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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
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☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
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Emerging growth company |
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Page | |||||||||||
Part I - | Financial Information | ||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Part II - | Other Information | ||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
February 25,
2024 |
February 26,
2023 |
February 25,
2024 |
February 26,
2023 |
||||||||||||||||||||
Sales | $ |
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$ |
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$ |
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$ |
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|||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Food and beverage
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Restaurant labor
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Restaurant expenses
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Marketing expenses
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General and administrative expenses
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Depreciation and amortization |
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|||||||||||||||||||
Impairments and disposal of assets, net |
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(
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|||||||||||||||||||
Total operating costs and expenses
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$ |
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$ |
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$ |
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$ |
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|||||||||||||||
Operating income |
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|||||||||||||||||||
Interest, net |
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Earnings before income taxes |
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Income tax expense |
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|||||||||||||||||||
Earnings from continuing operations | $ |
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$ |
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$ |
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$ |
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|||||||||||||||
Losses from discontinued operations, net of tax benefit of $
|
(
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(
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(
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(
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|||||||||||||||||||
Net earnings | $ |
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$ |
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$ |
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$ |
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|||||||||||||||
Basic net earnings per share: | |||||||||||||||||||||||
Earnings from continuing operations | $ |
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$ |
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$ |
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$ |
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|||||||||||||||
Losses from discontinued operations |
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(
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(
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|||||||||||||||||||
Net earnings | $ |
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$ |
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$ |
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$ |
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|||||||||||||||
Diluted net earnings per share: | |||||||||||||||||||||||
Earnings from continuing operations | $ |
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$ |
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$ |
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$ |
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|||||||||||||||
Losses from discontinued operations |
|
|
|
(
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|||||||||||||||||||
Net earnings | $ |
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$ |
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$ |
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$ |
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|||||||||||||||
Average number of common shares outstanding: | |||||||||||||||||||||||
Basic
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|||||||||||||||||||
Diluted
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Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
February 25,
2024 |
February 26,
2023 |
February 25,
2024 |
February 26,
2023 |
||||||||||||||||||||
Net earnings | $ |
|
$ |
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$ |
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$ |
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|||||||||||||||
Foreign currency adjustment |
|
(
|
|
(
|
|||||||||||||||||||
Change in fair value of derivatives and amortization of unrecognized gains and losses on derivatives, net of taxes of $(
|
|
(
|
|
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|||||||||||||||||||
Net unamortized gain (loss) arising during the period, including amortization of unrecognized net actuarial gain (loss), net of taxes of $
|
|
|
|
|
|||||||||||||||||||
Other comprehensive income | $ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||
Total comprehensive income | $ |
|
$ |
|
$ |
|
$ |
|
February 25,
2024 |
May 28,
2023 |
||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ |
|
$ |
|
|||||||
Receivables, net |
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|
|||||||||
Inventories |
|
|
|||||||||
Prepaid income taxes |
|
|
|||||||||
