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Darden Restaurants Inc (DRI) SEC Filing 10-Q Quarterly Report for the period ending Sunday, August 29, 2021

Darden Restaurants Inc

CIK: 940944 Ticker: DRI
EXHIBIT 99.1
dardenlogoa55.jpg
Darden Restaurants Reports Fiscal 2022 First Quarter Results;
Declares Quarterly Dividend;
    Announces Additional $750 Million Share Repurchase Authorization;
And Increases Fiscal 2022 Outlook

ORLANDO, Fla., September 23, 2021 /PRNewswire/ --
Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the first quarter ended August 29, 2021.

First Quarter 2022 Financial Highlights
Total sales increased 51% from last year to $2.31 billion driven by a blended same-restaurant sales increase of 47.5% and the addition of 34 net new restaurants
Same-restaurant sales:
Consolidated Darden47.5%
Olive Garden37.1%
LongHorn Steakhouse47.0%
Fine Dining84.6%
Other Business65.8%
Reported diluted net earnings per share from continuing operations was $1.76 as compared to reported diluted net earnings per share from continuing operations of $0.28 last year and adjusted diluted net earnings per share from continuing operations of $0.56 last year1
Reported net earnings from continuing operations were $232 million
EBITDA of $370 million1
The Company repurchased approximately $186 million of its outstanding common stock
______________
1 See the "Non-GAAP Information" below for more details.

"Our restaurant teams continued to operate effectively in a challenging environment, and I am proud of their focus and ability to deliver another quarter of strong sales and profitability,” said Chairman and CEO Gene Lee. “Regardless of the operating environment, our unwavering commitment to our strategy ensures we stay focused on what we do best: providing exceptional guest experiences.”

Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses.
Q1 SalesQ1 Segment Profit
($ in millions)202220212020202220212020
Consolidated Darden$2,306.0$1,527.4$2,133.9
Olive Garden$1,090.4$788.2$1,090.2$253.3$173.8$228.9
LongHorn Steakhouse$567.1$376.8$450.2$107.5$57.0$74.5
Fine Dining$168.8$82.6$136.1$33.5$10.2$20.3
Other Business$479.7$279.8$457.4$84.8$35.4$64.4
1

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, September 23, 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-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)
Additional Financial Information
Additional Financial Information (Tables)
Additional Financial Information - Supplemental Balance Sheet Information (Details)
Additional Financial Information - Supplemental Cash Flow Information (Details)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Corporate Restructuring
Corporate Restructuring (Tables)
Corporate Restructuring - Accrued Employee Termination Benefit And Other Costs (Details)
Corporate Restructuring - Narrative (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
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 Values Of Derivative Contracts Designated And Not Designated As Hedging Instruments (Details)
Fair Value Measurements
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Schedule Of Financial Instruments Measured At Fair Value On Recurring Basis) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Net Earnings Per Share
Net Earnings Per Share (Details)
Net Earnings Per Share (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Deferred Gift Card Revenue (Details)
Revenue Recognition - Deferred Revenue From Contract With Customer (Details)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Reconciliation Of Segment Profit To Earnings (Details)
Segment Information - Schedule Of Segment Reporting (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Option Pricing Assumptions (Details)
Stock-Based Compensation - Recognized Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Share Activity (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Schedule Of Components Of Accumulated Other Comprehensive Income (Details)
Stockholders' Equity - Schedule Of Reclassification Adjustments Out Of Accumulated Other Comprehensive Income (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Darden Restaurants Inc provided additional information to their SEC Filing as exhibits

Ticker: DRI
CIK: 940944
Form Type: 10-Q Quarterly Report
Accession Number: 0000940944-21-000073
Submitted to the SEC: Tue Oct 05 2021 4:01:17 PM EST
Accepted by the SEC: Tue Oct 05 2021
Period: Sunday, August 29, 2021
Industry: Retail Eating Places

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