Market Overview

Darden Restaurants Reports Fiscal 2019 Fourth Quarter and Full Year Results; Increases Quarterly Dividend 17% to $0.88; And Provides Fiscal 2020 Outlook

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ORLANDO, Fla., June 20, 2019 /PRNewswire/ -- Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 26, 2019.

Fourth Quarter 2019 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year

  • Total sales increased 4.5% to $2.23 billion driven by the addition of 39 net new restaurants and a blended same-restaurant sales increase of 1.6%
  • Blended same-restaurant sales by brand:

+2.4% for Olive Garden


-3.2% for Cheddar's Scratch Kitchen


+3.3% for LongHorn Steakhouse


-1.4% for Yard House


+2.9% for The Capital Grille


-2.1% for Seasons 52


+2.0% for Eddie V's


-1.9% for Bahama Breeze

  • Reported diluted net earnings per share from continuing operations increased 19.3% to $1.67
  • Adjusted diluted net earnings per share from continuing operations increased 26.6% to $1.76* after excluding approximately $0.09 of a non-cash charge related to restaurant asset impairments
  • The Company repurchased approximately $42 million of its outstanding common stock

*   See the "Non-GAAP Information" below for more details

"I'm pleased with the results we achieved during the fourth quarter, which wrapped up another strong year of sales and profit growth for Darden," said CEO Gene Lee.  "Our results for the full year further strengthened our competitive position as we continued to grow market share and delivered competitively superior returns."

Fiscal 2019 Financial Highlights Versus Fiscal 2018

  • Total sales increased 5.3% to $8.51 billion driven by the addition of 39 net new restaurants and a blended same-restaurant sales increase of 2.5%
  • Blended same-restaurant sales by brand:

+3.9% for Olive Garden


-3.4% for Cheddar's Scratch Kitchen


+3.3% for LongHorn Steakhouse


-1.2% for Yard House


+3.7% for The Capital Grille


-1.5% for Seasons 52


+2.8% for Eddie V's


-1.0% for Bahama Breeze

  • Reported diluted net earnings per share from continuing operations increased 19.6% to $5.73
  • Adjusted diluted net earnings per share from continuing operations increased 21.0% to $5.82* after excluding approximately $0.09 of a non-cash charge related to fiscal 2019 fourth quarter restaurant asset impairments
  • The Company repurchased approximately $208 million of its outstanding common stock

*   See the "Non-GAAP Information" below for more details

Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses.  



Q4 Sales




Q4 Segment Profit



($ in millions)


2019


2018


% Change


2019


2018


% Change

Consolidated Darden


$2,229.1


$2,134.1


4.5%







Olive Garden


$1,107.0


$1,067.9


3.7%


$234.3


$226.3


3.5%

LongHorn Steakhouse


$484.4


$458.2


5.7%


$91.8


$87.1


5.4%

Fine Dining


$154.6


$147.3


5.0%


$33.1


$30.4


8.9%

Other Business


$483.1


$460.7


4.9%


$76.2


$72.5


5.1%

 



Annual Sales




Annual Segment Profit



($ in millions)


2019


2018


% Change


2019


2018


% Change

Consolidated Darden


$8,510.4


$8,080.1


5.3%







Olive Garden


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