Prepaid expenses and other current assets |
|
|
|||||||||
Total current assets | $ |
|
$ |
|
|||||||
Land, buildings and equipment, net of accumulated depreciation and amortization of $
|
|
|
|||||||||
Operating lease right-of-use assets |
|
|
|||||||||
Goodwill |
|
|
|||||||||
Trademarks |
|
|
|||||||||
Other assets |
|
|
|||||||||
Total assets | $ |
|
$ |
|
|||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ |
|
$ |
|
|||||||
Short-term debt |
|
|
|||||||||
Accrued payroll |
|
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|||||||||
Accrued income taxes |
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|||||||||
Other accrued taxes |
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|||||||||
Unearned revenues |
|
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|||||||||
Other current liabilities |
|
|
|||||||||
Total current liabilities | $ |
|
$ |
|
|||||||
Long-term debt |
|
|
|||||||||
Deferred income taxes |
|
|
|||||||||
Operating lease liabilities - non-current |
|
|
|||||||||
Other liabilities |
|
|
|||||||||
Total liabilities | $ |
|
$ |
|
|||||||
Stockholders’ equity: | |||||||||||
Common stock and surplus | $ |
|
$ |
|
|||||||
Retained earnings (deficit) |
(
|
(
|
|||||||||
Accumulated other comprehensive income |
|
|
|||||||||
Total stockholders’ equity | $ |
|
$ |
|
|||||||
Total liabilities and stockholders’ equity | $ |
|
$ |
|
Common Stock
And Surplus |
|||||||||||||||||||||||||||||||||||||||||
Shares | Amount |
Retained
Earnings (Deficit) |
Accumulated
Other Comprehensive Income (Loss) |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||||||||
Balance at November 26, 2023 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Net earnings | — | — |
|
|
|||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||
Dividends declared ($
|
— | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||
Stock option exercises |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Stock-based compensation | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Repurchases of common stock |
(
|
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||
Issuance of stock under Employee Stock Purchase Plan and other plans | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Other | — |
(
|
|
— |
|
||||||||||||||||||||||||||||||||||||
Balance at February 25, 2024 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Balance at May 28, 2023 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Net earnings | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||
Dividends declared ($
|
— | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||
Stock option exercises |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Stock-based compensation | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Repurchases of common stock |
(
|
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||
Issuance of stock under Employee Stock Purchase Plan and other plans |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Other | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||
Balance at February 25, 2024 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
Balance at November 27, 2022 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Net earnings | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||
Dividends declared ($
|
— | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||
Stock option exercises |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Stock-based compensation | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Repurchases of common stock |
(
|
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||
Issuance of stock under Employee Stock Purchase Plan and other plans | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Other | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||
Balance at February 26, 2023 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||
Balance at May 29, 2022 |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||||||
Net earnings | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||
Dividends declared ($
|
— | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||
Stock option exercises |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Stock-based compensation | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Repurchases of common stock |
(
|
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||
Issuance of stock under Employee Stock Purchase Plan and other plans |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Other | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||
Balance at February 26, 2023 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
Nine Months Ended | |||||||||||
February 25,
2024 |
February 26,
2023 |
||||||||||
Cash flows—operating activities | |||||||||||
Net earnings | $ |
|
$ |
|
|||||||
Losses from discontinued operations, net of tax |
|
|
|||||||||
Adjustments to reconcile net earnings from continuing operations to cash flows: | |||||||||||
Depreciation and amortization |
|
|
|||||||||
Impairments and disposal of assets, net |
|
(
|
|||||||||
Stock-based compensation expense |
|
|
|||||||||
Change in current assets and liabilities |
|
|
|||||||||
Contributions to pension and postretirement plans |
(
|
(
|
|||||||||
Deferred income taxes |
|
(
|
|||||||||
Change in other assets and liabilities |
(
|
|
|||||||||
Other, net |
(
|
|
|||||||||
Net cash provided by operating activities of continuing operations | $ |
|
$ |
|
|||||||
Cash flows—investing activities | |||||||||||
Purchases of land, buildings and equipment |
(
|
(
|
|||||||||
Proceeds from disposal of land, buildings and equipment |
|
|
|||||||||
Cash used in business acquisitions, net of cash acquired |
(
|
|
|||||||||
Purchases of capitalized software and other assets |
(
|
(
|
|||||||||
Other, net |
|
|
|||||||||
Net cash used in investing activities of continuing operations | $ |
(
|
$ |
(
|
|||||||
Cash flows—financing activities | |||||||||||
Proceeds from issuance of common stock |
|
|
|||||||||
Dividends paid |
(
|
(
|
|||||||||
Repurchases of common stock |
(
|
(
|
|||||||||
