(Logo: http://photos.prnewswire.com/prnh/20050203/FLTH026LOGO )
The archived webcast will also be available on the home page of the company's website www.darden.com through
SOURCE
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The archived webcast will also be available on the home page of the company's website www.darden.com through
SOURCE
(Logo: http://photos.prnewswire.com/prnh/20050203/FLTH026LOGO )
The grants program is designed to deepen local connections through continued investment in the communities where Darden employees live and work. With more than 2,000 restaurants in
"Our employees are incredibly passionate about the communities where they live, and our restaurant teams are in a position to understand and help address the needs of their communities," said
Darden's
Following are examples of grant partnerships across the country including in
Capital Area Food Bank – In Darden's largest donation to a single nonprofit, 23 surroundingRed Lobster ,Olive Garden and Seasons 52 restaurants are partnering to supportCapital Area Food Bank inWashington D.C. with a$23,000 grant. This Feeding America food bank helps feed 478,100 food-insecure people annually.Boys & Girls Clubs of Metro Atlanta – Twenty-eightRed Lobster , Capital Grille,Olive Garden andLongHorn Steakhouse restaurants are partnering to grant$28,000 to multiple branches of theBoys & Girls Clubs of Metro Atlanta to provide vital postsecondary education programs that enhance student performance and encourage high school graduation, college attendance and career exploration.- Orange County CoastKeeper –
Six Olive Gardens in the greaterLos Angeles area are working together to support Orange County CoastKeeper, a public, interactive, educational space, with a purpose to preserve our natural resources by promoting sustainable landscaping practices. The 2.5-acre garden is a unique setting where people can learn about the region's local ecology and principles of environmental stewardship. - Philabundance – Twenty-one Capital Grille,
Red Lobster ,Olive Garden ,Bahama Breeze andLongHorn Steakhouse restaurants inPhiladelphia are collaborating to award a$21,000 grant to Philabundance, a Feeding America food bank, to support thePhilabundance Community Kitchen program. This program is a 14-week culinary arts job training program for low-income individuals to gain the skills needed for sustainable employment in the food service industry. Boys & Girls Clubs ofGreater Houston – Seven Olive Garden,LongHorn Steakhouse and Eddie V's restaurants collaborated to supportBoys & Girls Clubs ofGreater Houston . For more than six decades,Boys & Girls Clubs ofGreater Houston has provided educational programming designed to enable thousands of youth ages seven to 18 to achieve academic success, graduate from high school and develop college readiness.
"Darden's Restaurant Community Grants program is a great example of the collective dedication to ensuring our young people achieve academic success," said
Darden's Restaurant Community Grants program reflects the company's rich heritage of being of service to others, a concept that began more than 40 years ago with founder
About
The
SOURCE
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The archived webcast will also be available on the home page of the company's website www.darden.com through
SOURCE
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The archived webcast will also be available on the home page of the company's website www.darden.com through
SOURCE
(Logo: http://photos.prnewswire.com/prnh/20050203/FLTH026LOGO )
A copy of our press release announcing our earnings, the Form 8-K used to file the release with the
To listen to the call live, please go to the following website at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
|
What: |
Darden Restaurants, Inc. FY13 Third Quarter Earnings Conference Call |
|
When: |
8:30 am ET, Friday, March 22, 2013 |
|
Where: |
|
|
How: |
Live over the Internet – Simply log on to the web at the address above |
Source: F
SOURCE
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Headlines for the quarter include the following:
- Third quarter diluted net earnings per share from continuing operations were
$1.02 , an 18% decrease from the$1.25 per diluted share in the third quarter of last year. Earnings from continuing operations in this year's third quarter were$134.5 million and sales were$2.26 billion , which compare to earnings from continuing operations of$164.1 million and sales of$2.16 billion in the third quarter last year.
