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(Media) Rich Jeffers | (407) 245-4189 |
• | Total sales from continuing operations increased 8.1% to $1.93 billion |
• | Reported diluted net earnings per share from continuing operations decreased 10.0% to $0.99 and were negatively impacted by $0.19 due to: |
◦ | A non-cash accounting charge of approximately $0.10 related to the early settlement of a portion of our pension plan commitments |
◦ | Approximately $0.09 of transaction and integration expenses related to the April 24, 2017 acquisition of Cheddar's Scratch Kitchen |
• | Adjusted diluted net earnings per share from continuing operations increased 7.3% to $1.18* |
• | The Company repurchased approximately $15 million of its outstanding common stock |
• | Same-restaurant sales increased 3.3% for the quarter, excluding Cheddar's Scratch Kitchen |
+4.4% for Olive Garden | +0.5% for The Capital Grille | +0.1% for Yard House | |||
+3.5% for LongHorn Steakhouse | +3.3% for Eddie V’s | -1.3% for Seasons 52 | |||
+1.4% for Bahama Breeze |
• | Total sales from continuing operations increased 3.4% to $7.17 billion |
• | Reported diluted net earnings per share from continuing operations increased 37.8% to $3.83 |
• | Adjusted diluted net earnings per share from continuing operations increased 13.9% to $4.02* |
• | The Company repurchased approximately $230 million of its outstanding common stock |
• | Same-restaurant sales increased 1.8% for the year, excluding Cheddar's Scratch Kitchen |
+2.6% for Olive Garden | +0.4% for The Capital Grille | -0.2% for Yard House | |||
+1.2% for LongHorn Steakhouse | +1.5% for Eddie V’s | 0.0% for Seasons 52 | |||
+2.2% for Bahama Breeze |
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Darden Restaurants Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:
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Such indicators may include, among others: a significant decline in our expected future cash flows a sustained, significant decline in our stock price and market capitalization a significant adverse change in legal factors or in the business climate unanticipated competition the testing for recoverability of a significant asset group within a reporting unit and slower growth rates.
General and administrative expenses decreased as a percent of sales, primarily due to lower general and administrative expenses incurred in fiscal 2016 related to the real estate plan implementation as compared to the strategic action plan costs incurred in fiscal 2015.
Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements.
Restaurant expenses which include utilities, repairs and maintenance, credit card, lease, property tax, workers compensation, new restaurant pre-opening and other restaurant-level operating expenses increased as a percent of sales, primarily as a result of increased rent expense partially offset by sales leverage and cost savings initiatives.
Depreciation and amortization expense decreased as a percent of sales primarily from the impact of the real estate transactions and sales leverage.
Depreciation and amortization expense decreased...Read more
The Darden support structure enables...Read more
The growth in Fine Dinings...Read more
However, other assumptions could also...Read more
We re focused on improving...Read more
Net cash flows used in...Read more
Our adjusted debt to adjusted...Read more
Net cash flows provided by...Read more
Net cash flows used in...Read more
Restaurant expenses which include rent,...Read more
We include the lease-debt equivalent...Read more
Based on the $0.63 quarterly...Read more
By delivering on these operational...Read more
Net interest expense decreased as...Read more
Net earnings from continuing operations...Read more
General and administrative expenses as...Read more
The sales increase for fiscal...Read more
Food and beverage costs decreased...Read more
The growth in LongHorns segment...Read more
primarily driven by incremental sales...Read more
Increasing same-restaurant sales can improve...Read more
Net cash flows provided by...Read more
We set the discount rate...Read more
As described in Note 13...Read more
The increase in U.S. same-restaurant...Read more
The increase in same-restaurant sales...Read more
The increase in U.S. same-restaurant...Read more
Olive Gardens sales increase for...Read more
If our annual test resulted...Read more
Discount and issuance costs, which...Read more
LongHorn Steakhouses sales increase for...Read more
The effective income tax rates...Read more
Our effective tax rate from...Read more
Includes expected contributions associated with...Read more
We focus on balancing our...Read more
With a focus on growing...Read more
LongHorn Steakhouses sales increase for...Read more
We expect combined Darden same-restaurant...Read more
The term over which leasehold...Read more
Olive Gardens sales increase for...Read more
From time to time, we...Read more
We believe that capable operators...Read more
Segment profit which is restaurant...Read more
Net cash flows provided by...Read more
The interest rate on our...Read more
This collective capability is the...Read more
A restaurant brand can generate...Read more
The 3.4 percent increase in...Read more
We may redeem the notes...Read more
As our leverage ratio is...Read more
In fiscal 2018, we expect...Read more
The sales increase for fiscal...Read more
As we assess the ongoing...Read more
We believe our defined benefit...Read more
Net earnings from continuing operations...Read more
Net earnings from continuing operations...Read more
The expected long-term rate of...Read more
The increase was primarily due...Read more
We have recognized net losses...Read more
The amortization of the net...Read more
The increase in our effective...Read more
Net interest expense decreased as...Read more
The $0.7 million relates to...Read more
In June 2017, we announced...Read more
We support these priorities with...Read more
We currently manage our business...Read more
Loans under the Revolving Credit...Read more
Restaurant labor costs were flat...Read more
The growth for fiscal 2016...Read more
Based on these ratios, we...Read more
We use certain assumptions including,...Read more
The decrease was primarily due...Read more
The growth in Olive Gardens...Read more
As of May 28, 2017,...Read more
Financial Statements, Disclosures and Schedules
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Darden Restaurants Inc provided additional information to their SEC Filing as exhibits
Ticker: DRI
CIK: 940944
Form Type: 10-K Annual Report
Accession Number: 0000940944-17-000027
Submitted to the SEC: Fri Jul 21 2017 5:22:26 PM EST
Accepted by the SEC: Fri Jul 21 2017
Period: Sunday, May 28, 2017
Industry: Retail Eating Places