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Darden Restaurants Inc (DRI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 28, 2017

Darden Restaurants Inc

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CIK: 940944 Ticker: DRI





Exhibit 99.1
 
 
Contacts:
 
 
 
 
(Analysts) Kevin Kalicak
 
(407) 245-5870
 
 
(Media) Rich Jeffers
 
(407) 245-4189
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DARDEN RESTAURANTS REPORTS FISCAL 2017 FOURTH QUARTER AND FULL YEAR RESULTS;
FOURTH QUARTER SAME-RESTUARANT SALES GROWTH OF 3.3%;
AND INCREASES QUARTERLY DIVIDEND 12.5%


ORLANDO (June 27, 2017) - Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 28, 2017.
 
Fourth Quarter 2017 Financial Highlights Versus Same Fiscal Quarter Last Year
•
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
* See the "Non-GAAP Information" below for more details

“Our strong fourth quarter results wrapped up a solid year of performance,” said CEO Gene Lee.  “We continue to improve execution in our restaurants by relentlessly focusing on food, service and atmosphere. Our strategy is helping to build guest loyalty, drive improved financial results and grow shareholder value."

Fiscal 2017 Financial Highlights Versus Fiscal 2016
•
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
* See the "Non-GAAP Information" below for more details


1
The following information was filed by Darden Restaurants Inc (DRI) on Tuesday, June 27, 2017 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

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)
Acquisition Of Cheddar's Scratch Kitchen (tables)
Acquisition Of Cheddar's Scratch Kitchen - Allocation Of Purchase Price (details)
Acquisition Of Cheddar's Scratch Kitchen - Narrative (details)
Acquisition Of Cheddar's Scratch Kitchen Acquisition Of Cheddar's Scratch Kitchen
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 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 And Assets Held For Sale
Discontinued Operations And Assets Held For Sale (income Statement Disclosure) (details)
Discontinued Operations And Assets Held For Sale (narrative) (details)
Discontinued Operations And Assets Held For Sale (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)
Impairments And Disposal Of Assets, Net
Impairments And Disposal Of Assets, Net (details)
Impairments And Disposal Of Assets, Net - Narrative (details)
Impairments And Disposal Of Assets, Net Impairments And Disposal Of Assets, Net (tables)
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 (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)
Land, Buildings And Equipment, Net
Land, Buildings And Equipment, Net (components Of Land, Buildings And Equipment, Net) (details)
Land, Buildings And Equipment, Net (tables)
Leases
Leases (analysis Of Rent Expense) (details)
Leases (annual Future Lease Commitments) (details)
Leases (tables)
Quarterly Data (schedule Of Unaudited Quarterly Data) (details)
Quarterly Data (tables)
Quarterly Data (unaudited)
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)
Stock-based Compensation Stock-based Compensation (black-scholes Model) (details)
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)
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 (tables)
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

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