EXHIBIT 99.1

dardenlogoa44.jpg
Darden Restaurants Reports Fiscal 2020 First Quarter Results;
Declares Regular Quarterly Dividend;
Authorizes New $500 Million Share Repurchase Program;
And Reaffirms Financial Outlook For The Full Fiscal Year


ORLANDO, Fla., September 19, 2019 /PRNewswire/ --
Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the first quarter ended August 25, 2019.
 
First Quarter 2020 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year
Total sales increased 3.5% to $2.13 billion driven by the addition of 40 net new restaurants and a blended same-restaurant sales increase of 0.9%
Same-restaurant sales by brand:
 
+2.2% for Olive Garden
 
-5.4% for Cheddar's Scratch Kitchen
 
+2.6% for LongHorn Steakhouse
 
-1.9% for Yard House
 
+1.5% for The Capital Grille
 
-4.2% for Seasons 52
 
+1.2% for Eddie V’s
 
-4.2% for Bahama Breeze

Reported diluted net earnings per share from continuing operations increased 3.0% to $1.38 compared to last year's diluted net earnings per share
The Company repurchased approximately $95 million of its outstanding common stock

"I’m pleased with our results this quarter as we continued to gain market share," said CEO Gene Lee. "Our teams remained focused on improving the guest experience by focusing on our back-to-basics operating philosophy and leveraging our competitive advantages, all while managing costs effectively."

Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Beginning in fiscal 2020, our calculation of segment profit now excludes non-cash real estate related expenses. Fiscal 2019 segment profit has been restated to conform to the current year presentation.
 
 
Q1 Sales
 
 
 
Q1 Segment Profit
 
 
($ in millions)
 
2020
 
2019
 
% Change

 
2020
 
2019
 
% Change

Consolidated Darden
 
$2,133.9
 
$2,061.4
 
3.5
%
 
 
 
 
 
 
Olive Garden
 
$1,090.2
 
$1,052.0
 
3.6
%
 
$228.9
 
$217.0
 
5.5
 %
LongHorn Steakhouse
 
$450.2
 
$430.4
 
4.6
%
 
$74.5
 
$71.6
 
4.1
 %
Fine Dining
 
$136.1
 
$129.9
 
4.8
%
 
$20.3
 
$20.2
 
0.5
 %
Other Business
 
$457.4
 
$449.1
 
1.8
%
 
$64.4
 
$67.9
 
(5.2
)%

U.S. Same-Restaurant Sales Results
 
Q1
 
Olive
Garden
LongHorn Steakhouse
Same-Restaurant Sales
2.2%
2.6%
Same-Restaurant Traffic
(0.8)%
0.3%
Pricing
2.2%
1.7%
Menu-mix
0.8%
0.6%

1

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, September 19, 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.

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

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