– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
ORLANDO, Fla., June 23, 2022 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 29, 2022.
Fourth Quarter 2022 Financial Highlights
Consolidated Darden |
11.7 % |
|||
Olive Garden |
6.5 % |
|||
LongHorn Steakhouse |
10.6 % |
|||
Fine Dining |
34.5 % |
|||
Other Business |
18.5 % |
* See the "Non-GAAP Information" below for more details.
Fiscal 2022 Financial Highlights
Consolidated Darden |
30.9 % |
|||
Olive Garden |
24.1 % |
|||
LongHorn Steakhouse |
28.1 % |
|||
Fine Dining |
62.7 % |
|||
Other Business |
42.4 % |
* See the "Non-GAAP Information" below for more details.
"We had a strong quarter despite experiencing high inflation, and fiscal 2022 was a solid year," said Darden President & CEO Rick Cardenas. "Darden's competitive advantages enabled our brands to strengthen their business models while our restaurant teams continued to deliver exceptional guest experiences in a challenging operating environment. As we begin our new fiscal year, our focus remains on driving profitable sales, investing in the guest experience and simplifying operations. Darden's strategy, and our strong balance sheet, positions us well regardless of the operating environment."
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.
Q4 Sales |
Q4 Segment Profit |
|||||||||||
($ in millions) |
2022 |
2021 |
Pre-COVID1 |
2022 |
2021 |
Pre-COVID1 |
||||||
Consolidated Darden |
$2,602.9 |
$2,279.2 |
$2,229.1 |
|||||||||
Olive Garden |
$1,193.7 |
$1,103.7 |
$1,107.0 |
$265.3 |
$281.6 |
$232.9 |
||||||
LongHorn Steakhouse |
$647.3 |
$572.0 |
$484.4 |
$115.8 |
$118.0 |
$92.9 |
||||||
Fine Dining |
$210.5 |
$149.6 |
$154.6 |
$44.0 |
$33.1 |
$32.1 |
||||||
Other Business |
$551.4 |
$453.9 |
$483.1 |
$85.9 |
$86.8 |
$77.7 |
||||||
Annual Sales |
Annual Segment Profit |
|||||||||||
($ in millions) |
2022 |
2021 |
Pre-COVID2 |
2022 |
2021 |
Pre-COVID2 |
||||||
Consolidated Darden |
$9,630.0 |
$7,196.1 |
$8,765.9 |
|||||||||
Olive Garden |
$4,503.9 |
$3,593.4 |
$4,390.0 |
$993.7 |
$832.9 |
$898.8 |
||||||
LongHorn Steakhouse |
$2,374.3 |
$1,810.4 |
$1,892.6 |
$418.4 |
$323.5 |
$343.9 |
||||||
Fine Dining |
$776.2 |
$443.2 |
$634.0 |
$165.0 |
$80.2 |
$129.6 |
||||||
Other Business |
$1,975.6 |
$1,349.1 |
$1,849.3 |
$300.2 |
$193.0 |
$259.3 |
||||||
Average weekly sales by segment:
Q4 Average Weekly Sales |
Annual Average Weekly Sales |
||||||
2022 |
2021 |
Pre-COVID1 |
2022 |
2021 |
Pre-COVID2 |
||
Consolidated Darden |
$107,199 |
$95,859 |
$96,542 |
$99,815 |
$76,134 |
$94,148 |
|
Olive Garden |
$103,885 |
$97,425 |
$99,105 |
$98,443 |
$79,296 |
$97,759 |
|
LongHorn Steakhouse |
$91,731 |
$83,004 |
$73,088 |
$84,896 |
$66,261 |
$70,929 |
|
Fine Dining |
$182,454 |
$136,426 |
$152,848 |
$169,480 |
$103,813 |
$152,687 |
|
Other Business |
$120,481 |
$101,910 |
$113,838 |
$108,790 |
$76,734 |
$107,285 |
|
1 Pre-COVID represents FY2019 Q4. |
|||||||
2 Pre-COVID represents trailing four quarters ended FY2020 Q3 |
|||||||
Dividend Declared
Darden's Board of Directors declared a quarterly cash dividend of $1.21 per share, a 10% increase from third quarter fiscal 2022, on the Company's outstanding common stock. The dividend is payable on August 1, 2022 to shareholders of record at the close of business on July 8, 2022.
