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Darden Restaurants Inc (DRI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 29, 2011

Darden Restaurants Inc

HISTORY TOOLS
CIK: 940944 Ticker: DRI

Exhibit 99

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Red Lobster® Olive Garden® LongHorn Steakhouse®

The Capital Grille® Bahama Breeze® Seasons 52®

www.darden.com

 

               NEWS/INFORMATION
                  Corporate Relations
                  P.O. Box 695011
                  Orlando, FL 32869-5011

 

   Contacts:      
   (Analysts)   Matthew Stroud    (407) 245-6458

FOR RELEASE

    (Media)        Rich Jeffers    (407) 245-4189

June 30, 2011

         

4:30 PM ET

         

DARDEN RESTAURANTS REPORTS A 23 PERCENT INCREASE IN FOURTH QUARTER

DILUTED NET EARNINGS PER SHARE AND A 19 PERCENT INCREASE IN

FISCAL YEAR DILUTED NET EARNINGS PER SHARE;

INCREASES ITS QUARTERLY DIVIDEND 34 PERCENT

ORLANDO, FL, June 30 – Darden Restaurants, Inc. (NYSE: DRI) today reported diluted net earnings per share and sales for the fourth quarter and fiscal year ended May 29, 2011.

Highlights for the quarter and fiscal year include the following:

 

  •  

Fourth quarter diluted net earnings per share from continuing operations were $1.00, a 23% increase from the 81 cents per diluted share in the fourth quarter of last year. Net earnings from continuing operations in this year’s fourth quarter were $138.0 million and sales were $1.99 billion, which compare to net earnings from continuing operations of $116.0 million and sales of $1.86 billion in the fourth quarter last year.

 

  •  

Fourth quarter total sales from continuing operations of $1.99 billion were a 6.8% increase from the prior year. The increase reflects (1) combined same-restaurant sales growth of 2.2% for Olive Garden, Red Lobster and LongHorn Steakhouse, exceeding an estimated 1.9% increase for the Knapp-Track™ benchmark of U.S. same-restaurant sales excluding Darden; (2) same-restaurant sales growth of 5.3% for the Company’s Specialty Restaurant Group; and (3) the operation of 70 net new restaurants compared to the fourth quarter last year. In the fourth quarter, U.S. same-restaurant sales increased 6.0% at LongHorn Steakhouse, 3.8% at Red Lobster and were flat at Olive Garden.

 

  •  

Fiscal year 2011 diluted net earnings per share from continuing operations were $3.41, a 19% increase from last year’s $2.86. Net earnings from continuing operations in fiscal 2011 were $478.7 million and sales were $7.50 billion, which compare to net earnings from continuing operations of $407.0 million and sales of $7.11 billion last year.

 

  •  

Fiscal year 2011 total sales from continuing operations of $7.50 billion were a 5.4% increase from the prior year. The increase reflects (1) combined same-restaurant sales growth of 1.4% for Olive Garden, Red Lobster and LongHorn Steakhouse, exceeding an estimated increase of 0.8% for the Knapp-Track™ benchmark of U.S. same-restaurant sales excluding Darden; (2) same-restaurant sales growth of 4.8% for the Company’s Specialty Restaurant Group; and (3) 4.1% of growth in sales for the year due to new restaurants.

 