- Third quarter total sales from continuing operations of
$2.26 billion represent an increase of 4.6% compared to the third quarter of last year. The increase reflects a same-restaurant sales increase of 2.3% for the Company'sSpecialty Restaurant Group , incremental sales from the acquisition of 40 Yard House restaurants onAugust 29, 2012 and the addition and operation of another 108 net new restaurants compared to the third quarter last year, offset by a combined same-restaurant sales decline of -4.6% forOlive Garden ,Red Lobster andLongHorn Steakhouse . In the third quarter, U.S. same-restaurant sales decreased -1.6%, -4.1% and -6.6% forLongHorn Steakhouse ,Olive Garden andRed Lobster , respectively. In the third quarter, the Company estimates that winter weather adversely affected same-restaurant sales results by approximately 90 basis points.
- The Company estimated that costs associated with the acquisition of Yard House
USA , Inc., which was completed onAugust 29, 2012 , the beginning of this year's second quarter, adversely affected diluted net earnings per share for this year's third quarter by approximatelytwo cents .
- Darden's Board of Directors declared a quarterly dividend of
50 cents per share.
Operating Headlines
LONGHORN STEAKHOUSE'S third quarter sales of
THE SPECIALTY RESTAURANT GROUP'S third quarter sales of
Fiscal 2013 December, January and February U.S. Same-Restaurant Sales Results
Darden reported U.S. same-restaurant sales for the fiscal months of December, January and February as follows:
|
Olive Garden |
December |
January |
February |
||
|
Same-Restaurant Sales |
-2.5% |
-0.6% |
-9.1% |
||
|
Same-Restaurant Traffic |
-3.7% |
-0.9% |
-7.0% |
||
|
Pricing |
2.3% |
2.1% |
1.2% |
||
|
Menu-mix |
-1.2% |
-1.7% |
-3.4% |
||
|
Red Lobster |
December |
January |
February |
||
|
Same-Restaurant Sales |
-7.1% |
-5.2% |
-7.5% |
||
|
Same-Restaurant Traffic |
-5.5% |
-1.7% |
-6.0% |
||
|
Pricing |
1.2% |
1.3% |
1.2% |
||
|
Menu-mix |
-2.8% |
-4.8% |
-2.7% |
||
|
LongHorn Steakhouse |
December |
January |
February |
||
|
Same-Restaurant Sales |
-3.6% |
2.5% |
-3.0% |
||
|
Same-Restaurant Traffic |
-4.4% |
0.1% |
-2.9% |
||
|
Pricing |
2.0% |
2.0% |
2.0% |
||
|
Menu-mix |
-1.3% |
0.4% |
-2.2% |
||
Note: The Company estimates that winter weather adversely affected results by approximately 110 basis points in December and 150 basis points in February. There was no adverse weather impact in January.
Other Actions
Darden's Board of Directors declared a quarterly cash dividend of
Fiscal 2013 Financial Outlook
Darden affirmed its financial outlook for fiscal 2013. The Company anticipates total sales growth for the year of between +6% and +7%, which reflects combined U.S. same-restaurant sales for the year for