Share Repurchase Program
During the quarter, the Company repurchased approximately 1.8 million shares of its common stock for a total cost of approximately $237 million. In addition, yesterday, Darden's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $1 billion of its outstanding common stock. This repurchase program does not have an expiration and replaces the previously existing share repurchase authorization.
"By adhering to our strategy, and pricing below inflation, we ended the year with significantly better margins than pre-COVID," said CFO Raj Vennam. "As a result, we generated $1.3 billion of cash from operations in fiscal 2022. The strength of our operating model and its ability to generate durable cash flow allows us to be disciplined as we enter fiscal 2023."
Fiscal 2023 Financial Outlook
Below is the full year financial outlook for fiscal 2023. We will provide additional detail on the quarterly flow during our investor conference call scheduled for this morning at 8:30 am ET.
Annual Meeting of Shareholders
Darden will hold its Annual Meeting of Shareholders on September 21, 2022. The meeting will be held in a virtual format only. The record date for shareholders to vote in the Annual Meeting is July 27, 2022.
Investor Conference Call
The Company will host a conference call and slide presentation on Thursday, June 23, 2022 at 8:30 am ET to review its recent financial performance. To listen to the call live, please go to https://app.webinar.net/odE52WZBJex at least fifteen minutes early to register, download, and install any necessary audio software. Prior to the call, a slide presentation will be posted on the Investor Relations section of our website at: www.darden.com. For those who cannot access the Internet, please dial 1-800-263-0877 and enter passcode 3401699. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's. For more information, please visit www.darden.com.
Information About Forward-Looking Statements
Forward-looking statements in this communication regarding our expected earnings performance and all other statements that are not historical facts, including without limitation statements concerning our future economic performance, 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 first 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. These risks and uncertainties include: the impacts of the novel coronavirus (COVID-19) pandemic on our business and the response of governments and of our Company to the outbreak, health concerns including food-related pandemics or outbreaks of flu or other viruses, food safety and food-borne illness concerns, the inability to hire, train, reward and retain restaurant team members, a failure to develop and recruit effective leaders, labor and insurance costs, technology failures including failure to maintain a secure cyber network, compliance with privacy and data protection laws and risks of failures or breaches of our data protection systems, risks relating to public policy changes and federal, state and local regulation of our business, intense competition, changing consumer preferences, an inability or failure to manage the accelerated impact of social media, a failure to execute innovative marketing tactics, a failure to address cost pressures, economic factors specific to the restaurant industry and general macroeconomic factors including interest rates, climate change, adverse weather conditions and natural disasters, long-term and non-cancelable property leases, failure to execute a business continuity plan following a disaster, shortages or interruptions in the delivery of food and other products and services, failure to drive profitable sales growth, a lack of availability of suitable locations for new restaurants, higher-than-anticipated costs to open, close, relocate or remodel restaurants, risks of doing business with franchisees, licensees and vendors in foreign markets, volatility in the market value of derivatives, volatility leading to the inability to hedge equity compensation market exposure, failure to protect our intellectual property, litigation, unfavorable publicity, disruptions in the financial markets, impairment in the carrying value of our goodwill or other intangible assets, changes in tax laws or unanticipated tax liabilities, failure of our internal controls over financial reporting and other factors and uncertainties discussed from time to time in reports filed by Darden with the Securities and Exchange Commission.
Non-GAAP Information
The information in this press release includes financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ("GAAP"), such as adjusted diluted net earnings per share from continuing operations and EBITDA - earnings before interest, taxes, depreciation and amortization. The Company's management uses these non-GAAP measures in its analysis of the Company's performance. The Company believes that the presentation of certain non-GAAP measures provides useful supplemental information that is essential to a proper understanding of the operating results of the Company's businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in this release.