Proceeds from issuance of commercial paper, net |
|
|
|||||||||
Proceeds from issuance of long-term debt |
|
|
|||||||||
Repayments of long-term debt |
(
|
|
|||||||||
Principal payments on finance leases |
(
|
(
|
|||||||||
Tenant incentive cash received on finance leases |
|
|
|||||||||
Payments of debt issuance costs |
(
|
|
|||||||||
Net cash used in financing activities of continuing operations | $ |
(
|
$ |
(
|
|||||||
Cash flows—discontinued operations | |||||||||||
Net cash used in operating activities of discontinued operations |
(
|
(
|
|||||||||
Net cash used in discontinued operations | $ |
(
|
$ |
(
|
|||||||
Decrease in cash, cash equivalents, and restricted cash |
(
|
(
|
|||||||||
Cash, cash equivalents, and restricted cash - beginning of period |
|
|
|||||||||
Cash, cash equivalents, and restricted cash - end of period | $ |
|
$ |
|
|||||||
Reconciliation of cash, cash equivalents, and restricted cash: |
February 25,
2024 |
February 26,
2023 |
||||||||||||
Cash and cash equivalents | $ |
|
$ |
|
||||||||||
Restricted cash included in prepaid expenses and other current assets |
|
|
||||||||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ |
|
$ |
|
Nine Months Ended | |||||||||||
February 25,
2024 |
February 26,
2023 |
||||||||||
Cash flows from changes in current assets and liabilities | |||||||||||
Receivables, net |
|
|
|||||||||
Inventories |
(
|
(
|
|||||||||
Prepaid expenses and other current assets |
(
|
(
|
|||||||||
Accounts payable |
(
|
|
|||||||||
Accrued payroll |
|
(
|
|||||||||
Prepaid/accrued income taxes |
(
|
|
|||||||||
Other accrued taxes |
|
|
|||||||||
Unearned revenues |
|
|
|||||||||
Other current liabilities |
|
(
|
|||||||||
Change in current assets and liabilities | $ |
|
$ |
|
Balances at | Balances at | |||||||||||||||||||
(in millions) | June 14, 2023 | Adjustments | February 25, 2024 | |||||||||||||||||
Cash | $ |
|
$ | — | $ |
|
||||||||||||||
Other current assets |
|
(
|
|
|||||||||||||||||
Land, buildings and equipment |
|
(
|
|
|||||||||||||||||
Operating lease right-of-use assets |
|
|
|
|||||||||||||||||
Goodwill |
|
|
|
|||||||||||||||||
Trademark |
|
— |
|
|||||||||||||||||
Other assets |
|
|
|
|||||||||||||||||
Total assets acquired | $ |
|
$ |
|
$ |
|
||||||||||||||
Current liabilities |
|
|
|
|||||||||||||||||
Deferred income taxes |
|
|
|
|||||||||||||||||
Operating lease liabilities - non-current |
|
|
|
|||||||||||||||||
Other liabilities |
|
|
|
|||||||||||||||||
Total liabilities assumed | $ |
|
$ |
|
$ |
|
||||||||||||||
Net assets acquired | $ |
|
$ |
|
$ |
|
(in millions) | February 25, 2024 | May 28, 2023 | ||||||||||||
Unearned revenues | ||||||||||||||
Deferred gift card revenue | $ |
|
$ |
|
||||||||||
Deferred gift card discounts |
(
|
(
|
||||||||||||
Other |
|
|
||||||||||||
Total | $ |
|
$ |
|
||||||||||
Other liabilities | ||||||||||||||
Deferred franchise fees - non-current | $ |
|
$ |
|
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(in millions) | February 25, 2024 | February 26, 2023 | February 25, 2024 | February 26, 2023 | ||||||||||||||||||||||
Beginning balance | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Acquired deferred gift card revenue |
|
|
|
|
||||||||||||||||||||||
Activations |
|
|
|
|
||||||||||||||||||||||
Redemptions and breakage |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
(in millions) | Balance Sheet Classification | February 25, 2024 | May 28, 2023 | |||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | $ |
|
$ |
|
|||||||||||||||
Finance lease right-of-use assets | Land, buildings and equipment, net |
|
|
|||||||||||||||||
Total lease assets, net | $ |
|
$ |
|
||||||||||||||||
Operating lease liabilities - current | Other current liabilities | $ |
|
$ |
|
|||||||||||||||
Finance lease liabilities - current | Other current liabilities |
|
|
|||||||||||||||||
Operating lease liabilities - non-current | Operating lease liabilities - non-current |
|
|
|||||||||||||||||
Finance lease liabilities - non-current | Other liabilities |
|
|
|||||||||||||||||
Total lease liabilities | $ |
|
$ |
|
Cash paid for interest and income taxes were as follows:
|
Nine Months Ended | |||||||||||||
(in millions) | February 25, 2024 | February 26, 2023 | ||||||||||||
Interest, net of amounts capitalized | $ |
|
$ |
|
||||||||||
Income taxes, net of refunds |
|
(
|
Non-cash investing and financing activities were as follows: | Nine Months Ended | |||||||||||||
(in millions) | February 25, 2024 | February 26, 2023 | ||||||||||||
Increase in land, buildings and equipment through accrued purchases | $ |
|
$ |
|
||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities
(1)
|
|
|
||||||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities |
|
|
||||||||||||
Net change in right-of-use assets mainly due to lease modifications resulting in reclassification of leases from operating to finance |
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(in millions) |
February 25,
2024 |
February 26,
2023 |
February 25,
2024 |
February 26,
2023 |
||||||||||||||||||||||
Anti-dilutive stock-based compensation awards |
|
|
|
|
(in millions) | Olive Garden | LongHorn Steakhouse |
Fine Dining
1
|
Other Business | Corporate | Consolidated | ||||||||||||||||||||||||||||||||
For the three months ended February 25, 2024 | ||||||||||||||||||||||||||||||||||||||
Sales | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Restaurant and marketing expenses |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Segment profit | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Depreciation and amortization | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Impairments and disposal of assets, net |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
1
Includes Ruth’s Chris results for the quarter.
|
||||||||||||||||||||||||||||||||||||||
(in millions) | Olive Garden | LongHorn Steakhouse |
Fine Dining
1
|
Other Business | Corporate | Consolidated | ||||||||||||||||||||||||||||||||
For the nine months ended February 25, 2024 | ||||||||||||||||||||||||||||||||||||||