Forward-looking statements in this news release regarding our expected earnings per share and U.S. same-restaurant sales for the fiscal year, new restaurant growth and all other statements that are not historical facts, including without limitation statements concerning our future economic performance, plans or objectives, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update such statements to reflect events or circumstances arising after such date. We wish to caution investors not to place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from those anticipated in the statements. The most significant of these uncertainties are described in Darden's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). These risks and uncertainties include food safety and food-borne illness concerns, litigation, unfavorable publicity, risks relating to public policy changes and federal, state and local regulation of our business including health care reform, labor and insurance costs, technology failures, failure to execute a business continuity plan following a disaster, health concerns including virus outbreaks, intense competition, failure to drive sales growth, failure to successfully integrate the Yard House business and the additional indebtedness incurred to finance the Yard House acquisition, our plans to expand our newer brands like
|
DARDEN RESTAURANTS, INC. NUMBER OF COMPANY-OWNED RESTAURANTS |
||||||
|
02/24/13 |
02/26/12 |
|||||
|
678 |
Red Lobster USA |
675 |
||||
|
27 |
Red Lobster Canada |
27 |
||||
|
705 |
Total Red Lobster |
702 |
||||
|
812 |
Olive Garden USA |
770 |
||||
|
6 |
Olive Garden Canada |
6 |
||||
|
818 |
Total Olive Garden |
776 |
||||
|
416 |
LongHorn Steakhouse |
374 |
||||
|
48 |
The Capital Grille |
45 |
||||
|
33 |
Bahama Breeze |
28 |
||||
|
28 |
Seasons 52 |
21 |
||||
|
11 |
Eddie V's |
11 |
||||
|
43 |
Yard House |
- |
||||
|
5 |
Other |
2 |
||||
|
2,107 |
Total Restaurants |
1,959 |
||||
|
DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share data) (Unaudited) |
|||||||||||||||
|
Three Months Ended |
Nine Months Ended |
||||||||||||||
|
2/24/2013 |
2/26/2012 |
2/24/2013 |
2/26/2012 |
||||||||||||
|
Sales |
$ |
2,258.2 |
$ |
2,159.7 |
$ |
6,253.0 |
$ |
5,933.2 |
|||||||
|
Costs and expenses: |
|||||||||||||||
|
Cost of sales: |
|||||||||||||||
|
Food and beverage |
695.1 |
661.7 |
1,921.5 |
1,828.5 |
|||||||||||
|
Restaurant labor |
709.0 |
657.2 |
1,971.5 |
1,864.6 |
|||||||||||
|
Restaurant expenses |
348.2 |
308.4 |
977.8 |
901.2 |
|||||||||||
|
Total cost of sales (1) |
$ |
1,752.3 |
$ |
1,627.3 |
$ |
4,870.8 |
$ |
4,594.3 |
|||||||
|
Selling, general and administrative |
199.8 |
198.0 |
634.1 |
568.3 |
|||||||||||
|
Depreciation and amortization |
101.0 |
88.9 |
292.8 |
258.8 |
|||||||||||
|
Interest, net |
31.9 |
27.7 |
92.7 |
74.5 |
|||||||||||
|
Total costs and expenses |
$ |
2,085.0 |
$ |
1,941.9 |
$ |
5,890.4 |
$ |
5,495.9 |
|||||||
|
Earnings before income taxes |
173.2 |
217.8 |
362.6 |
437.3 |
|||||||||||
|
Income taxes |
(38.7) |
(53.7) |
(83.3) |
(112.3) |
|||||||||||
|
Earnings from continuing operations |
$ |
134.5 |
$ |
164.1 |
$ |
279.3 |
$ |
325.0 |
|||||||
|
Losses from discontinued operations, net of tax benefit of $0.2, $0.0, $0.4 and $0.4, respectively |
(0.1) |
— |
(0.5) |
(0.7) |
|||||||||||
|
Net earnings |
$ |
134.4 |
$ |
164.1 |
$ |
278.8 |
$ |
324.3 |
|||||||
|
Basic net earnings per share: |
|||||||||||||||
|
Earnings from continuing operations |
$ |
1.04 |
$ |
1.28 |
$ |
2.17 |
$ |
2.49 |
|||||||
|
Losses from discontinued operations |
— |
— |
— |
(0.01) |
|||||||||||
|
Net earnings |
$ |
1.04 |
$ |
1.28 |
$ |
2.17 |
$ |
2.48 |
|||||||
|
Diluted net earnings per share: |
|||||||||||||||
|