-MORE-

The following information was filed by Darden Restaurants Inc (DRI) on Thursday, June 30, 2011 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 this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity And Accumulated Other Comprehensive Income (loss)
Consolidated Statements Of Changes In Stockholders' Equity And Accumulated Other Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Earnings
Consolidated Statements Of Earnings (parenthetical)
Asset Impairment, Net
Asset Impairment, Net (details)
Commitments And Contingencies
Commitments And Contingencies (details)
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 (fair Value Of Derivative Contracts Designated And Not Designated As Hedging Instruments) (details)
Derivative Instruments And Hedging Activities (narrative) (details)
Derivative Instruments And Hedging Activities (notional Values Of Derivative Contracts Designated And Not Designated As Hedging Instruments) (details)
Derivative Instruments And Hedging Activities (tables)
Discontinued Operations
Discontinued Operations (details)
Discontinued Operations (tables)
Fair Value Measurements
Fair Value Measurements (carrying Value And Fair Value Of Long-term Debt) (details)
Fair Value Measurements (fair Values Of Financial Instruments Measured At Fair Value On Recurring Basis) (details)
Fair Value Measurements (fair Values Of Non-financial Assets Measured At Fair Value On Non-recurring Basis) (details)
Fair Value Measurements (tables)
Financial Instruments
Financial Instruments (available-for-sale Securities At Market Value) (details)
Financial Instruments (scheduled Maturities Of Available-for-sale Securities) (details)
Financial Instruments (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 (income Taxes Paid) (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)
Interest, Net
Interest, Net (components Of Interest) (details)
Interest, Net (computation Of Capitalized Interest) (details)
Interest, Net (tables)
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 (analysis Of Rent Expense) (details)
Leases (annual Future Lease Commitments) (details)
Leases (tables)
Long-term Debt
Long-term Debt (aggregate Maturities Of Long-term Debt) (details)
Long-term Debt (components Of Long-term Debt) (details)
Long-term Debt (narrative) (details)
Long-term Debt (tables)
Other Assets
Other Assets (components Of Other Assets) (details)
Other Assets (tables)
Other Current Liabilities
Other Current Liabilities (components Of Other Current Liabilities) (details)
Other Current Liabilities (tables)
Quarterly Data
Quarterly Data (schedule Of Unaudited Quarterly Data) (details)
Quarterly Data (tables)
Receivables, Net
Receivables, Net (receivable From Various Parties) (details)
Receivables, Net (tables)
Retirement Plans
Retirement Plans (accumulated Benefit Obligations In Excess Of Plan Assets) (details)
Retirement Plans (change In Plan Assets) (details)
Retirement Plans (changes In Benefit Obligation) (details)
Retirement Plans (changes In Level 3 Investments For Defined Benefit Pension Plans) (details)
Retirement Plans (components Of Net Periodic Benefit Cost) (details)
Retirement Plans (defined Benefit And Postretirement Benefit Plans) (narrative) (details)
Retirement Plans (expected Benefit Payments) (details)
Retirement Plans (fair Values Of Defined Benefit Pension Plans Assets) (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 (postemployment Severance Plan And Defined Contribution Plan) (narrative) (details)
Retirement Plans (reconciliation Of The Plans' Funded Status) (details)
Retirement Plans (tables)
Retirement Plans (weighted-average Assumptions Used) (details)
Short-term Debt
Short-term Debt (details)
Stock-based Compensation
Stock-based Compensation (darden Stock Unit Activity) (narrative) (details)
Stock-based Compensation (narrative) (details)
Stock-based Compensation (performance Stock Unit Activity) (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 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 (share Repurchase Authorizations And Cumulative Share Repurchases) (details)
Stockholders' Equity (tables)
Stockholders' Equity (total Shares And Related Cost Of Common Stock Repurchased) (details)
Subsequent Event
Subsequent Event (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (advertising Expenses) (details)
Summary Of Significant Accounting Policies (amortization Expense Associated With Capitalized Software And Other Definite Lived Intangibles) (details)
Summary Of Significant Accounting Policies (amortization Expense Related To Acquired Definite-lived Intangible Assets) (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 (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 (impact Of Reclassifications On Consolidated Balance Sheets) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
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 (stock-based Compensation) (details)
Summary Of Significant Accounting Policies (tables)
Ticker: DRI
CIK: 940944
Form Type: 10-K Annual Report
Accession Number: 0001193125-11-194810
Submitted to the SEC: Fri Jul 22 2011 4:29:23 PM EST
Accepted by the SEC: Fri Jul 22 2011
Period: Sunday, May 29, 2011
Industry: Retail Eating Places

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