Sales | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Restaurant and marketing expenses |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Segment profit | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Depreciation and amortization | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Impairments and disposal of assets, net |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Purchases of land, buildings and equipment |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
1
Results of operations includes Ruth’s Chris from the date of acquisition forward.
|
(in millions) | Olive Garden | LongHorn Steakhouse | Fine Dining | Other Business | Corporate | Consolidated | ||||||||||||||||||||||||||||||||
For the three months ended February 26, 2023 | ||||||||||||||||||||||||||||||||||||||
Sales | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Restaurant and marketing expenses |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Segment profit | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Depreciation and amortization | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Impairments and disposal of assets, net |
|
(
|
|
(
|
|
|
||||||||||||||||||||||||||||||||
(in millions) | Olive Garden | LongHorn Steakhouse | Fine Dining | Other Business | Corporate | Consolidated | ||||||||||||||||||||||||||||||||
For the nine months ended February 26, 2023 | ||||||||||||||||||||||||||||||||||||||
Sales | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Restaurant and marketing expenses |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
Segment profit | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Depreciation and amortization | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Impairments and disposal of assets, net |
|
(
|
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
Purchases of land, buildings and equipment |
|
|
|
|
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(in millions) | February 25, 2024 | February 26, 2023 | February 25, 2024 | February 26, 2023 | ||||||||||||||||||||||
Segment profit | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Less general and administrative expenses |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Less depreciation and amortization |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Less impairments and disposal of assets, net |
(
|
(
|
(
|
|
||||||||||||||||||||||
Less interest, net |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(in millions) | February 25, 2024 | February 26, 2023 | February 25, 2024 | February 26, 2023 | ||||||||||||||||||||||
Restaurant impairments | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Disposal (gains) losses |
|
(
|
|
(
|
||||||||||||||||||||||
Other |
|
|
|
|
||||||||||||||||||||||
Impairments and disposal of assets, net | $ |
|
$ |
|
$ |
|
$ |
(
|
(in millions) | Foreign Currency Translation Adjustment | Unrealized Gains (Losses) on Derivatives | Benefit Plan Funding Position | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Balance at November 26, 2023 | $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||
Gain (loss) |
|
|
|
|
||||||||||||||||||||||
Reclassification realized in net earnings |
|
|
|
|
||||||||||||||||||||||
Balance at February 25, 2024 | $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||
Balance at May 28, 2023 | $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||
Gain (loss) |
|
|
|
|
||||||||||||||||||||||
Reclassification realized in net earnings |
|
|
|
|
||||||||||||||||||||||
Balance at February 25, 2024 | $ |
|
$ |
|
$ |
(
|
$ |
|
(in millions) | Foreign Currency Translation Adjustment | Unrealized Gains (Losses) on Derivatives | Benefit Plan Funding Position | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Balance at November 27, 2022 | $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||
Gain (loss) |
(
|
(
|
|
(
|
||||||||||||||||||||||
Reclassification realized in net earnings |
|
|
|
|
||||||||||||||||||||||
Balance at February 26, 2023 | $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||
Balances at May 29, 2022 | $ |
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||
Gain (loss) |
(
|
(
|
|
(
|
||||||||||||||||||||||
Reclassification realized in net earnings |
|
|
|
|
||||||||||||||||||||||
Balance at February 26, 2023 | $ |
|
$ |
|
$ |
(
|
$ |
|
Amount Reclassified from AOCI into Net Earnings | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(in millions)
AOCI Components
|
Location of Gain (Loss) Recognized in Earnings |
February 25,
2024 |
February 26,
2023 |
February 25,
2024 |
February 26,
2023 |
||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Commodity contracts
|
(1) | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||
Equity contracts
|
(2) |
|
|
|
(
|
||||||||||||||||||||||||
Interest rate contracts
|
(3) |
|
|
|
(
|
||||||||||||||||||||||||
Total before tax | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||
Tax benefit |
|
|
|
|
|||||||||||||||||||||||||
Net of tax | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||
Benefit plan funding position | |||||||||||||||||||||||||||||
Recognized net actuarial loss - pension/postretirement plans
|
(4) | $ |
|
$ |
|
$ |
(
|
$ |
(
|
||||||||||||||||||||
Recognized net actuarial gain (loss) - other plans
|
(4) |
(
|
(
|
(
|
(
|
||||||||||||||||||||||||
Total before tax | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||
Tax benefit |
|
|
|
|
|||||||||||||||||||||||||
Net of tax | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
Nine Months Ended | |||||||||||
February 25, 2024 | February 26, 2023 | ||||||||||
Weighted-average fair value | $ |
|
$ |
|
|||||||
Dividend yield |
|
% |
|
% | |||||||
Expected volatility of stock |
|
% |
|
% | |||||||
Risk-free interest rate |
|
% |
|
% | |||||||
Expected option life (in years) |
|
|
|||||||||
Weighted-average exercise price per share | $ |
|
$ |
|
Nine Months Ended | |||||||||||
February 25, 2024 | February 26, 2023 | ||||||||||
Dividend yield (1) |
|
% |
|
% | |||||||
Expected volatility of stock |