Fiscal 2022 EBITDA Reconciliations |
||
$ in millions |
||
Q4 |
Fiscal 2022 |
|
Net Earnings from Continuing Operations |
$281.7 |
$954.7 |
Interest, Net |
18.9 |
68.7 |
Income tax expense |
37.6 |
138.8 |
Depreciation and amortization |
93.0 |
368.4 |
EBITDA |
$431.2 |
$1,530.6 |
Reported to Adjusted Earnings Reconciliation |
|||||||||
Q4 2021 |
2021 |
||||||||
$ in millions, except per share amounts |
Earnings Before Income Tax |
Income Tax Expense (Benefit) |
Net Earnings |
Diluted Net Earnings Per Share |
Earnings Before Income Tax |
Income Tax Expense (Benefit) |
Net Earnings |
Diluted Net Earnings Per Share |
|
Reported Earnings from Continuing Operations |
$306.0 |
$(63.0) |
$369.0 |
$2.79 |
$576.5 |
$(55.9) |
$632.4 |
$4.80 |
|
Adjustments: |
|||||||||
Corporate restructuring1 |
47.8 |
12.0 |
35.8 |
0.27 |
|||||
Income tax benefit2 |
99.7 |
(99.7) |
(0.76) |
99.7 |
(99.7) |
(0.76) |
|||
Adjusted Diluted Earnings from Continuing Operations |
$306.0 |
$36.7 |
$269.3 |
$2.03 |
$624.3 |
$55.8 |
$568.5 |
$4.31 |
|
1 Includes cash expenses of approximately $38 million, primarily related to severance and benefits, paid over an eighteen month period, and non-cash expenses of approximately $10 million related to acceleration of equity-settled awards and expense associated with the postretirement benefit plan. |
|||||||||
2 Primarily relates to our estimated federal net operating loss (NOL) for fiscal year 2021, which was carried back to the preceding five years. A non-recurring income tax benefit is generated due to the difference in the federal tax rates between fiscal year 2021 and the years to which the NOL was carried back. |
|||||||||
DARDEN RESTAURANTS, INC. NUMBER OF COMPANY-OWNED RESTAURANTS |
||
5/29/22 |
5/30/21 |
|
Olive Garden |
884 |
875 |
LongHorn Steakhouse |
546 |
533 |
Cheddar's Scratch Kitchen |
172 |
170 |
Yard House |
85 |
81 |
The Capital Grille |
62 |
60 |
Seasons 52 |
45 |
44 |
Bahama Breeze |
42 |
42 |
Eddie V's |
28 |
26 |
The Capital Burger |
3 |
3 |
Darden Continuing Operations |
1,867 |
1,834 |
DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share data) (Unaudited) |
|||||||
Three Months Ended |
Twelve Months Ended |
||||||
5/29/2022 |
5/30/2021 |
5/29/2022 |
5/30/2021 |
||||
Sales |
$ 2,602.9 |
$ 2,279.2 |
$ 9,630.0 |
$ 7,196.1 |
|||
Costs and expenses: |
|||||||
Food and beverage |
811.4 |
663.1 |
2,943.6 |
2,072.1 |
|||
Restaurant labor |
829.3 |
690.7 |
3,108.8 |
2,286.3 |
|||
Restaurant expenses |
423.8 |
386.0 |
1,582.6 |
1,344.2 |
|||
Marketing expenses |
20.2 |
24.3 |
93.2 |
91.1 |
|||
General and administrative expenses |
83.5 |
97.7 |
373.2 |
396.2 |
|||
Depreciation and amortization |
93.0 |
89.1 |
368.4 |
350.9 |
|||
Impairments and disposal of assets, net |
3.5 |
5.2 |
(2.0) |
6.6 |
|||
Total operating costs and expenses |
$ 2,264.7 |
$ 1,956.1 |
$ 8,467.8 |
$ 6,547.4 |
|||
Operating income |
338.2 |
323.1 |
1,162.2 |
648.7 |
|||
Interest, net |
18.9 |
17.1 |
68.7 |
63.5 |
|||
Other (income) expense, net |
— |
— |
— |
8.7 |
|||
Earnings before income taxes |
319.3 |
306.0 |
1,093.5 |
576.5 |
|||
Income tax expense (benefit) |
37.6 |
(63.0) |
138.8 |
(55.9) |
|||
Earnings from continuing operations |
