Darden Restaurants Inc (DRI) 10-Q Quarterly Report October 2022

“I am pleased with the performance of all our brands in what remains a challenging inflationary and uncertain macroeconomic environment,” said Darden President & CEO Rick Cardenas. "We had a solid quarter and we saw more normal seasonality return to our business, which we did not experience last year. Darden’s strategy, together with the breadth of our brand portfolio, our team members’ passion to serve, and the strength of our balance sheet, gives me confidence in our ability to continue to win.”

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 Sales		Q1 Segment Profit
($ in millions)	2023	2022	2023	2022
Consolidated Darden	$2,446.1	$2,306.0
Olive Garden	$1,130.7	$1,090.4	$216.1	$253.3
LongHorn Steakhouse	$604.6	$567.1	$92.0	$107.5
Fine Dining	$183.4	$168.8	$30.0	$33.5
Other Business	$527.4	$479.7	$72.3	$84.8

Dividend Declared

Darden's Board of Directors declared a quarterly cash dividend of $1.21 per share on the Company's outstanding common stock. The dividend is payable on November 1, 2022 to shareholders of record at the close of business on October 10, 2022.

Share Repurchase Program

During the quarter, the Company repurchased approximately 1.7 million shares of its common stock for a total cost of approximately $199 million. As of the end of the fiscal first quarter, the Company had approximately $912 million remaining under the current $1 billion repurchase authorization.

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, September 22, 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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Darden Restaurants Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Darden Restaurants Inc's 10-Q Quarterly Report:

Financial - Expense Highlight
The ongoing effects of COVID-19 and its variants, along with other geopolitical and macroeconomic events could lead to further capacity restrictions, mask and vaccination mandates, wage inflation, staffing challenges, product cost inflation and disruptions in the supply chain that impact our restaurants' ability to obtain the products needed to support their operations.

Financial - Expense Highlight
During fiscal 2022, along with COVID-19, our operating results were impacted by geopolitical and other macroeconomic events, leading to higher than usual inflation on wages and other cost of goods sold.
Financial - Shares Highlight
On June 22, 2022, our Board of Directors authorized a new share repurchase program under which we may repurchase up to $1 billion of our outstanding common stock.
Financial - Income Highlight
INCOME TAXES The effective income tax rate for continuing operations for the quarter ended August 28, 2022 was 13.7 percent compared to an effective income tax rate for the quarter ended August 29, 2021 of 12.6 percent.
Financial - Expense Highlight
Restaurant expenses increased as a percent of sales primarily due to a 0.5% impact from higher utility costs and a 0.4% impact from higher repairs and maintenance expenses, partially offset by a 0.9% impact from sales and pricing leverage.
Revenue - Product
Financial Highlights - Consolidated Total...Read more
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Net cash flows used in...Read more
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Net cash flows used in...Read more
Revenue - Product
The increase in same-restaurant sales...Read more
Revenue - Product
The increase in same-restaurant sales...Read more
Revenue - Product
Other Business' sales increase for...Read more
Revenue - Product
Outlook We expect sales for...Read more
Revenue - Product
Olive Garden's sales increase for...Read more
Revenue - Product
LongHorn Steakhouse's sales increase for...Read more
Revenue - Product
Fine Dining's sales increase for...Read more
Financial - Debt
The interest rate on our...Read more
Other - Other
As our leverage ratio is...Read more
Other - Other
The CAMT will be effective...Read more
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Other - Other
28 APPLICATION OF NEW ACCOUNTING...Read more
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We currently manage our business...Read more
Financial - Earnings
Loans under the Revolving Credit...Read more
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The decrease in Olive Garden,...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.A: Section 1350 Certification

Exhibit 32.B: Section 1350 Certification

Ticker: DRI
CIK: 940944
Form Type: 10-Q Quarterly Report
Accession Number: 0000940944-22-000060
Submitted to the SEC: Tue Oct 04 2022 3:50:59 PM EST
Accepted by the SEC: Tue Oct 04 2022
Period: Sunday, August 28, 2022
Industry: Retail Eating Places

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Darden Restaurants Inc (DRI) SEC Filing 10-Q Quarterly Report for the period ending Sunday, August 28, 2022

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