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Darden Restaurants Inc (DRI) SEC Filing 10-Q Quarterly Report for the period ending Sunday, February 27, 2022

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DRI Quarterly Reports

Darden Restaurants Inc

CIK: 940944 Ticker: DRI
EXHIBIT 99.1
dardenlogoa55.jpg
Darden Restaurants Reports Fiscal 2022 Third Quarter Results;
Declares Quarterly Dividend;
And Updates Fiscal 2022 Outlook

ORLANDO, Fla., March 24, 2022 /PRNewswire/ --
Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the third quarter ended February 27, 2022.

Third Quarter 2022 Financial Highlights
Total sales increased 41.3% from last year to $2.45 billion driven by a blended same-restaurant sales increase of 38.1% and the addition of 33 net new restaurants
Same-restaurant sales by segment:
Consolidated Darden38.1%
Olive Garden29.9%
LongHorn Steakhouse31.6%
Fine Dining85.8%
Other Business55.2%
Diluted net earnings per share from continuing operations was $1.93 as compared to diluted net earnings per share from continuing operations of $0.98 last year
Net earnings from continuing operations were $247 million
EBITDA of $395 million1
The Company repurchased $382 million of its outstanding common stock
______________
1 See the "Non-GAAP Information" below for more details.

“This was a quarter of stark contrasts and I'm pleased with our performance in this highly volatile environment,” said Chairman and CEO Gene Lee. “It began with record sales in December. However, the Omicron variant significantly impacted guest demand, restaurant staffing and operating expenses in January. I am proud of the job our restaurant teams did managing through a difficult operating environment. They remained focused on executing at the highest level and delivered strong sales in February as the environment improved."

”Darden is well positioned to compete effectively,” Lee continued. “We have a strong balance sheet and the right strategy in place, driven by our four competitive advantages of significant scale, extensive data and insights, rigorous strategic planning and our results-oriented culture. And, our brands are relentlessly focused on executing our back-to-basics operating philosophy anchored in food, service and atmosphere.”

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.
1

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, March 24, 2022 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)
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 (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of Financial Instruments Measured At Fair Value On Recurring Basis (Details)
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: 0000940944-22-000021
Submitted to the SEC: Tue Apr 05 2022 3:49:43 PM EST
Accepted by the SEC: Tue Apr 05 2022
Period: Sunday, February 27, 2022
Industry: Retail Eating Places

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