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Darden Restaurants Inc (DRI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 31, 2015

Darden Restaurants Inc

CIK: 940944 Ticker: DRI

Exhibit 99.1




FOR RELEASE
 
 
Contacts:
 
 
 
 
 
(Analysts) Kevin Kalicak
 
(407) 245-5870
 
 
 
(Media) Rich Jeffers
 
(407) 245-4189

DARDEN RESTAURANTS REPORTS STRONG FOURTH QUARTER AND FULL YEAR RESULTS; COMPANY PROVIDES FISCAL 2016 OUTLOOK
 
ORLANDO, FL (June 23, 2015)
- Darden Restaurants, Inc. (NYSE: DRI) today reported financial results for the fourth quarter and fiscal year ended May 31, 2015, which included a 53rd week of operations compared to last year. The company also introduced segment-level sales and profit performance.

Fourth Quarter 2015 Financial Highlights Versus Same Period a Year Ago
Total sales from continuing operations increased 13.8% to $1.88 billion
Adjusted earnings per diluted share* increased 100% to $1.08
On a GAAP basis, earnings per diluted share from continuing operations increased 156% to $0.92
Excluding the 53rd week, sales increased 6.3% and adjusted earnings per diluted share* increased approximately 87%
Same-restaurant sales** increased 3.8% for the quarter
+3.4% for Olive Garden
 
+3.2% for Yard House
 
 
+5.2% for LongHorn Steakhouse
 
+3.1% for Seasons 52
 
 
+4.4% for The Capital Grille
 
+1.7% for Bahama Breeze
 
 
+5.2% for Eddie V’s
 
 
 
 

Fiscal Year 2015 Financial Highlights Versus Same Period a Year Ago
Total sales from continuing operations increased 7.6% to $6.76 billion
Adjusted earnings per diluted share* increased 54% to $2.63
On a GAAP basis, earnings per diluted share from continuing operations increased 9% to $1.51
Excluding the 53rd week, sales increased 5.6% and adjusted earnings per diluted share* increased 50%
Same-restaurant sales** for the year increased 2.4%
+1.3% for Olive Garden
 
+3.8% for Yard House
 
 
+4.4% for LongHorn Steakhouse
 
+2.3% for Seasons 52
 
 
+4.8% for The Capital Grille
 
+1.8% for Bahama Breeze
 
 
+5.4% for Eddie V’s
 
 
 
 

* See the ‘Fourth Quarter 2015 Adjustments to Earnings Per Share’ section and the reconciliation tables below for more details
** Quarterly and annual same-restaurant sales exclude the impact of the 53rd fiscal week

“We are pleased with our improved performance during the fourth quarter The momentum we have built during the second half of the fiscal year gives us confidence that our back-to-basics focus - which is rooted in strong operating fundamentals around food, service and atmosphere - is resonating with our guests,” said CEO Gene Lee.  “We know there is more work to do and still see a lot of opportunity to further strengthen our performance in fiscal 2016.”

1

The following information was filed by Darden Restaurants Inc (DRI) on Tuesday, June 23, 2015 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
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)
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 (short-term Debt) (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)
Discontinued Operations
Discontinued Operations (balance Sheet Disclosures) (details)
Discontinued Operations (income Statement Disclosure) (details)
Discontinued Operations (narrative) (details)
Discontinued Operations (tables)
Fair Value Measurements
Fair Value Measurements (carrying Value And Fair Value Of Long-term Debt) (details)
Fair Value Measurements (fair Values Of Financial Instruments Measured At Fair Value On Recurring Basis) (details)
Fair Value Measurements (tables)
Financial Instruments
Financial Instruments (available-for-sale Securities At Market Value) (details)
Financial Instruments (scheduled Maturities Of Available-for-sale Securities) (details)
Financial Instruments (tables)
Impairments And Disposal Of Assets, Net
Impairments And Disposal Of Assets, Net (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 (income Taxes Paid) (details)
Income Taxes (interest Expense On Unrecognized Tax Benefits) (details)
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Income Taxes (tax Effects On Deferred Tax Assets And Liabilities) (details)
Interest, Net
Interest, Net (components Of Interest) (details)
Interest, Net (computation Of Capitalized Interest) (details)
Interest, Net (tables)
Land, Buildings And Equipment, Net
Land, Buildings And Equipment, Net (components Of Land, Buildings And Equipment, Net) (details)
Land, Buildings And Equipment, Net (narrative) (details)
Land, Buildings And Equipment, Net (tables)
Leases
Leases (analysis Of Rent Expense) (details)
Leases (annual Future Lease Commitments) (details)
Leases (tables)
Other Current Liabilities
Other Current Liabilities (components Of Other Current Liabilities) (details)
Other Current Liabilities (tables)
Quarterly Data
Quarterly Data (schedule Of Unaudited Quarterly Data) (details)
Quarterly Data (tables)
Receivables, Net
Receivables, Net (receivable From Various Parties) (details)
Receivables, Net (tables)
Retirement Plans
Retirement Plans (accumulated Benefit Obligations In Excess Of Plan Assets) (details)
Retirement Plans (change In Plan Assets) (details)
Retirement Plans (changes In Benefit Obligation) (details)
Retirement Plans (components Of Net Periodic Benefit Cost) (details)
Retirement Plans (defined Benefit And Postretirement Benefit Plans) (narrative) (details)
Retirement Plans (expected Benefit Payments) (details)
Retirement Plans (fair Values Of Defined Benefit Pension Plans Assets) (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 (postemployment Severance Plan And Defined Contribution Plan) (narrative) (details)
Retirement Plans (reconciliation Of The Plans' Funded Status) (details)
Retirement Plans (tables)
Retirement Plans (weighted-average Assumptions Used) (details)
Segment Information
Segment Information (details)
Segment Information (tables)
Segment Information -reconciliation Of Segment Profit To Earnings From Continuing Operations Before Income Taxes (details)
Stock-based Compensation
Stock-based Compensation (darden Stock Unit Activity) (narrative) (details)
Stock-based Compensation (narrative) (details)
Stock-based Compensation (performance Stock Unit Activity) (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 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 (share Repurchase Authorizations And Cumulative Share Repurchases) (details)
Stockholders' Equity (tables)
Stockholders' Equity (total Shares And Related Cost Of Common Stock Repurchased) (details)
Subsequent Event
Subsequent Event (details)
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 (amortization Expense Related To Acquired Definite-lived Intangible Assets) (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 (policy)
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 (stock-based Compensation) (details)
Summary Of Significant Accounting Policies (tables)
Workforce Reduction
Workforce Reduction (details)
Workforce Reduction (tables)
Ticker: DRI
CIK: 940944
Form Type: 10-K Annual Report
Accession Number: 0000940944-15-000039
Submitted to the SEC: Fri Jul 24 2015 5:18:33 PM EST
Accepted by the SEC: Fri Jul 24 2015
Period: Sunday, May 31, 2015
Industry: Retail Eating Places

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