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Darden Restaurants Inc (DRI) SEC Filing 10-Q Quarterly report for the period ending Sunday, February 24, 2019

Darden Restaurants Inc

CIK: 940944 Ticker: DRI
EXHIBIT 99.1


dardenlogoa39.jpg
Darden Restaurants Reports Fiscal 2019 Third Quarter Results;
Increases Financial Outlook For The Full Fiscal Year; And
Declares Regular Quarterly Dividend


ORLANDO, Fla., March 21, 2019 /PRNewswire/ --
Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the third quarter ended February 24, 2019.
 
Third Quarter 2019 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year
Total sales increased 5.5% to $2.25 billion driven by the addition of 39 net new restaurants and a blended same-restaurant sales increase of 2.8%
Same-restaurant sales by brand:
 
+4.3% for Olive Garden
 
-2.7% for Cheddar's Scratch Kitchen
 
+3.8% for LongHorn Steakhouse
 
-2.1% for Yard House
 
+4.3% for The Capital Grille
 
-1.3% for Seasons 52
 
+3.7% for Eddie V’s
 
-3.7% for Bahama Breeze

Reported diluted net earnings per share from continuing operations increased 3.4% to $1.80 and increased 5.3% from last year's adjusted diluted net earnings per share*
The Company repurchased approximately $74 million of its outstanding common stock
* See "Non-GAAP Information" below for more details

"Our strong top-line results exceeded the industry this quarter resulting in significant market share gains," said CEO Gene Lee. “This sales performance, coupled with strong operating profit growth, is a testament to our strategy and the outstanding focus and execution by our restaurant teams who create exceptional dining experiences for our guests every day."

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)
 
2019
 
2018
 
% Change

 
2019
 
2018
 
% Change

Consolidated Darden
 
$2,246.5
 
$2,128.4
 
5.5
%
 
 
 
 
 
 
Olive Garden
 
$1,130.2
 
$1,073.2
 
5.3
%
 
$247.0
 
$226.7
 
9.0
 %
LongHorn Steakhouse
 
$483.2
 
$452.8
 
6.7
%
 
$96.4
 
$89.9
 
7.2
 %
Fine Dining
 
$174.5
 
$164.4
 
6.1
%
 
$44.3
 
$40.3
 
9.9
 %
Other Business
 
$458.6
 
$438.0
 
4.7
%
 
$67.5
 
$65.5
 
3.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
YTD Sales
 
 
 
YTD Segment Profit
 
 
($ in millions)
 
2019
 
2018
 
% Change

 
2019
 
2018
 
% Change

Consolidated Darden
 
$6,281.3
 
$5,946.0
 
5.6
%
 
 
 
 
 
 
Olive Garden
 
$3,180.3
 
$3,014.6
 
5.5
%
 
$649.7
 
$593.4
 
9.5
 %
LongHorn Steakhouse
 
$1,326.2
 
$1,245.0
 
6.5
%
 
$232.5
 
$214.0
 
8.6
 %
Fine Dining
 
$451.2
 
$427.1
 
5.6
%
 
$94.5
 
$86.6
 
9.1
 %
Other Business
 
$1,323.6
 
$1,259.3
 
5.1
%
 
$181.6
 
$182.8
 
(0.7
)%

1

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, March 21, 2019 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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Inside Darden Restaurants Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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)
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Basis Of Presentation (Details)
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Derivative Instruments And Hedging Activities (Narrative) (Details)
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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 (Fair Values Of Financial Instruments Measured At Fair Value On Recurring Basis) (Details)
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Fair Value Measurements (Tables)
Impairments And Disposal Of Assets, Net
Impairments And Disposal Of Assets, Net (Details)
Impairments And Disposal Of Assets, Net (Tables)
Income Taxes
Income Taxes (Details)
Net Earnings Per Share
Net Earnings Per Share (Details)
Net Earnings Per Share (Tables)
Retirement Plans
Retirement Plans (Details)
Retirement Plans (Tables)
Revenue Recognition
Revenue Recognition (Deferred Gift Card Revenue) (Details)
Revenue Recognition (Deferred Revenue From Contract With Customer) (Details)
Revenue Recognition (Narrative) (Details)
Revenue Recognition (Tables)
Segment Information
Segment Information (Narrative) (Details)
Segment Information (Reconciliation Of Segment Profit To Earnings From Continuing Operations Before Income Taxes) (Details)
Segment Information (Schedule Of Segment Reporting) (Details)
Segment Information (Tables)
Stock-Based Compensation
Stock-Based Compensation (Option Pricing Assumptions) (Details)
Stock-Based Compensation (Recognized Stock-Based Compensation Expense) (Details)
Stock-Based Compensation (Share Activity) (Details)
Stock-Based Compensation (Tables)
Stockholders' Equity
Stockholders' Equity (Schedule Of Components Of Accumulated Other Comprehensive Income) (Details)
Stockholders' Equity (Schedule Of Reclassification Adjustments Out Of Accumulated Other Comprehensive Income) (Details)
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Subsequent Events
Subsequent Events (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)

Material Contracts, Statements, Certifications & more

Darden Restaurants Inc provided additional information to their SEC Filing as exhibits

Ticker: DRI
CIK: 940944
Form Type: 10-Q Quarterly Report
Accession Number: 0000940944-19-000013
Submitted to the SEC: Tue Apr 02 2019 1:16:44 PM EST
Accepted by the SEC: Tue Apr 02 2019
Period: Sunday, February 24, 2019
Industry: Retail Eating Places

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