$ 281.7 |
$ 369.0 |
$ 954.7 |
$ 632.4 |
|||
Losses from discontinued operations, net of tax expense (benefit) of $0.3, $(0.8), $(0.2) and $(3.2), respectively |
— |
(0.5) |
(1.9) |
(3.1) |
|||
Net earnings |
$ 281.7 |
$ 368.5 |
$ 952.8 |
$ 629.3 |
|||
Basic net earnings per share: |
|||||||
Earnings from continuing operations |
$ 2.26 |
$ 2.82 |
$ 7.47 |
$ 4.85 |
|||
Losses from discontinued operations |
— |
— |
(0.01) |
(0.02) |
|||
Net earnings |
$ 2.26 |
$ 2.82 |
$ 7.46 |
$ 4.83 |
|||
Diluted net earnings per share: |
|||||||
Earnings from continuing operations |
$ 2.24 |
$ 2.79 |
$ 7.40 |
$ 4.80 |
|||
Losses from discontinued operations |
— |
(0.01) |
(0.01) |
(0.03) |
|||
Net earnings |
$ 2.24 |
$ 2.78 |
$ 7.39 |
$ 4.77 |
|||
Average number of common shares outstanding: |
|||||||
Basic |
124.4 |
130.9 |
127.8 |
130.4 |
|||
Diluted |
125.5 |
132.4 |
129.0 |
131.8 |
|||
DARDEN RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS (In millions) |
|||
5/29/2022 |
5/30/2021 |
||
(Unaudited) |
|||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 420.6 |
$ 1,214.7 |
|
Receivables, net |
72.0 |
68.2 |
|
Inventories |
270.6 |
190.8 |
|
Prepaid income taxes |
274.8 |
337.2 |
|
Prepaid expenses and other current assets |
141.4 |
60.2 |
|
Total current assets |
$ 1,179.4 |
$ 1,871.1 |
|
Land, buildings and equipment, net |
3,356.0 |
2,869.2 |
|
Operating lease right-of-use assets |
3,465.1 |
3,776.4 |
|
Goodwill |
1,037.4 |
1,037.4 |
|
Trademarks |
806.3 |
806.3 |
|
Other assets |
291.6 |
295.7 |
|
Total assets |
$ 10,135.8 |
$ 10,656.1 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
$ 366.9 |
$ 304.5 |
|
Accrued payroll |
181.5 |
177.4 |
|
Accrued income taxes |
32.1 |
35.9 |
|
Other accrued taxes |
64.5 |
60.5 |
|
Unearned revenues |
498.0 |
474.2 |
|
Other current liabilities |
704.5 |
795.8 |
|
Total current liabilities |
$ 1,847.5 |
$ 1,848.3 |
|
Long-term debt |
901.0 |
929.8 |
|
Deferred income taxes |
201.1 |
221.6 |
|
Operating lease liabilities - non-current |
3,755.8 |
4,088.5 |
|
Other liabilities |
1,232.2 |
754.8 |
|
Total liabilities |
$ 7,937.6 |
$ 7,843.0 |
|
Stockholders' equity: |
|||
Common stock and surplus |
$ 2,226.0 |
$ 2,286.6 |
|
Retained earnings (deficit) |
(25.9) |
522.3 |
|
Accumulated other comprehensive income (loss) |
(1.9) |
4.2 |
|
Total stockholders' equity |
$ 2,198.2 |
$ 2,813.1 |
|
Total liabilities and stockholders' equity |
$ 10,135.8 |
$ 10,656.1 |
|
DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||
Twelve Months Ended |
|||
5/29/2022 |
5/30/2021 |
||
Cash flows—operating activities |
|||
Net earnings |
$ 952.8 |
$ 629.3 |
|
Losses from discontinued operations, net of tax |
1.9 |
3.1 |
|
Adjustments to reconcile net earnings from continuing operations to cash flows: |
|||
Depreciation and amortization |
368.4 |
350.9 |
|
Impairments and disposal of assets, net |
(2.0) |
6.6 |
|
Stock-based compensation expense |
60.5 |
72.4 |
|
Change in current assets and liabilities and other, net |
(117.0) |
131.2 |
|
Net cash provided by operating activities of continuing operations |
$ 1,264.6 |
$ 1,193.5 |
|
Cash flows—investing activities |
|||
Purchases of land, buildings and equipment |
