EXHIBIT 99.1


dardenlogoa20.jpg
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)
 
2018
 
2017
 
% Change

 
2018
 
2017
 
% Change

Consolidated Darden
 
$2,128.4
 
$1,878.7
 
13.3
%
 
 
 
 
 
 
Olive Garden
 
$1,073.2
 
$1,035.1
 
3.7
%
 
$226.7
 
$217.7
 
4.1
%
LongHorn Steakhouse
 
$452.8
 
$434.3
 
4.3
%
 
$89.9
 
$85.0
 
5.8
%
Fine Dining
 
$164.4
 
$153.7
 
7.0
%
 
$40.3
 
$36.4
 
10.7
%
Other Business
 
$438.0
 
$255.6
 
71.4
%
 
$65.5
 
$44.8
 
46.2
%

1

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.

View differences made from one quarter to another to evaluate Darden Restaurants Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Darden Restaurants Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

FREE Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account