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Darden Restaurants Inc (DRI) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, May 30, 2021

Darden Restaurants Inc

CIK: 940944 Ticker: DRI




Exhibit 99.1
drilogoa06a.jpg
Darden Restaurants Reports Fiscal 2021 Fourth Quarter and Full Year Results;
Increases Quarterly Dividend;
And Provides Fiscal 2022 Outlook

ORLANDO, Fla., June 24, 2021 /PRNewswire/ --
Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 30, 2021.
 
Fourth Quarter Financial Highlights, Comparisons to Fourth Quarter Last Year and Fourth Quarter Fiscal 2019
Total sales increased 79.5% to $2.28 billion driven by a blended same-restaurant sales increase of 90.4% and the addition of 30 net new restaurants, partially offset by one less week of operations this year
Same-restaurant sales:
Same-restaurant sales (open 16 months or greater):
Comparable to 2020Comparable to 20191
Consolidated Darden90.4%(0.5)%
Olive Garden61.9%(1.5)%
LongHorn Steakhouse107.5%13.5%
Fine Dining143.6%(10.6)%
Other Business160.7%(9.4)%

Reported diluted net earnings per share was $2.79 as compared to a reported diluted net loss per share of $3.85 last year
Adjusted diluted net earnings per share was $2.03, after excluding a non-recurring income tax benefit of $0.76, as compared to adjusted diluted net loss per share of $1.24 last year2
EBITDA of $412 million2

“We had a strong quarter that exceeded our expectations as sales improved throughout the quarter,” said Darden Chairman & CEO Gene Lee. ”I am proud of how our teams welcomed more of our guests back and created memorable experiences. Over the last 15 months, we have made numerous strategic investments in our business, while streamlining our operations and improving productivity. Given the business transformation work we have done, and the demand we are seeing from the consumer, we are well positioned to thrive in this operating environment.”

Fiscal 2021 Financial Highlights, Compared to Fiscal 20203
Total sales decreased 7.8% to $7.20 billion driven by a blended same-restaurant sales decrease of 7.8% and one less week of operations this year, partially offset by the addition of 30 net new restaurants
Same-restaurant sales:
Same-restaurant sales (open 16 months or greater):
Comparable to 2020
Consolidated Darden(7.8)%
Olive Garden(9.9)%
LongHorn Steakhouse5.5%
Fine Dining(19.2)%
Other Business(13.5)%

1 Comparison to Q4 fiscal 2019 due to impact of pandemic on Q4 fiscal 2020 sales.
2 See the "Non-GAAP Information" below for more details.
3 Annual same-restaurant sales comparison only to fiscal 2020. Comparison to fiscal 2019 not meaningful since entire year was unaffected by pandemic.
1

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, June 24, 2021 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

Cover
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)
Corporate Restructuring
Corporate Restructuring (Accrued Employee Termination Benefit And Other Costs) (Details)
Corporate Restructuring (Narrative) (Details)
Corporate Restructuring (Tables)
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 Derivative Instruments In Fair Value 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 (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)
Retirement Plans
Retirement Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (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 (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 (General Narrative) (Details)
Stock-Based Compensation (Performance Stock Unit Activity And Employee Stock Purchase Plan) (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
Subsequent Event (Details)
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 (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: 0000940944-21-000041
Submitted to the SEC: Fri Jul 23 2021 4:01:04 PM EST
Accepted by the SEC: Fri Jul 23 2021
Period: Sunday, May 30, 2021
Industry: Retail Eating Places

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