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Exhibit 99.1
Contacts: | ||||
(Analysts) Kevin Kalicak | (407) 245-5870 | |||
(Media) Rich Jeffers | (407) 245-4189 | |||
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
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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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