|
% |
|
% | |||||||
Risk-free interest rate |
|
% |
|
% | |||||||
Expected life (in years) |
|
|
|||||||||
Weighted-average grant date fair value per unit | $ |
|
$ |
|
(in millions) |
Stock
Options |
Restricted
Stock/ Restricted Stock Units |
Equity-Settled
Performance Stock Units |
Cash-Settled Darden
Stock Units |
||||||||||||||||||||||
Outstanding beginning of period |
|
|
|
|
||||||||||||||||||||||
Awards granted |
|
|
|
|
||||||||||||||||||||||
Awards exercised/vested |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Awards forfeited |
|
|
|
(
|
||||||||||||||||||||||
Outstanding end of period |
|
|
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(in millions) |
February 25,
2024 |
February 26,
2023 |
February 25,
2024 |
February 26,
2023 |
||||||||||||||||||||||
Stock options | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Restricted stock/restricted stock units |
|
|
|
|
||||||||||||||||||||||
Equity-settled performance stock units |
|
|
|
|
||||||||||||||||||||||
Cash-settled Darden stock units |
|
|
|
|
||||||||||||||||||||||
Employee stock purchase plan |
|
|
|
|
||||||||||||||||||||||
Director compensation program/other |
|
|
|
|
||||||||||||||||||||||
Total stock-based compensation expense | $ |
|
$ |
|
$ |
|
$ |
|
Fair Values | |||||||||||||||||||||||||||||||||||||||||
(in millions, except
per share data) |
Number of Shares Outstanding |
Weighted-Average
Per Share Forward Rates |
Notional Values | Derivative Assets (1) | Derivative Liabilities (1) | ||||||||||||||||||||||||||||||||||||
February 25, 2024 |
February 25,
2024 |
May 28,
2023 |
February 25,
2024 |
May 28,
2023 |
|||||||||||||||||||||||||||||||||||||
Equity forwards: | |||||||||||||||||||||||||||||||||||||||||
Designated |
|
$
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
Not designated |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Total equity forwards (2) | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||
Commodity contracts: | |||||||||||||||||||||||||||||||||||||||||
Designated | N/A | N/A | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
Not designated | N/A | N/A |
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Total commodity contracts (3) | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||
Interest rate related | |||||||||||||||||||||||||||||||||||||||||
Designated - Fair Value Hedge | N/A | N/A | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
Not designated | N/A | N/A |
|
|
|
|
|||||||||||||||||||||||||||||||||||
Total interest rate related | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||
Total derivative contracts | $ |
|
$ |
|
$ |
|
$ |
|
Amount of Gain (Loss) Recognized in AOCI | Amount of Gain (Loss) Reclassified from AOCI to Earnings | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||
(in millions) |
February 25,
2024 |
February 26,
2023 |
February 25,
2024 |
February 26,
2023 |
||||||||||||||||||||||||||||||||||
Equity (1) | $ |
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||
Commodity (2) |
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||
Interest rate (3) |
|
|
|
|
||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI | Amount of Gain (Loss) Reclassified from AOCI to Earnings | |||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(in millions) |
February 25,
2024 |
February 26,
2023 |
February 25,
2024 |
February 26,
2023 |
||||||||||||||||||||||||||||||||||
Equity (1) | $ |
(
|
$ |
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||
Commodity (2) |
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||
Interest rate (3) |
|
|
|
(
|
||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
(
|
$ |
(
|
$ |
(
|
Amount of Gain (Loss) Recognized in Earnings on Derivatives | Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||
(in millions) |
February 25,
2024 |
February 26,
2023 |
February 25,
2024 |
February 26,
2023 |
||||||||||||||||||||||||||||||||||
Interest rate (1)(2) | $ |
|
$ |
(
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item | |||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(in millions) |
February 25,
2024 |
February 26,
2023 |
February 25,
2024 |
February 26,
2023 |
||||||||||||||||||||||||||||||||||
Interest rate (1)(2) | $ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Earnings | ||||||||||||||||||||||||||
(in millions) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Earnings on Derivatives | February 25, 2024 | February 26, 2023 | February 25, 2024 | February 26, 2023 | ||||||||||||||||||||||
General and administrative expenses | $ |
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||
Items Measured at Fair Value at February 25, 2024 | |||||||||||||||||||||||||||||
(in millions) |
Fair value
of assets (liabilities) |
Quoted prices
in active market for identical assets (liabilities) (Level 1) |
Significant
other observable inputs (Level 2) |
Significant
unobservable inputs (Level 3) |
|||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||
Commodities futures, swaps & options | (1) | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
Equity forwards | (2) |
(
|
|
(
|
$ |
|
|||||||||||||||||||||||
Interest rate swaps - fair value hedge | (3) |
(
|
|
(
|
|
||||||||||||||||||||||||
Total | $ |
(
|
$ |
|
$ |
(
|
$ |
|
Items Measured at Fair Value at May 28, 2023 | |||||||||||||||||||||||||||||
(in millions) |
Fair value
of assets (liabilities) |
Quoted prices
in active market for identical assets (liabilities) (Level 1) |
Significant
other observable inputs (Level 2) |
Significant
unobservable inputs (Level 3) |
|||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||
Commodities futures, swaps & options | (1) | $ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||
Equity forwards | (2) |
|
|
|
|
||||||||||||||||||||||||
Interest rate swaps - fair value hedge | (3) |
(
|
|
(
|
|
||||||||||||||||||||||||
Total | $ |
(
|
$ |
|
$ |
(
|
$ |
|
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
(in millions) |
February 25,
2024 |
February 26,
2023 |
% Chg |
February 25,
2024 |
February 26,
2023 |