(376.9) |
(254.9) |
|
Proceeds from disposal of land, buildings and equipment |
10.1 |
5.4 |
|
Purchases of capitalized software and changes in other assets, net |
(22.2) |
(14.2) |
|
Net cash used in investing activities of continuing operations |
$ (389.0) |
$ (263.7) |
|
Cash flows—financing activities |
|||
Net proceeds from issuance of common stock |
40.2 |
46.2 |
|
Dividends paid |
(563.0) |
(202.6) |
|
Repurchases of common stock |
(1,071.3) |
(45.4) |
|
Proceeds from (repayments of) short-term debt, net |
— |
(270.0) |
|
Other, net |
(15.6) |
(7.1) |
|
Net cash used in financing activities of continuing operations |
$ (1,609.7) |
$ (478.9) |
|
Cash flows—discontinued operations |
|||
Net cash provided by (used in) operating activities of discontinued operations |
(8.5) |
0.5 |
|
Net cash provided by (used in) discontinued operations |
$ (8.5) |
$ 0.5 |
|
(Decrease) increase in cash and cash equivalents |
(742.6) |
451.4 |
|
Cash and cash equivalents - beginning of period |
1,214.7 |
763.3 |
|
Cash and cash equivalents - end of period |
$ 472.1 |
$ 1,214.7 |
|
Reconciliation of cash, cash equivalents, and restricted cash: |
5/29/2022 |
5/30/2021 |
|
Cash and cash equivalents |
$ 420.6 |
$ 1,214.7 |
|
Restricted cash included in prepaid expenses and other current assets |
51.5 |
— |
|
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows |
$ 472.1 |
$ 1,214.7 |
|
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SOURCE Darden Restaurants, Inc.: Financial
ОРЛАНДО, Флорида, 23 июня 2022 г. /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) сегодня сообщила о своих финансовых результатах за четвертый квартал и финансовый год, закончившийся 29 мая 2022 года.
Основные финансовые показатели Четвертого квартала 2022 года
Consolidated Darden |
11.7 % |
|||
Olive Garden |
6.5 % |
|||
LongHorn Steakhouse |
10.6 % |
|||
Fine Dining |
34.5 % |
|||
Other Business |
18.5 % |
* Более подробную информацию см. в разделе "Информация, не относящаяся к GAAP" ниже.
Основные финансовые показатели 2022 финансового года
Consolidated Darden |
30.9 % |
|||
Olive Garden |
24.1 % |
|||
LongHorn Steakhouse |
28.1 % |
|||
Fine Dining |
62.7 % |
|||
Other Business |
42.4 % |
* Более подробную информацию см. в разделе "Информация, не относящаяся к GAAP" ниже.
"У нас был сильный квартал, несмотря на высокую инфляцию, и 2022 финансовый год был успешным", - сказал президент и главный исполнительный директор Darden Рик Карденас. "Конкурентные преимущества Darden позволили нашим брендам укрепить свои бизнес-модели, в то время как наши ресторанные команды продолжали предоставлять исключительный сервис для гостей в сложных операционных условиях. В начале нового финансового года мы по-прежнему сосредоточены на стимулировании прибыльных продаж, инвестировании в обслуживание гостей и упрощении операций. Стратегия Darden и наш сильный баланс обеспечивают нам хорошие позиции независимо от операционной среды".
Показатели сегмента
Прибыль сегмента представляет собой продажи за вычетом затрат на продукты питания и напитки, оплату труда в ресторане, ресторанные расходы и маркетинговые расходы. Прибыль сегмента исключает неденежные расходы, связанные с недвижимостью.
