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


DARDEN RESTAURANTS REPORTS FISCAL 2016 FOURTH QUARTER AND FULL YEAR RESULTS;
REPORTS POSITIVE SAME-RESTAURANT SALES FOR ALL BRANDS; INCREASES QUARTERLY DIVIDEND; AND
PROVIDES FISCAL 2017 OUTLOOK


ORLANDO (June 30, 2016) - Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 29, 2016. The fourth quarter of last year included an extra week of operations resulting in a 53 week fiscal 2015.
 
Fourth Quarter 2016 Financial Highlights Versus Same Fiscal Quarter Last Year
Due to the impact of the extra week of operations included in the fourth quarter of fiscal 2015, total sales from continuing operations decreased 4.7% to $1.79 billion; excluding the impact of the extra week, total sales from continuing operations increased 2.1%
Reported diluted net earnings per share from continuing operations increased 19.6% to $1.10 and increased 8.9% from last year’s adjusted diluted net earnings per share (13-week basis)*
The company repurchased approximately $45 million of its outstanding common stock
Same-restaurant sales increased 1.7% on a fiscal calendar basis
(13-weeks ended May 29, 2016 vs. 13-weeks ended May 24, 2015)
 
+1.6% for Olive Garden
 
+1.5% for The Capital Grille
 
+1.4% for Yard House
 
+1.1% for LongHorn Steakhouse
 
+0.9% for Eddie V’s
 
+3.7% for Seasons 52
 
 
 
 
 
+5.4% for Bahama Breeze

On a comparable calendar basis, same-restaurant sales increased 2.6% for the quarter
(13-weeks ended May 29, 2016 vs. 13-weeks ended May 31, 2015)
 
+2.4% for Olive Garden
 
+3.7% for The Capital Grille
 
+1.4% for Yard House
 
+2.2% for LongHorn Steakhouse
 
+2.7% for Eddie V’s
 
+5.0% for Seasons 52
 
 
 
 
 
+4.7% for Bahama Breeze

Note: Due to the transition from a 53-week to a 52-week fiscal year, year-over-year fiscal period comparisons are offset by one week. Using comparable calendar periods balances the one-week shift and provides a clearer year-over-year comparison.

* See the "Non-GAAP Information" below for more details.

“I’m pleased with the results we achieved during the fourth quarter, which wrapped up a year of significant progress improving our operations and financial performance," said CEO Gene Lee.  “These results reinforce our firm belief that our strategy is working as we continue to build guest loyalty by relentlessly focusing on our back-to-basics operating philosophy.  This focus, together with our competitive advantages, drove our strong performance for the year and increased shareholder value.”



1

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, June 30, 2016 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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