Exhibit 99.1
drilogoa06.jpg
Darden Restaurants Reports Fiscal 2020 Fourth Quarter and Full Year Results;
And Provides Fiscal 2021 First Quarter Outlook

ORLANDO, Fla., June 25, 2020 /PRNewswire/ -- Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 31, 2020, which included a 53rd week of operations compared to 52 weeks last year. 
 
Statement from Gene Lee, CEO.

The strategy we put in place five years ago helped us successfully navigate one of the most challenging periods in our Company’s history. When our dining rooms closed, our operators did an amazing job of reimagining the guest experience by staying true to our back-to-basics operating philosophy.

We benefited greatly from our competitive advantages that form the foundation of our strategy, especially our scale and our culture. Our scale allowed us to quickly react to constant change, while our team members displayed tremendous innovation, flexibility and passion as they continued to serve our guests. I’m incredibly proud of our teams and that our culture grew stronger during this time.

The full-service restaurant industry plays a vital role in our communities. As our industry continues to rebuild, there is significant opportunity to increase market share. Those executing at the highest level are going to win, and Darden is well positioned to take advantage of the opportunity.

Fourth Quarter 2020 Financial Highlights From Continuing Operations, Compared to Fourth Quarter Last Year
Total sales decreased 43.0% to $1.27 billion driven by negative blended same-restaurant sales of 47.7%, which was partially offset by an extra week of operations and the addition of 19 net new restaurants
Same-restaurant sales by segment and brand:
(39.2)% for Olive Garden
(63.1)% for the Fine Dining
(65.4)% for the Other Business
(45.3)% for LongHorn Steakhouse
(62.5)% for The Capital Grille
(58.5)% for Cheddar's Scratch Kitchen
 
(65.2)% for Eddie V’s
(70.7)% for Yard House
 
 
(69.9)% for Seasons 52
 
 
(66.1)% for Bahama Breeze

Reported diluted net loss per share was $3.85 as compared to reported diluted net earnings per share of $1.67 last year
Adjusted diluted net loss per share was $1.24, after excluding approximately $2.61 primarily related to non-cash impairments on goodwill and trademark balances, restaurant-level and other assets, as compared to adjusted diluted net earnings per share of $1.76 last year*
* See the "Non-GAAP Information" below for more details

Fiscal 2020 Financial Highlights From Continuing Operations, Compared to Fiscal 2019
Total sales decreased 8.3% to $7.81 billion driven by negative blended same-restaurant sales of 11.0%, which was partially offset by the addition of 19 net new restaurants
Same-restaurant sales by segment and brand:

1

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, June 25, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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