% Chg | |||||||||||||||||||||||||||||
Sales | $ | 2,974.8 | $ | 2,786.2 | 6.8% | $ | 8,432.7 | $ | 7,718.8 | 9.2% | |||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Food and beverage
|
920.2 | 887.0 | 3.7 | 2,617.0 | 2,500.6 | 4.7 | |||||||||||||||||||||||||||||
Restaurant labor
|
937.1 | 874.2 | 7.2 | 2,693.3 | 2,476.5 | 8.8 | |||||||||||||||||||||||||||||
Restaurant expenses
|
471.9 | 440.3 | 7.2 | 1,368.9 | 1,260.8 | 8.6 | |||||||||||||||||||||||||||||
Marketing expenses
|
31.7 | 28.2 | 12.4 | 107.2 | 89.6 | 19.6 | |||||||||||||||||||||||||||||
General and administrative expenses
|
108.2 | 107.0 | 1.1 | 376.3 | 285.7 | 31.7 | |||||||||||||||||||||||||||||
Depreciation and amortization
|
117.9 | 98.3 | 19.9 | 340.2 | 290.7 | 17.0 | |||||||||||||||||||||||||||||
Impairments and disposal of assets, net
|
0.4 | 1.3 | (69.2) | 11.0 | (12.4) | NM | |||||||||||||||||||||||||||||
Total costs and expenses | $ | 2,587.4 | $ | 2,436.3 | 6.2 | $ | 7,513.9 | $ | 6,891.5 | 9.0 | |||||||||||||||||||||||||
Operating income | 387.4 | 349.9 | 10.7 | 918.8 | 827.3 | 11.1 | |||||||||||||||||||||||||||||
Interest, net | 36.5 | 19.6 | 86.2 | 103.3 | 59.2 | 74.5 | |||||||||||||||||||||||||||||
Earnings before income taxes | 350.9 | 330.3 | 6.2 | $ | 815.5 | $ | 768.1 | 6.2 | |||||||||||||||||||||||||||
Income tax expense (1) | 37.5 | 43.5 | (13.8) | 95.0 | 100.2 | (5.2) | |||||||||||||||||||||||||||||
Earnings from continuing operations | $ | 313.4 | $ | 286.8 | 9.3 | $ | 720.5 | $ | 667.9 | 7.9 | |||||||||||||||||||||||||
Losses from discontinued operations, net of tax | (0.5) | (0.2) | NM | (1.0) | (1.1) | (9.1) | |||||||||||||||||||||||||||||
Net earnings | $ | 312.9 | $ | 286.6 | 9.2% | $ | 719.5 | $ | 666.8 | 7.9% | |||||||||||||||||||||||||
Diluted net earnings per share:
|
|||||||||||||||||||||||||||||||||||
Earnings from continuing operations
|
$ | 2.60 | $ | 2.34 | 11.1% | $ | 5.95 | $ | 5.42 | 9.8% | |||||||||||||||||||||||||
Losses from discontinued operations
|
— | — | — | — | (0.01) | (100.0) | |||||||||||||||||||||||||||||
Net earnings
|
$ | 2.60 | $ | 2.34 | 11.1% | $ | 5.95 | $ | 5.41 | 10.0% | |||||||||||||||||||||||||
(1) Effective tax rate
|
10.7 | % | 13.2 | % | 11.6 | % | 13.0 | % | |||||||||||||||||||||||||||
NM- Percentage not considered meaningful. |
February 25,
2024 |
May 28,
2023 |
February 26,
2023 |
||||||||||||||||||
Olive Garden | 917 | 905 | 893 | |||||||||||||||||
LongHorn Steakhouse | 572 | 562 | 554 | |||||||||||||||||
Cheddar’s Scratch Kitchen | 181 | 180 | 179 | |||||||||||||||||
Yard House | 88 | 86 | 86 | |||||||||||||||||
Ruth’s Chris Steak House | 79 | — | — | |||||||||||||||||
The Capital Grille | 64 | 62 | 61 | |||||||||||||||||
Seasons 52 | 44 | 44 | 43 | |||||||||||||||||
Bahama Breeze | 43 | 42 | 42 | |||||||||||||||||
Eddie V’s | 30 | 29 | 29 | |||||||||||||||||
The Capital Burger | 4 | 4 | 3 | |||||||||||||||||
Total | 2,022 | 1,914 | 1,890 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(in millions) | February 25, 2024 | February 26, 2023 | % Chg | SRS (1) | February 25, 2024 | February 26, 2023 | % Chg | SRS (1) | |||||||||||||||||||||
Olive Garden | $ | 1,310.2 | $ | 1,301.2 | 0.7 | % | (1.8) | % | $ | 3,789.5 | $ | 3,608.6 | 5.0 | % | 2.6 | % | |||||||||||||
LongHorn Steakhouse | $ | 730.7 | $ | 695.5 | 5.1 | % | 2.3 | % | $ | 2,043.5 | $ | 1,900.6 | 7.5 | % | 5.0 | % | |||||||||||||
Fine Dining | $ | 372.9 | $ | 235.6 | 58.3 | % | (2.3) | % | $ | 964.4 | $ | 621.0 | 55.3 | % | (2.3) | % | |||||||||||||
Other Business | $ | 561.0 | $ | 553.9 | 1.3 | % | (2.6) | % | $ | 1,635.3 | $ | 1,588.6 | 2.9 | % | (0.7) | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
February 25, 2024 | February 26, 2023 | February 25, 2024 | February 26, 2023 | ||||||||||||||||||||
Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Food and beverage
|
30.9 | 31.8 | 31.0 | 32.4 | |||||||||||||||||||
Restaurant labor
|
31.5 | 31.4 | 31.9 | 32.1 | |||||||||||||||||||
Restaurant expenses
|
15.9 | 15.8 | 16.2 | 16.3 | |||||||||||||||||||
Marketing expenses
|
1.1 | 1.0 | 1.3 | 1.2 | |||||||||||||||||||
General and administrative expenses
|
3.6 | 3.8 | 4.5 | 3.7 | |||||||||||||||||||
Depreciation and amortization
|
4.0 | 3.5 | 4.0 | 3.8 | |||||||||||||||||||
Impairments and disposal of assets, net
|
— | — | 0.1 | (0.2) | |||||||||||||||||||
Total operating costs and expenses | 87.0 | % | 87.4 | % | 89.1 | % | 89.3 | % | |||||||||||||||
Operating income | 13.0 | 12.6 | 10.9 | 10.7 | |||||||||||||||||||
Interest, net | 1.2 | 0.7 | 1.2 | 0.8 | |||||||||||||||||||
Earnings before income taxes | 11.8 | 11.9 | 9.7 | 10.0 | |||||||||||||||||||
Income tax expense | 1.3 | 1.6 | 1.1 | 1.3 | |||||||||||||||||||
Earnings from continuing operations | 10.5 | % | 10.3 | % | 8.5 | % | 8.7 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
Segment | February 25, 2024 | February 26, 2023 | Change | February 25, 2024 | February 26, 2023 | Change | ||||||||||||||||||||||||||||||||
Olive Garden | 22.5% | 22.5% | — BPS | 21.6% | 20.2% | 140 BPS | ||||||||||||||||||||||||||||||||
LongHorn Steakhouse | 18.7% | 17.4% | 130 BPS | 17.9% | 15.7% | 220 BPS | ||||||||||||||||||||||||||||||||
Fine Dining | 21.8% | 21.8% | — BPS | 18.4% | 19.4% | (100) BPS | ||||||||||||||||||||||||||||||||
Other Business | 14.9% | 14.0% | 90 BPS | 14.3% | 13.2% | 110 BPS | ||||||||||||||||||||||||||||||||
1 Segment profit margin calculated as (sales less costs of food & beverage, restaurant labor, restaurant expenses and marketing expenses) / sales. |
(Dollars in millions, except per share data) |
Total Number of
Shares Purchased (1) (2) |
Average
Price Paid per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Dollar Value of
Shares that May Yet be Purchased Under the Plans or Programs (3) |
||||||||||||||||||||||
November 27, 2023 through December 31, 2023 | 83,997 | $ | 160.00 | 83,997 | $ | 314.5 | ||||||||||||||||||||
January 1, 2024 through January 28, 2024 | 61,343 | $ | 160.23 | 61,343 | $ | 304.7 | ||||||||||||||||||||
