Darden Restaurants Reports Fiscal 2018 Third Quarter Results
And Increases Financial Outlook For The Full Fiscal Year
ORLANDO, Fla., March 22, 2018 /PRNewswire/ --
Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the third quarter ended February 25, 2018.
Third Quarter 2018 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year
Total sales increased 13.3% to $2.13 billion, including 11.3% growth from the addition of 154 Cheddar's Scratch Kitchen restaurants and 34 other net new restaurants
Blended same-restaurant sales from Darden's legacy brands increased 2.0%
+2.2% for Olive Garden
+2.8% for The Capital Grille
+1.9% for Yard House
+2.0% for LongHorn Steakhouse
+2.7% for Eddie V’s
-0.2% for Seasons 52
+0.2% for Bahama Breeze
Same-restaurant sales for Cheddar's Scratch Kitchen were -2.2%
Reported diluted net earnings per share from continuing operations increased 31.8% to $1.74
Adjusted diluted net earnings per share from continuing operations increased 29.5% to $1.71*
Issued $300 million of 30-year debt at 4.55%, which replaced $311 million of higher-interest (6.8% and 6.0%) long-dated bonds tendered in the quarter
The Company repurchased approximately $19 million of its outstanding common stock
* See "Non-GAAP Information" below for more details

“Our solid performance this quarter is a result of our focus on executing our back-to-basics operating philosophy to deliver memorable guest experiences," said CEO Gene Lee. “Our strategy continues to work, creating an environment that allowed us to invest in our people and our business, strengthen our balance sheet and return nearly $100 million to shareholders during the quarter.”

Adjustments to Earnings Per Share*
Reported diluted net earnings per share from continuing operations for the third quarter were $0.03 higher than adjusted diluted net earnings per share from continuing operations due to the following performance adjustments:
($0.54) for debt retirement costs;
+$0.61 related to the net benefit of deferred tax revaluation; and
($0.04) for Cheddar's integration costs
* See "Non-GAAP Information" below for more details

Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses.
Q3 Sales
Q3 Segment Profit
($ in millions)
% Change

% Change

Consolidated Darden
Olive Garden
LongHorn Steakhouse
Fine Dining
Other Business


The following information was filed by Darden Restaurants Inc (DRI) on Thursday, March 22, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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