Q4 Sales |
Q4 Segment Profit |
|||||||||||
($ in millions) |
2022 |
2021 |
Pre-COVID1 |
2022 |
2021 |
Pre-COVID1 |
||||||
Consolidated Darden |
$2,602.9 |
$2,279.2 |
$2,229.1 |
|||||||||
Olive Garden |
$1,193.7 |
$1,103.7 |
$1,107.0 |
$265.3 |
$281.6 |
$232.9 |
||||||
LongHorn Steakhouse |
$647.3 |
$572.0 |
$484.4 |
$115.8 |
$118.0 |
$92.9 |
||||||
Fine Dining |
$210.5 |
$149.6 |
$154.6 |
$44.0 |
$33.1 |
$32.1 |
||||||
Other Business |
$551.4 |
$453.9 |
$483.1 |
$85.9 |
$86.8 |
$77.7 |
||||||
Annual Sales |
Annual Segment Profit |
|||||||||||
($ in millions) |
2022 |
2021 |
Pre-COVID2 |
2022 |
2021 |
Pre-COVID2 |
||||||
Consolidated Darden |
$9,630.0 |
$7,196.1 |
$8,765.9 |
|||||||||
Olive Garden |
$4,503.9 |
$3,593.4 |
$4,390.0 |
$993.7 |
$832.9 |
$898.8 |
||||||
LongHorn Steakhouse |
$2,374.3 |
$1,810.4 |
$1,892.6 |
$418.4 |
$323.5 |
$343.9 |
||||||
Fine Dining |
$776.2 |
$443.2 |
$634.0 |
$165.0 |
$80.2 |
$129.6 |
||||||
Other Business |
$1,975.6 |
$1,349.1 |
$1,849.3 |
$300.2 |
$193.0 |
$259.3 |
||||||
Средние еженедельные продажи по сегментам:
Q4 Average Weekly Sales |
Annual Average Weekly Sales |
||||||
2022 |
2021 |
Pre-COVID1 |
2022 |
2021 |
Pre-COVID2 |
||
Consolidated Darden |
$107,199 |
$95,859 |
$96,542 |
$99,815 |
$76,134 |
$94,148 |
|
Olive Garden |
$103,885 |
$97,425 |
$99,105 |
$98,443 |
$79,296 |
$97,759 |
|
LongHorn Steakhouse |
$91,731 |
$83,004 |
$73,088 |
$84,896 |
$66,261 |
$70,929 |
|
Fine Dining |
$182,454 |
$136,426 |
$152,848 |
$169,480 |
$103,813 |
$152,687 |
|
Other Business |
$120,481 |
$101,910 |
$113,838 |
$108,790 |
$76,734 |
$107,285 |
|
1 Pre-COVID represents FY2019 Q4. |
|||||||
2 Pre-COVID represents trailing four quarters ended FY2020 Q3 |
|||||||
Объявленные дивиденды
Совет директоров Darden объявил о выплате ежеквартальных денежных дивидендов по обыкновенным акциям Компании в размере 1,21 доллара на акцию, что на 10% больше, чем в третьем квартале 2022 финансового года. Дивиденды выплачиваются 1 августа 2022 года акционерам record на момент закрытия бизнеса 8 июля 2022 года.
Программа обратного выкупа Акций
В течение квартала Компания выкупила около 1,8 миллиона обыкновенных акций на общую сумму около 237 миллионов долларов. Кроме того, вчера Совет директоров Darden одобрил новую программу обратного выкупа акций, в рамках которой Компания может выкупить до 1 миллиарда долларов своих обыкновенных акций, находящихся в обращении. Эта программа обратного выкупа не имеет срока действия и заменяет ранее существовавшее разрешение на обратный выкуп акций.
"Придерживаясь нашей стратегии и устанавливая цены ниже инфляции, мы завершили год со значительно лучшей прибылью, чем до COVID", - сказал финансовый директор Радж Веннам. "В результате мы получили 1,3 миллиарда долларов денежных средств от операций в 2022 финансовом году. Сила нашей операционной модели и ее способность генерировать устойчивый денежный поток позволяют нам быть дисциплинированными, когда мы вступаем в 2023 финансовый год".
Финансовый прогноз на 2023 финансовый год
Ниже приведен финансовый прогноз на весь 2023 финансовый год. Мы предоставим дополнительную информацию о квартальном потоке во время нашей телефонной конференции с инвесторами, запланированной на сегодня утром в 8:30 утра по восточному времени.
Годовое собрание акционеров
Darden проведет свое Годовое собрание акционеров 21 сентября 2022 года. Встреча будет проходить только в виртуальном формате. Рекордная дата голосования акционеров на Годовом собрании - 27 июля 2022 года.
Конференц-звонок для инвесторов
Компания проведет телефонную конференцию и презентацию слайдов в четверг, 23 июня 2022 года, в 8:30 утра по восточному времени, чтобы проанализировать свои последние финансовые показатели. Чтобы прослушать звонок в прямом эфире, пожалуйста, перейдите по ссылке https://app.webinar.net/odE52WZBJex по крайней мере, на пятнадцать минут раньше, чтобы зарегистрироваться, загрузить и установить любое необходимое звуковое программное обеспечение. До звонка слайд-презентация будет размещена в разделе по связям с инвесторами нашего веб-сайта по адресу: www.darden.com . Для тех, кто не может получить доступ к Интернету, пожалуйста, наберите 1-800-263-0877 и введите пароль 3401699. Для тех, кто не может слушать прямую трансляцию, повтор будет доступен вскоре после звонка.