Earnings from continuing operations |
$ |
1.02 |
$ |
1.25 |
$ |
2.13 |
$ |
2.43 |
|||||||
|
Losses from discontinued operations |
— |
— |
(0.01) |
(0.01) |
|||||||||||
|
Net earnings |
$ |
1.02 |
$ |
1.25 |
$ |
2.12 |
$ |
2.42 |
|||||||
|
Average number of common shares outstanding: |
|||||||||||||||
|
Basic |
129.3 |
128.0 |
128.7 |
130.7 |
|||||||||||
|
Diluted |
131.5 |
130.9 |
131.4 |
133.8 |
|||||||||||
|
(1) Excludes restaurant depreciation and amortization as follows: |
$ |
95.8 |
$ |
83.2 |
$ |
277.2 |
$ |
242.2 |
|||||||
|
DARDEN RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS (In millions) |
|||||||
|
2/24/2013 |
5/27/2012 |
||||||
|
(Unaudited) |
|||||||
|
ASSETS |
|||||||
|
Current assets: |
|||||||
|
Cash and cash equivalents |
$ |
103.9 |
$ |
70.5 |
|||
|
Receivables, net |
68.1 |
71.4 |
|||||
|
Inventories |
432.6 |
404.1 |
|||||
|
Prepaid income taxes |
12.7 |
12.2 |
|||||
|
Prepaid expenses and other current assets |
82.5 |
74.9 |
|||||
|
Deferred income taxes |
153.6 |
124.5 |
|||||
|
Total current assets |
$ |
853.4 |
$ |
757.6 |
|||
|
Land, buildings and equipment, net |
4,335.0 |
3,951.3 |
|||||
|
Goodwill |
904.5 |
538.6 |
|||||
|
Trademarks |
574.2 |
464.9 |
|||||
|
Other assets |
290.7 |
231.8 |
|||||
|
Total assets |
$ |
6,957.8 |
$ |
5,944.2 |
|||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
|
Current liabilities: |
|||||||
|
Accounts payable |
$ |
324.8 |
$ |
260.7 |
|||
|
Short-term debt |
216.9 |
262.7 |
|||||
|
Accrued payroll |
135.5 |
154.3 |
|||||
|
Accrued income taxes |
12.9 |
— |
|||||
|
Other accrued taxes |
69.7 |
60.4 |
|||||
|
Unearned revenues |
315.4 |
231.7 |
|||||
|
Current portion of long-term debt |
— |
349.9 |
|||||
|
Other current liabilities |
460.2 |
454.4 |
|||||
|
Total current liabilities |
$ |
1,535.4 |
$ |
1,774.1 |
|||
|
Long-term debt, less current portion |
2,502.4 |
1,453.7 |
|||||
|
Deferred income taxes |
369.9 |
312.9 |
|||||
|
Deferred rent |
223.4 |
204.4 |
|||||
|
Obligations under capital leases, net of current installments |
53.0 |
54.4 |
|||||
|
Other liabilities |
323.4 |
302.7 |
|||||
|
Total liabilities |
$ |
5,007.5 |
$ |
4,102.2 |
|||
|
Stockholders' equity: |
|||||||
|
Common stock and surplus |
$ |
1,184.5 |
$ |
2,518.8 |
|||
|
Retained earnings |
930.9 |
3,172.8 |
|||||
|
Treasury stock |
(8.5) |
(3,695.8) |
|||||
|
Accumulated other comprehensive income (loss) |
(150.3) |
(146.6) |
|||||
|
Unearned compensation |
(6.3) |
(7.2) |
|||||
|
Total stockholders' equity |
$ |
1,950.3 |
$ |
1,842.0 |
|||
|
Total liabilities and stockholders' equity |
$ |
6,957.8 |
$ |
5,944.2 |
|||
|
DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||||||
|
Nine Months Ended |
|||||||
|
2/24/2013 |
2/26/2012 |
||||||
|
Cash flows—operating activities |
|||||||
|
Net earnings |
$ |
278.8 |
$ |
324.3 |
|||
|
Losses from discontinued operations, net of tax benefit |
0.5 |
0.7 |
|||||
|
Adjustments to reconcile net earnings from continuing operations to cash flows: |
|||||||
|
Depreciation and amortization |
292.8 |
258.8 |
|||||
|
Stock-based compensation expense |
36.0 |
41.3 |
|||||
|
Change in current assets and liabilities and other, net |
81.9 |
(74.6) |
|||||
|
Net cash provided by operating activities of continuing operations |
