EXHIBIT 99.1

dardenlogoa50.jpg
Darden Restaurants Reports Fiscal 2020 Third Quarter Results;
Suspends Quarterly Dividend;
Withdraws its Full Year Financial Outlook For Fiscal 2020;
And Comments On Other Liquidity Matters


ORLANDO, Fla., March 19, 2020 /PRNewswire/ --
Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the third quarter ended February 23, 2020.
 
Third Quarter 2020 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year
Total sales increased 4.5% to $2.35 billion driven by the addition of 40 net new restaurants and a blended same-restaurant sales increase of 2.3%
Same-restaurant sales by brand:
 
+2.1% for Olive Garden
 
-1.6% for Cheddar's Scratch Kitchen
 
+3.9% for LongHorn Steakhouse
 
+1.8% for Yard House
 
+4.2% for The Capital Grille
 
+3.0% for Seasons 52
 
+3.9% for Eddie V’s
 
-0.5% for Bahama Breeze

Reported diluted net earnings per share from continuing operations increased 5.6% to $1.90 compared to last year's reported diluted net earnings per share
The Company repurchased approximately 0.6 million shares of its common stock for a total cost of approximately $69 million. Fiscal year-to-date, the Company repurchased approximately 2.6 million shares of its common stock for a total cost of approximately $300 million and had approximately $321 million remaining under the current $500 million repurchase authorization.

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.
 
 
Q3 Sales
 
 
 
Q3 Segment Profit
 
 
($ in millions)
 
2020
 
2019
 
% Change

 
2020
 
2019
 
% Change

Consolidated Darden
 
$2,346.5
 
$2,246.5
 
4.5
%
 
 
 
 
 
 
Olive Garden
 
$1,169.3
 
$1,130.2
 
3.5
%
 
$246.7
 
$245.6
 
0.4
 %
LongHorn Steakhouse
 
$510.7
 
$483.2
 
5.7
%
 
$104.6
 
$97.3
 
7.5
 %
Fine Dining
 
$188.4
 
$174.5
 
8.0
%
 
$46.7
 
$43.4
 
7.6
 %
Other Business
 
$478.1
 
$458.6
 
4.3
%
 
$69.5
 
$69.2
 
0.4
 %
 
 
YTD Sales
 
 
 
YTD Segment Profit
 
 
($ in millions)
 
2020
 
2019
 
% Change

 
2020
 
2019
 
% Change

Consolidated Darden
 
$6,536.8
 
$6,281.3
 
4.1
%
 
 
 
 
 
 
Olive Garden
 
$3,283.0
 
$3,180.3
 
3.2
%
 
$665.9
 
$646.1
 
3.1
 %
LongHorn Steakhouse
 
$1,408.2
 
$1,326.2
 
6.2
%
 
$251.0
 
$236.0
 
6.4
 %
Fine Dining
 
$479.4
 
$451.2
 
6.3
%
 
$97.5
 
$92.5
 
5.4
 %
Other Business
 
$1,366.2
 
$1,323.6
 
3.2
%
 
$181.6
 
$188.1
 
(3.5
)%

1

The following information was filed by on Thursday, March 19, 2020 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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