January 29, 2024 through February 25, 2024 | 56,854 | $ | 164.50 | 56,854 | $ | 295.3 | ||||||||||||||||||||
Quarter-to-Date | 202,194 | $ | 161.34 | 202,194 | $ | 295.3 |
Exhibit No. | Exhibit Title | |||||||
31(a) | ||||||||
31(b) | ||||||||
32(a) | ||||||||
32(b) | ||||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Schema Document | |||||||
101.CAL | XBRL Calculation Linkbase Document | |||||||
101.DEF | XBRL Definition Linkbase Document | |||||||
101.LAB | XBRL Label Linkbase Document | |||||||
101.PRE | XBRL Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
DARDEN RESTAURANTS, INC. | |||||||||||
Dated: | April 2, 2024 | By: | /s/ Rajesh Vennam | ||||||||
Rajesh Vennam | |||||||||||
Senior Vice President, Chief Financial Officer | |||||||||||
(Principal financial officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Biography: • Managing Director of Pisces, Inc. since 2010. Interim President and Chief Executive Officer of Gap Inc. from January 2007 to August 2007 and November 2019 to March 2020. Chair of the Board of Gap Inc. from 2004 to August 2007 and February 2015 to March 2020. Executive of Gap Inc. from 1992 to 1999. Various positions with Gap Inc. from 1980 to 1992. Experience: • Mr. Fisher has vast retail business experience specific to Gap Inc. and its global operations, as a result of his many years serving in a variety of high-level positions at the Company. His previous leadership and oversight roles at Gap Inc. provide him with a deep understanding and unique insight into the Company’s organizational and operational structure. In addition, Mr. Fisher brings strong leadership to the Board based on perspective gained from his previous management roles and as a key member of the founding family and significant shareholder. | |||
Biography: • Chief Executive Officer of SonarSource SA, an open source enterprise software company developing artificial intelligence and analytical solutions to improve the quality and security of software, since August 2023. President of Bumble Inc. from 2020 to 2023. President, Google Cloud at Google LLC from 2016 to 2020. Chief Commercial Officer of Caesars Entertainment Corporation from 2014 to 2016, after joining the company in 2012 as Chief Marketing Officer (Caesars Entertainment Operating Company, Inc., a subsidiary of Caesars Entertainment Corporation, and for which Mr. Shaukat served as an executive officer, filed voluntary petitions for relief under Chapter 11 in 2015). Prior to Caesars, Mr. Shaukat was a Partner at McKinsey & Company focused on consumer businesses in the travel, financial services, media and technology industries. Experience: • As the Chief Executive Officer of SonarSource, and as the former President of Bumble, President of Google Cloud, and Chief Commercial Officer and Chief Marketing Officer of Caesars, Mr. Shaukat brings extensive experience in overseeing finance, legal, operations, revenue management, marketing, information technology, analytics and machine learning initiatives. He also brings to the Board his leadership experience in these roles, as well as his other prior roles as a Partner at McKinsey & Company and at various technology companies. | |||
Biography: • Former Executive Vice President at The Walt Disney Company’s Disney ABC Television Group from 2014 to 2016, overseeing strategy and programming for ABC Family’s Freeform channel. Various senior executive roles at Comcast NBCUniversal from 2003 to 2014, including President of Style Network from 2008 to 2013. Senior executive at Viacom from 1993 to 2002, including serving as a senior executive within MTV Networks International Division and supporting Nickelodeon’s global expansion in Europe, Asia, and Latin America. Experience: • Ms. Coleman Smith has over 20 years of media and entertainment industry experience at three global companies. She also brings experience in strategy and change management, having lead organizations through periods of significant transformation and growth. Additionally, she has substantial insights from her experience supporting inclusion and belonging at the management level in the media industry. | |||
Biography: • Managing Director of Pisces, Inc. since 2010. Interim President and Chief Executive Officer of Gap Inc. from January 2007 to August 2007 and November 2019 to March 2020. Chair of the Board of Gap Inc. from 2004 to August 2007 and February 2015 to March 2020. Executive of Gap Inc. from 1992 to 1999. Various positions with Gap Inc. from 1980 to 1992. Experience: • Mr. Fisher has vast retail business experience specific to Gap Inc. and its global operations, as a result of his many years serving in a variety of high-level positions at the Company. His previous leadership and oversight roles at Gap Inc. provide him with a deep understanding and unique insight into the Company’s organizational and operational structure. In addition, Mr. Fisher brings strong leadership to the Board based on perspective gained from his previous management roles and as a key member of the founding family and significant shareholder. | |||
Biography: • President and Chief Executive Officer of Gap Inc. since August 2023. President and Chief Operating Officer of Mattel, Inc., a leading global toy company, from 2015 to 2023. Chief Brands Officer of Mattel, Inc. from 2014 to 2015. President and Chief Executive Officer, Branded Businesses of The Jones Group (now Premier Brands Group Holdings), which owned a portfolio of premier apparel, footwear, and accessories brands, from 2010 to 2014. Various senior executive roles at Mattel, Inc. from 2000 to 2010. Experience: • As the current President and Chief Executive Officer of Gap Inc., and with more than two decades in senior leadership roles across fashion, beauty, retail, toys and entertainment, Mr. Dickson brings extensive retail and e-commerce, operations, leadership, financial, and global business experience to the Board. In addition, he brings expertise in brand rejuvenation, digital transformation, and performance improvement, having led Mattel’s revitalization into a culturally relevant and highly innovative company. | |||
