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P.O. Box 695011
Orlando, FL 32869-5011
June 21, 2013
(Analysts) Matthew Stroud
7:00 AM ET
(Media) Rich Jeffers
Fourth quarter diluted net earnings per share from continuing operations were $1.01, a 12% decrease from $1.15 per diluted share in the fourth quarter of last year. Net earnings from continuing operations in this year's fourth quarter were $133.3 million, which compares to net earnings from continuing operations of $151.6 million in the fourth quarter last year. This year's fourth quarter results include costs and purchase accounting adjustments associated with the Company's August 29, 2012 acquisition of Yard House USA, Inc. that reduced diluted net earnings per share for the quarter by one cent and net earnings by $1.9 million.
Fourth quarter total sales from continuing operations were $2.30 billion, an 11.3% increase from the $2.07 billion generated in the fourth quarter of last year. The increase reflects blended same-restaurant sales growth of 2.2% for Olive Garden, Red Lobster and LongHorn Steakhouse, same restaurant-sales growth of 2.3% for the Company's Specialty Restaurant Group, the addition of 44 Yard House restaurants (including the 40 restaurants that were acquired and four that were opened following acquisition) and the operation of another 100 net new restaurants compared to the fourth quarter last year. In the fourth quarter, U.S. same-restaurant sales increased 3.5% at LongHorn Steakhouse, 3.2% at Red Lobster and 1.1% at Olive Garden.
The following information was filed by Darden Restaurants Inc (DRI) on Friday, June 21, 2013 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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