Darden - ресторанная компания с портфолио различных брендов, включая Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze и Eddie V's. Для получения дополнительной информации, пожалуйста, посетите www.darden.com .
Информация О Прогнозных Заявлениях
Прогнозные заявления в этом сообщении относительно наших ожидаемых показателей прибыли и все другие заявления, которые не являются историческими фактами, включая, помимо прочего, заявления, касающиеся наших будущих экономических показателей, сделаны в соответствии с положениями Безопасной гавани Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Любые прогнозные заявления относятся только к дате, на которую такие заявления были сделаны впервые, и мы не берем на себя никаких обязательств обновлять такие заявления, чтобы отразить события или обстоятельства, возникшие после такой даты. Мы хотели бы предостеречь инвесторов от чрезмерного доверия к любым подобным прогнозным заявлениям. По своей природе прогнозные заявления сопряжены с рисками и неопределенностями, которые могут привести к тому, что фактические результаты будут существенно отличаться от ожидаемых в заявлениях. Наиболее существенные из этих неопределенностей описаны в отчетах Дардена по форме 10-K, Форме 10-Q и Форме 8-K. Эти риски и неопределенности включают: последствия нового коронавируса (COVID-19) пандемией на наш бизнес и реакция правительства и нашей компании на вспышку болезни, проблемы со здоровьем, в том числе связанные с питанием, пандемий или эпидемий гриппа или других вирусов, безопасности пищевых продуктов и пищевого происхождения болезни, беспокойство, невозможность нанять, обучить, вознаграждать и удерживать ресторан членов команды, неспособность развиваться и набирать эффективные лидеры, труда и страховые расходы, сбоях техники, в том числе несоблюдение безопасной киберсети, соблюдение конфиденциальности и защита данных законов и риски сбоев или нарушений наших данных систем защиты, риски, связанные с изменениями государственной политики и федеральные, государственные и местные правила нашего бизнеса, жесткая конкуренция, изменения предпочтений потребителей, невозможность или неспособность управлять ускоренное влияние социальных медиа, неисполнение инновационного маркетинга тактика, нерассмотрение ценовое давление, экономических факторов, характерных для ресторанной индустрии и общие макроэкономические факторы, в том числе процентных ставок, изменения климата, неблагоприятные погодные условия и стихийные бедствия, долгосрочным и нерасторжимым договорам аренды имущества, неисполнение план обеспечения непрерывности бизнеса после бедствия, дефицита или перебоев с поставками продовольствия и других товаров и услуг, отказа прибыльный рост продаж, нехватка подходящих мест для новых ресторанов, более высокие, чем ожидалось, расходов, открывать, закрывать, перемещать или переделывать рестораны, риски ведения бизнеса с франчайзи, лицензиатов и поставщиков на внешних рынках, волатильность рыночной стоимости производных финансовых инструментов, нестабильность ведет к невозможности хеджирования долевых компенсации экспозиции на рынке, неспособность защищать нашу интеллектуальную собственность, судебные споры, в невыгодном, перебои в области финансовых рынков, обесценение балансовой стоимости наших гудвила или других нематериальных активов, изменения в налоговом законодательстве или непредвиденных налоговых обязательств, отказа в нашей системе внутреннего контроля за финансовой отчетностью и других факторов неопределенности и время от времени обсуждаются в сообщениях Дарден по ценным бумагам и биржам.
Информация, не относящаяся к ОПБУ
Информация в этом пресс-релизе включает финансовую информацию, определенную методами, отличными от общепринятых принципов бухгалтерского учета США ("GAAP"), таких как скорректированная разводненная чистая прибыль на акцию от продолжающейся деятельности и EBITDA - прибыль до вычета процентов, налогов, износа и амортизации. Руководство Компании использует эти показатели, не относящиеся к GAAP, при анализе результатов деятельности Компании. Компания считает, что представление определенных показателей, не относящихся к GAAP, предоставляет полезную дополнительную информацию, которая необходима для правильного понимания операционных результатов бизнеса Компании. Эти раскрытия, не относящиеся к GAAP, не следует рассматривать как замену операционных результатов, определенных в соответствии с GAAP, и они не обязательно сопоставимы с показателями эффективности, не относящимися к GAAP, которые могут быть представлены другими компаниями. Выверка этих показателей, не относящихся к GAAP, включена в настоящий выпуск.
