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Darden Restaurants Inc (DRI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 27, 2018

Darden Restaurants Inc

CIK: 940944 Ticker: DRI





Exhibit 99.1
drilogoa04.jpg
Darden Restaurants Reports Fiscal 2018 Fourth Quarter and Full Year Results;
Fourth Quarter Same-Restaurant Sales Growth of 2.2%;
Increases Quarterly Dividend 19% to $0.75;
And Provides Fiscal 2019 Outlook

ORLANDO (June 21, 2018) - Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 27, 2018.
 
Fourth Quarter 2018 Financial Highlights Versus Same Fiscal Quarter Last Year
Total sales from continuing operations increased 10.3% to $2.13 billion
Blended same-restaurant sales from Darden's legacy brands increased 2.2%
 
+2.4% for Olive Garden
 
+2.6% for The Capital Grille
 
+1.4% for Yard House
 
+2.4% for LongHorn Steakhouse
 
+3.6% for Eddie V’s
 
+0.4% for Seasons 52
 
 
 
 
 
+0.6% for Bahama Breeze
Same-restaurant sales for Cheddar's Scratch Kitchen were -4.7%
Reported diluted net earnings per share from continuing operations increased 41.4% to $1.40
Adjusted diluted net earnings per share from continuing operations increased 17.8% to $1.39*
Repurchased approximately $27 million of outstanding common stock
* See the "Non-GAAP Information" below for more details

“Our solid fourth quarter results concluded another strong year of performance as we executed our back-to-basics operating philosophy and strengthened our competitive advantages,” said CEO Gene Lee. “Our strategy remains unchanged, and our operators’ consistent focus on being brilliant with the basics has allowed us to continue building guest loyalty while taking market share.”

Fourth Quarter 2018 Adjustments to Earnings Per Share*
Reported diluted net earnings per share from continuing operations for the fourth quarter were $0.01 higher than adjusted diluted net earnings per share from continuing operations due to the following performance adjustments:
• +$0.02 related to the net benefit of deferred tax revaluation; and
• ($0.01) for Cheddar's integration costs
* See the "Non-GAAP Information" below for more details

Fiscal 2018 Financial Highlights Versus Fiscal 2017
Total sales from continuing operations increased 12.7% to $8.08 billion
Blended same-restaurant sales from Darden's legacy brands increased 2.3%
 
+2.4% for Olive Garden
 
+2.8% for The Capital Grille
 
+1.1% for Yard House
 
+2.7% for LongHorn Steakhouse
 
+4.1% for Eddie V’s
 
-0.6% for Seasons 52
 
 
 
 
 
+1.1% for Bahama Breeze
Same-restaurant sales for Cheddar's Scratch Kitchen were -2.0%
Reported diluted net earnings per share from continuing operations increased 25.1% to $4.79
Adjusted diluted net earnings per share from continuing operations increased 19.7% to $4.81*
Repurchased approximately $235 million of outstanding common stock
* See the "Non-GAAP Information" below for more details

Fiscal 2018 Adjustments to Earnings Per Share*
Reported diluted net earnings per share from continuing operations for fiscal 2018 were $0.02 lower than
adjusted diluted net earnings per share from continuing operations due to the following performance adjustments:
• ($0.54) for debt retirement costs;
• +$0.62 related to the net benefit of deferred tax revaluation; and

1

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, June 21, 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-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 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 (Black-Scholes Model) (Details)
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)
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: 0000940944-18-000050
Submitted to the SEC: Fri Jul 20 2018 4:55:06 PM EST
Accepted by the SEC: Fri Jul 20 2018
Period: Sunday, May 27, 2018
Industry: Retail Eating Places

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