$ |
690.0 |
$ |
550.5 |
|||
|
Cash flows—investing activities |
|||||||
|
Purchases of land, buildings and equipment |
(518.5) |
(483.4) |
|||||
|
Proceeds from disposal of land, buildings and equipment |
— |
3.3 |
|||||
|
Cash used in business acquisitions, net of cash acquired |
(577.4) |
(58.6) |
|||||
|
Increase in other assets |
(23.0) |
(21.1) |
|||||
|
Net cash used in investing activities of continuing operations |
$ |
(1,118.9) |
$ |
(559.8) |
|||
|
Cash flows—financing activities |
|||||||
|
Proceeds from issuance of common stock |
49.4 |
45.1 |
|||||
|
Income tax benefits credited to equity |
10.4 |
12.0 |
|||||
|
Dividends paid |
(193.2) |
(168.6) |
|||||
|
Repurchases of common stock |
(52.4) |
(357.0) |
|||||
|
ESOP note receivable repayment |
0.9 |
1.5 |
|||||
|
Proceeds from issuance of short-term debt, net |
(45.7) |
102.2 |
|||||
|
Repayment of long-term debt |
(350.9) |
(1.5) |
|||||
|
Principal payments on capital leases |
(1.2) |
(1.2) |
|||||
|
Proceeds from issuance of long-term debt |
1,050.0 |
400.0 |
|||||
|
Payment of debt issuance costs |
(7.4) |
(5.1) |
|||||
|
Net cash provided by financing activities of continuing operations |
$ |
459.9 |
$ |
27.4 |
|||
|
Cash flows—discontinued operations |
|||||||
|
Net cash used in operating activities of discontinued operations |
(0.3) |
(0.4) |
|||||
|
Net cash provided by investing activities of discontinued operations |
2.7 |
0.3 |
|||||
|
Net cash provided by (used in) discontinued operations |
$ |
2.4 |
$ |
(0.1) |
|||
|
Increase in cash and cash equivalents |
33.4 |
18.0 |
|||||
|
Cash and cash equivalents - beginning of period |
70.5 |
70.5 |
|||||
|
Cash and cash equivalents - end of period |
$ |
103.9 |
$ |
88.5 |
|||
SOURCE
(Logo: http://photos.prnewswire.com/prnh/20050203/FLTH026LOGO )
A copy of our press release announcing our earnings, the Form 8-K used to file the release with the
To listen to the call live, please go to the following website at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
|
What: |
Darden Restaurants, Inc. FY13 Third Quarter Earnings Conference Call |
|
When: |
8:30 am ET, Friday, March 22, 2013 |
|
Where: |
|
|
How: |
Live over the Internet – Simply log on to the web at the address above |
Source: F
SOURCE
(Logo: http://photos.prnewswire.com/prnh/20050203/FLTH026LOGO )
The archived webcast will also be available on the home page of the company's website www.darden.com through
SOURCE
(Logo: http://photos.prnewswire.com/prnh/20050203/FLTH026LOGO )
On
On
Live Webcast Agenda
Drew Madsen , President & Chief Operating OfficerChris Chang , SVP, Technology StrategyBrad Richmond , SVP & Chief Financial OfficerClarence Otis , Chairman & Chief Executive Officer
6:00 p.m. Conclude
8:00 a.m. Presentations:
Drew Madsen , President & Chief Operating OfficerDave George , President,Olive Garden Val Insignares , President, LongHornDave Pickens , President,Red Lobster Gene Lee , President,Specialty Restaurants Group Harald Herrmann , President, Yard HouseJim Lawrence , Chief Supply Chain OfficerClarence Otis &Drew Madsen
12:00 pm Adjourn
The archived webcasts will also be available on the home page of the company's website www.darden.com through
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