Biography: • Former Chairman of Exelon Corporation, an energy company, from 2013 to 2022, and Executive Chairman of Exelon Corporation from 2012 to 2013. Chairman, Chief Executive Officer, and President of Constellation Energy Group from 2002 to 2012. Mr. Shattuck also has extensive experience in the financial services industry. Experience: • With his experience as a director of four other public companies, as the former Chief Executive Officer of Constellation Energy Group, and as the former Executive and Non-Executive Chairman of Exelon Corporation, Mr. Shattuck brings extensive leadership experience as well as expertise in risk oversight, financial literacy and reporting, corporate governance, and compliance. | |||
Biography: • Former Chief Executive Officer of Publicis Spine, a division of Publicis Groupe, one of the largest marketing companies in the world, and a member of the Publicis Groupe Management Committee from 2017 to 2020. Global Brand President of Starcom Worldwide from 2016 to 2017. Chief Executive Officer of Starcom USA from 2009 to 2016. Experience: • With over 30 years of global marketing experience, including as the former Chief Executive Officer of two leading marketing agencies, Ms. Donohue brings extensive expertise in global consumer, data, and digital marketing leadership. In addition, she brings experience in advising companies on their holistic marketing strategies and helping them navigate shifts into digital and data driven marketing economies. | |||
Chris Blakeslee President and Chief Executive Officer, Athleta | |||
Biography: • Chief Executive Officer, International at Starbucks Corporation since 2024. Executive Vice President, Global Chief Marketing Officer of Starbucks Corporation from 2020 to 2024. Senior Vice President, Digital Customer Experience at Starbucks Corporation from 2019 to 2020, and Chief Operating Officer, Starbucks Japan at Starbucks Corporation from 2016 to 2019. Mr. Brewer previously held various senior roles at Starbucks Corporation focused on marketing, brand, product, loyalty, store design, and digital. Experience: • With more than twenty years of experience at Starbucks across marketing, digital customer experience innovation, food and beverage, research, development and engineering, creative and brand management, consumer insights, data analytics, and sustainability, Mr. Brewer has expertise leading initiatives that enhance the retail customer experience and brand loyalty, while achieving operational efficiencies. Mr. Brewer also has extensive international experience, including in his current role as Chief Executive Officer, International at Starbucks, where he is responsible for teams across Asia Pacific, Europe, the Middle East, Africa, Japan, Latin America and the Caribbean, as well as global channel development and consumer packaged goods, and Starbucks’ international licensing partners. | |||
Biography: • Former Chief Executive Officer of Regal Entertainment Group, a leading theater chain, from 2009 to 2018, and Chair of the Board of Regal Entertainment Group from 2015 to 2018. Executive Vice President, Chief Financial Officer and Treasurer of Regal Entertainment Group from 2002 to 2009. Experience: • As a former Chair, Chief Executive Officer and Chief Financial Officer, Ms. Miles brings extensive finance, accounting, and management experience to the Board. In addition, she brings expertise in information technology, marketing, and strategic planning. |
Name and
Principal Position in 2024 |
Fiscal
Year |
Salary
($) |
Bonus
($) |
Stock
Awards ($) |
Option
Awards ($) |
Non-Equity
Incentive Plan Compensation ($) |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings ($) |
All Other
Compensation ($) |
Total
($) |
||||||||||||||||||||
Richard Dickson |
2024
|
1,400,000 | 175,000 | 12,281,658 | — | 5,180,000 | — | 390,188 | 19,426,846 | ||||||||||||||||||||
President and CEO, Gap Inc. | 2023 | 697,159 | — | 11,542,892 | — | 1,802,511 | — | 322,446 | 14,365,008 | ||||||||||||||||||||
Katrina O'Connell |
2024
|
900,000 | — | 4,281,618 | — | 2,700,000 | — | 67,744 | 7,949,362 | ||||||||||||||||||||
EVP and CFO, Gap Inc. | 2023 | 914,615 | — | 3,314,782 | — | 2,557,510 | — | 67,682 | 6,854,589 | ||||||||||||||||||||
2022 | 866,538 | — | 2,521,291 | 638,980 | — | — | 61,280 | 4,088,089 | |||||||||||||||||||||
Horacio Barbeito |
2024
|
1,084,615 | 1,187,500 | 6,728,281 | — | 3,253,022 | — | 501,416 | 12,754,834 | ||||||||||||||||||||
President and CEO, Old Navy | 2023 | 1,019,230 | 1,187,500 | 2,951,030 | — | 2,595,611 | — | 307,619 | 8,060,990 | ||||||||||||||||||||
2022 | 500,000 | 745,879 | 5,419,394 | — | — | — | 148,197 | 6,813,470 | |||||||||||||||||||||
Mark Breitbard |
2024
|
1,100,000 | — | 4,281,618 | — | 3,300,000 | — | 74,369 | 8,755,987 | ||||||||||||||||||||
President and CEO, Gap Brand | 2023 | 1,121,154 | — | 2,295,250 | — | 3,300,000 | — | 74,793 | 6,791,197 | ||||||||||||||||||||
2022 | 1,100,000 | — | 2,521,291 | 638,980 | — | — | 74,194 | 4,334,465 | |||||||||||||||||||||
Chris Blakeslee |
2024
|
950,000 | 450,000 | 3,975,776 | — | 1,239,750 | — | 305,721 | 6,921,247 | ||||||||||||||||||||
President and CEO, Athleta | 2023 | 475,000 | — | 8,092,183 | — | 855,398 | — | 287,055 | 9,709,636 |
No Customers Found
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
FISHER ROBERT J | - | 12,972,700 | 3,329,500 |
FISHER WILLIAM SYDNEY | - | 10,937,500 | 15,000 |
FISHER JOHN J | - | 3,120,240 | 20,000 |
MARTIN BOB L | - | 859,843 | 0 |
Breitbard Mark | - | 123,985 | 0 |
Breitbard Mark | - | 123,985 | 0 |
Blakeslee Chris | - | 72,039 | 0 |
Saksena Asheesh | - | 62,923 | 0 |
DICKSON RICHARD | - | 52,864 | 0 |
STANGL SANDRA | - | 43,401 | 0 |
MILES AMY E | - | 30,070 | 0 |
Gruber Julie | - | 24,375 | 0 |
Thompson Amanda J | - | 14,691 | 0 |
Gilligan Sarah | - | 11,741 | 0 |
Gilligan Sarah | - | 8,851 | 0 |
Donohue Elisabeth B | - | 4,000 | 0 |
Gruber Julie | - | 1,384 | 0 |
Barbeito Horacio | - | 308 | 0 |
O'Connell Katrina | - | 0 | 670 |