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Darden Restaurants Inc (DRI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 31, 2020

Darden Restaurants Inc

CIK: 940944 Ticker: DRI





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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Inside Darden Restaurants Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual 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)
Additional Financial Information
Additional Financial Information (Components Of Interest) (Details)
Additional Financial Information (Receivables, Net And Other Current Liabilities) (Details)
Additional Financial Information (Supplemental Cash Flow Information) (Details)
Additional Financial Information (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Aggregate Maturities Of Long-Term Debt) (Details)
Debt (Components Of Long-Term Debt) (Details)
Debt (Components Of Short-Term Debt) (Details)
Debt (Narrative) (Details)
Debt (Tables)
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 Value Of Derivative Contracts Designated And Not Designated As Hedging Instruments) (Details)
Derivative Instruments And Hedging Activities (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Values Of Financial Instruments Measured At Fair Value On Recurring Basis (Details)
Fair Value Measurements - Narrative (Details)
Impairments And Disposal Of Assets, Net
Impairments And Disposal Of Assets, Net (Details)
Impairments And Disposal Of Assets, Net (Tables)
Income Taxes
Income Taxes (Allocation Of Total Income Tax Expense) (Details)
Income Taxes (Components Of Earnings Before Income Tax And Provision For Income Taxes) (Details)
Income Taxes (Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Interest Expense On Unrecognized Tax Benefits) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Income Taxes (Tax Effects On Deferred Tax Assets And Liabilities) (Details)
Land, Buildings And Equipment, Net
Land, Buildings And Equipment, Net (Components Of Land, Buildings And Equipment, Net) (Details)
Land, Buildings And Equipment, Net (Tables)
Leases
Leases (Analysis Of Rent Expense) (Details)
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 (Supplemental Cash Flow Information) (Details)
Leases (Tables)
Quarterly Data (Schedule Of Unaudited Quarterly Data) (Details)
Quarterly Data (Tables)
Quarterly Data (Unaudited)
Retirement Plans
Retirement Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details)
Retirement Plans (Change In Plan Assets) (Details)
Retirement Plans (Changes In Benefit Obligation) (Details)
Retirement Plans (Components Of Net Periodic Benefit Cost) (Details)
Retirement Plans (Defined Contribution Plan) (Narrative) (Details)
Retirement Plans (Expected Benefit Payments) (Details)
Retirement Plans (Fair Values Of Defined Benefit Pension Plans Assets) (Details)
Retirement Plans (Funded Status And Amounts Recognized In Accumulated Other Comprehensive Income (Loss)) (Details)
Retirement Plans (Funding Of Defined Benefit Pension Plans And Postretirement Benefit Plans) (Details)
Retirement Plans (Narrative) (Details)
Retirement Plans (Reconciliation Of The Plans' Funded Status) (Details)
Retirement Plans (Tables)
Retirement Plans (Weighted-Average Assumptions Used) (Details)
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 (Tables)
Segment Information - Reconciliation Of Segment Profit To Earnings From Continuing Operations Before Income Taxes (Details)
Segment Information - Schedule Of Segment Reporting (Details)
Stock-Based Compensation
Stock-Based Compensation (Black-Scholes Model) (Details)
Stock-Based Compensation (Darden Stock Unit Activity) (Narrative) (Details)
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Performance Stock Unit Activity) (Narrative) (Details)
Stock-Based Compensation (Recognized Stock-Based Compensation Expense) (Details)
Stock-Based Compensation (Restricted Stock And Rsu Activity) (Narrative) (Details)
Stock-Based Compensation (Stock Option Activity) (Narrative) (Details)
Stock-Based Compensation (Summary Of Darden Stock Unit Activity) (Details)
Stock-Based Compensation (Summary Of Monte Carlo Simulation) (Details)
Stock-Based Compensation (Summary Of Performance Stock Unit Activity) (Details)
Stock-Based Compensation (Summary Of Restricted Stock And Rsu Activity) (Details)
Stock-Based Compensation (Summary Of Stock Option Activity) (Details)
Stock-Based Compensation (Tables)
Stockholders' Equity
Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details)
Stockholders' Equity (Narrative) (Details)
Stockholders' Equity (Schedule Of Reclassification Adjustments Out Of Accumulated Other Comprehensive Income) (Details)
Stockholders' Equity (Tables)
Subsequent Event
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Amortization Expense Associated With Capitalized Software And Other Definite Lived Intangibles) (Details)
Summary Of Significant Accounting Policies (Amortization Expense Related To Acquired Definite-Lived Intangible Assets) (Details)
Summary Of Significant Accounting Policies (Basic And Diluted Earnings Per Common Share) (Details)
Summary Of Significant Accounting Policies (Capitalized Software Costs And Related Accumulated Amortization) (Details)
Summary Of Significant Accounting Policies (Cash And Cash Equivalents) (Details)
Summary Of Significant Accounting Policies (Costs And Accumulated Amortization Of Acquired Definite-Lived Intangible Assets) (Details)
Summary Of Significant Accounting Policies (Depreciation And Amortization Expense From Continuing Operations Related To Land, Buildings And Equipment) (Details)
Summary Of Significant Accounting Policies (Goodwill And Trademark Balances) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Restricted Stock And Options To Purchase Shares Of Common Stock Excluded From Calculation Of Diluted Earnings Per Share) (Details)
Summary Of Significant Accounting Policies (Revenue Narrative) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: DRI
CIK: 940944
Form Type: 10-K Annual Report
Accession Number: 0000940944-20-000046
Submitted to the SEC: Fri Jul 24 2020 4:44:20 PM EST
Accepted by the SEC: Fri Jul 24 2020
Period: Sunday, May 31, 2020
Industry: Retail Eating Places

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