden4.0%
Olive Garden4.4%
LongHorn Steakhouse7.1%
Fine Dining(1.9)%
Other Business2.2%
•Reported diluted net earnings per share increased 15.2% to $2.58 as compared to last year's reported diluted net earnings per share of $2.24
•The Company repurchased $35.2 million of its outstanding common stock

Fiscal 2023 Financial Highlights
•Total sales increased 8.9% to $10.5 billion driven by a blended same-restaurant sales increase of 6.8% and sales from 47 net new restaurants
•Same-restaurant sales:
Consolidated Darden6.8%
Olive Garden6.7%
LongHorn Steakhouse7.4%
Fine Dining5.7%
Other Business7.0%
•Reported diluted net earnings per share increased 8.1% to $8.00, as compared to last year's reported diluted net earnings per share of $7.40.

"We had a solid quarter to conclude a strong year in which we met or exceeded our financial outlook, despite a tough operating environment,” said Darden President & CEO Rick Cardenas. “Throughout fiscal 2023, our strategy continued to serve us well. In addition to our Back-to-Basics Operating Philosophy driving strong execution in our restaurants, Darden’s Four Competitive Advantages of Significant Scale, Extensive Data & Insights, Rigorous Strategic Planning and our Results-Oriented Culture continued to enable our brands to compete more effectively and provide even greater value to their guests.”



1
The following information was filed by Darden Restaurants Inc (DRI) on Thursday, June 22, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Darden Restaurants Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Earnings
Consolidated Statements Of Earnings (Parenthetical)
Additional Financial Information
Additional Financial Information (Components Of Interest) (Details)
Additional Financial Information (Receivables, Net And Other Current Liabilities) (Details)
Additional Financial Information (Supplemental Cash Flow Information) (Details)
Additional Financial Information (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Aggregate Maturities Of Long-Term Debt) (Details)
Debt (Components Of Long-Term Debt) (Details)
Debt (Narrative) (Details)
Debt (Tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Effects Of Derivative Instruments In Cash Flow Hedging Relationships) (Details)
Derivative Instruments And Hedging Activities (Effects Of Derivative Instruments In Fair Value Hedging Relationships) (Details)
Derivative Instruments And Hedging Activities (Effects Of Derivatives Not Designated As Hedging Instruments) (Details)
Derivative Instruments And Hedging Activities (Narrative) (Details)
Derivative Instruments And Hedging Activities (Notional And Fair Value Of Derivative Contracts Designated And Not Designated As Hedging Instruments) (Details)
Derivative Instruments And Hedging Activities (Tables)
Fair Value Measurements
Fair Value Measurements (Fair Values Of Financial Instruments Measured At Fair Value On Recurring Basis) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Impairments And Disposals Of Assets, Net
Impairments And Disposals Of Assets, Net (Tables)
Impairments And Disposals Of Assets, Net - Narrative (Details)
Impairments And Disposals Of Assets, Net - Schedule Of Impairments And Disposal Of Assets (Details)
Income Taxes
Income Taxes (Allocation Of Total Income Tax Expense) (Details)
Income Taxes (Components Of Earnings Before Income Tax And Provision For Income Taxes) (Details)
Income Taxes (Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Interest Expense On Income Tax Expense (Benefits)) (Details)
Income Taxes (Tables)
Income Taxes (Tax Effects On Deferred Tax Assets And Liabilities) (Details)
Land, Building And Equipment, Net
Land, Building And Equipment, Net (Components Of Land, Buildings And Equipment, Net) (Details)
Land, Building And Equipment, Net (Tables)
Leases
Leases (Components Of Lease Assets And Liabilities) (Details)
Leases (Components Of Lease Expenses) (Details)
Leases (Maturities Of Lease Liabilities) (Details)
Leases (Supplemental Cash Flow Information) (Details)
Leases (Tables)
Other Subsequent Event
Other Subsequent Event (Details)
Retirement Plans
Retirement Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details)
Retirement Plans (Components Of Net Periodic Benefit Cost) (Details)
Retirement Plans (Expected Benefit Payments) (Details)
Retirement Plans (Funded Status And Amounts Recognized In Accumulated Other Comprehensive Income (Loss)) (Details)
Retirement Plans (Funding Of Defined Benefit Pension Plans And Postretirement Benefit Plans) (Details)
Retirement Plans (Narrative) (Details)
Retirement Plans (Reconciliation Of The Plans' Funded Status) (Details)
Retirement Plans (Tables)
Retirement Plans (Weighted-Average Assumptions Used) (Details)
Revenue Recognition
Revenue Recognition (Deferred Gift Card Revenue) (Details)
Revenue Recognition (Deferred Revenue From Contract With Customer) (Details)
Revenue Recognition (Tables)
Segment Information
Segment Information (Reconciliation Of Segment Profit To Earnings From Continuing Operations Before Income Taxes) (Details)
Segment Information (Schedule Of Segment Reporting) (Details)
Segment Information (Tables)
Stock-Based Compensation
Stock-Based Compensation (Black-Scholes Model) (Details)
Stock-Based Compensation (Darden Stock Unit Activity) (Narrative) (Details)
Stock-Based Compensation (General Narrative) (Details)
Stock-Based Compensation (Performance Stock Unit Activity And Employee Stock Purchase Plan) (Narrative) (Details)
Stock-Based Compensation (Recognized Stock-Based Compensation Expense) (Details)
Stock-Based Compensation (Restricted Stock And Rsu Activity) (Narrative) (Details)
Stock-Based Compensation (Stock Option Activity) (Narrative) (Details)
Stock-Based Compensation (Summary Of Darden Stock Unit Activity) (Details)
Stock-Based Compensation (Summary Of Monte Carlo Simulation) (Details)
Stock-Based Compensation (Summary Of Performance Stock Unit Activity) (Details)
Stock-Based Compensation (Summary Of Restricted Stock And Rsu Activity) (Details)
Stock-Based Compensation (Summary Of Stock Option Activity) (Details)
Stock-Based Compensation (Tables)
Stockholders' Equity
Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details)
Stockholders' Equity (Narrative) (Details)
Stockholders' Equity (Schedule Of Reclassification Adjustments Out Of Accumulated Other Comprehensive Income) (Details)
Stockholders' Equity (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Amortization Expense Associated With Capitalized Software And Other Definite Lived Intangibles) (Details)
Summary Of Significant Accounting Policies (Basic And Diluted Earnings Per Common Share) (Details)
Summary Of Significant Accounting Policies (Capitalized Software Costs And Related Accumulated Amortization) (Details)
Summary Of Significant Accounting Policies (Cash And Cash Equivalents) (Details)
Summary Of Significant Accounting Policies (Costs And Accumulated Amortization Of Acquired Definite-Lived Intangible Assets) (Details)
Summary Of Significant Accounting Policies (Depreciation And Amortization Expense From Continuing Operations Related To Land, Buildings And Equipment) (Details)
Summary Of Significant Accounting Policies (Goodwill And Trademark Balances) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Restricted Stock And Options To Purchase Shares Of Common Stock Excluded From Calculation Of Diluted Earnings Per Share) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: DRI
CIK: 940944
Form Type: 10-K Annual Report
Accession Number: 0000940944-23-000037
Submitted to the SEC: Fri Jul 21 2023 3:47:14 PM EST
Accepted by the SEC: Fri Jul 21 2023
Period: Sunday, May 28, 2023
Industry: Retail Eating Places

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