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Darden Restaurants Inc (DRI) SEC Filing 10-Q Quarterly report for the period ending Sunday, February 23, 2020

SEC Filings

DRI Quarterly Reports

Darden Restaurants Inc

CIK: 940944 Ticker: DRI
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 Darden Restaurants Inc (DRI) 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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Inside Darden Restaurants Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
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 Values Of Derivative Contracts Designated And Not Designated As Hedging Instruments) (Details)
Derivative Instruments And Hedging Activities (Tables)
Fair Value Measurements
Fair Value Measurements (Fair Values Of Financial Instruments Measured At Fair Value On Recurring Basis) (Details)
Fair Value Measurements (Narrative) (Details)
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)
Leases
Leases (Annual Future Lease Commitments) (Details)
Leases (Components Of Lease Assets And Liabilities) (Details)
Leases (Components Of Lease Expenses) (Details)
Leases (Maturities Of Lease Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Supplemental Cash Flow Information) (Details)
Leases (Tables)
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 (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)
Stockholders' Equity (Tables)
Subsequent Events
Subsequent Events (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: DRI
CIK: 940944
Form Type: 10-Q Quarterly Report
Accession Number: 0000940944-20-000014
Submitted to the SEC: Tue Mar 31 2020 3:58:25 PM EST
Accepted by the SEC: Tue Mar 31 2020
Period: Sunday, February 23, 2020
Industry: Retail Eating Places

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