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Darden Restaurants Inc (DRI) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, May 29, 2022

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Darden Restaurants Inc

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CIK: 940944 Ticker: DRI




Exhibit 99.1
drilogoa06.jpg
Darden Restaurants Reports Fiscal 2022 Fourth Quarter and Full Year Results;
Increases Quarterly Dividend;
Authorizes New $1 Billion Share Repurchase Program;
And Provides Fiscal 2023 Outlook

ORLANDO, Fla., June 23, 2022 /PRNewswire/ --
 Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 29, 2022.
 
Fourth Quarter 2022 Financial Highlights
•Total sales increased 14.2% to $2.60 billion driven by a blended same-restaurant sales increase of 11.7% and sales from 33 net new restaurants
•Same-restaurant sales:
Consolidated Darden11.7%
Olive Garden6.5%
LongHorn Steakhouse10.6%
Fine Dining34.5%
Other Business18.5%
•Reported diluted net earnings per share was $2.24 as compared to last year's reported diluted net earnings per share of $2.79 and last year's adjusted diluted net earnings per share of $2.03*
•Net earnings from continuing operations were $282 million
•EBITDA of $431 million*
•The Company repurchased $237 million of its outstanding common stock
* See the "Non-GAAP Information" below for more details.

Fiscal 2022 Financial Highlights
•Total sales increased 33.8% to $9.63 billion driven by a blended same-restaurant sales increase of 30.9% and sales from 33 net new restaurants
•Same-restaurant sales:
Consolidated Darden30.9%
Olive Garden24.1%
LongHorn Steakhouse28.1%
Fine Dining62.7%
Other Business42.4%
•Reported diluted net earnings per share was $7.40, as compared to last year's reported diluted net earnings per share of $4.80 and last year's adjusted diluted net earnings per share of $4.31*
•Net earnings from continuing operations were $955 million
•EBITDA of $1,531 billion*
* See the "Non-GAAP Information" below for more details.

“We had a strong quarter despite experiencing high inflation, and fiscal 2022 was a solid year,” said Darden President & CEO Rick Cardenas. "Darden’s competitive advantages enabled our brands to strengthen their business models while our restaurant teams continued to deliver exceptional guest experiences in a challenging operating environment. As we begin our new fiscal year, our focus remains on driving profitable sales, investing in the guest experience and simplifying operations. Darden’s strategy, and our strong balance sheet, positions us well regardless of the operating environment.”
1
The following information was filed by Darden Restaurants Inc (DRI) on Thursday, June 23, 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-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

Audit Information
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)
Debt
Debt (Aggregate Maturities Of Long-Term Debt) (Details)
Debt (Components Of Long-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 (Fair Values Of Financial Instruments Measured At Fair Value On Recurring Basis) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Impairments And Disposals Of Assets, Net
Impairments And Disposals Of Assets, Net (Details)
Impairments And Disposals 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 (Narrative) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Interest Expense On Income Tax Expense (Benefits)) (Details)
Income Taxes (Tables)
Income Taxes (Tax Effects On Deferred Tax Assets And Liabilities) (Details)
Land, Building And Equipment, Net
Land, Building And Equipment, Net (Components Of Land, Buildings And Equipment, Net) (Details)
Land, Building 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 (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 (Reconciliation Of Segment Profit To Earnings From Continuing Operations Before Income Taxes) (Details)
Segment Information (Schedule Of Segment Reporting) (Details)
Segment Information (Tables)
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 (Tables)
Ticker: DRI
CIK: 940944
Form Type: 10-K Annual Report
Accession Number: 0000940944-22-000042
Submitted to the SEC: Fri Jul 22 2022 3:57:51 PM EST
Accepted by the SEC: Fri Jul 22 2022
Period: Sunday, May 29, 2022
Industry: Retail Eating Places

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