Fiscal 2022 EBITDA Reconciliations |
||
$ in millions |
||
Q4 |
Fiscal 2022 |
|
Net Earnings from Continuing Operations |
$281.7 |
$954.7 |
Interest, Net |
18.9 |
68.7 |
Income tax expense |
37.6 |
138.8 |
Depreciation and amortization |
93.0 |
368.4 |
EBITDA |
$431.2 |
$1,530.6 |
Reported to Adjusted Earnings Reconciliation |
|||||||||
Q4 2021 |
2021 |
||||||||
$ in millions, except per share amounts |
Earnings Before Income Tax |
Income Tax Expense (Benefit) |
Net Earnings |
Diluted Net Earnings Per Share |
Earnings Before Income Tax |
Income Tax Expense (Benefit) |
Net Earnings |
Diluted Net Earnings Per Share |
|
Reported Earnings from Continuing Operations |
$306.0 |
$(63.0) |
$369.0 |
$2.79 |
$576.5 |
$(55.9) |
$632.4 |
$4.80 |
|
Adjustments: |
|||||||||
Corporate restructuring1 |
47.8 |
12.0 |
35.8 |
0.27 |
|||||
Income tax benefit2 |
99.7 |
(99.7) |
(0.76) |
99.7 |
(99.7) |
(0.76) |
|||
Adjusted Diluted Earnings from Continuing Operations |
$306.0 |
$36.7 |
$269.3 |
$2.03 |
$624.3 |
$55.8 |
$568.5 |
$4.31 |
|
1 Includes cash expenses of approximately $38 million, primarily related to severance and benefits, paid over an eighteen month period, and non-cash expenses of approximately $10 million related to acceleration of equity-settled awards and expense associated with the postretirement benefit plan. |
|||||||||
2 Primarily relates to our estimated federal net operating loss (NOL) for fiscal year 2021, which was carried back to the preceding five years. A non-recurring income tax benefit is generated due to the difference in the federal tax rates between fiscal year 2021 and the years to which the NOL was carried back. |
|||||||||
Darden Restaurants, INC. NUMBER OF COMPANY-OWNED RESTAURANTS |
||
5/29/22 |
5/30/21 |
|
Olive Garden |
884 |
875 |
LongHorn Steakhouse |
546 |
533 |
Cheddar's Scratch Kitchen |
172 |
170 |
Yard House |
85 |
81 |
The Capital Grille |
62 |
60 |
Seasons 52 |
45 |
44 |
Bahama Breeze |
42 |
42 |
Eddie V's |
28 |
26 |
The Capital Burger |
3 |
3 |
Darden Continuing Operations |
1,867 |
1,834 |
Darden Restaurants, INC. CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share data) (Unaudited) |
|||||||
Three Months Ended |
Twelve Months Ended |
||||||
5/29/2022 |
5/30/2021 |
5/29/2022 |
5/30/2021 |
||||
Sales |
$ 2,602.9 |
$ 2,279.2 |
$ 9,630.0 |
$ 7,196.1 |
|||
Costs and expenses: |
|||||||
Food and beverage |
811.4 |
663.1 |
2,943.6 |
2,072.1 |
|||
Restaurant labor |
829.3 |
690.7 |
3,108.8 |
2,286.3 |
|||
Restaurant expenses |
423.8 |
386.0 |
1,582.6 |
1,344.2 |
|||
Marketing expenses |
20.2 |
24.3 |
93.2 |
91.1 |
|||
General and administrative expenses |
83.5 |
97.7 |
373.2 |
396.2 |
|||
Depreciation and amortization |
93.0 |
89.1 |
368.4 |
350.9 |
|||
Impairments and disposal of assets, net |
3.5 |
5.2 |
(2.0) |
6.6 |
|||
Total operating costs and expenses |
$ 2,264.7 |
$ 1,956.1 |
$ 8,467.8 |
$ 6,547.4 |
|||
Operating income |
338.2 |
323.1 |
1,162.2 |
648.7 |
|||
Interest, net |
18.9 |
17.1 |
68.7 |
63.5 |
|||
Other (income) expense, net |
— |
— |
— |
8.7 |
|||
Earnings before income taxes |
319.3 |
306.0 |
1,093.5 |
576.5 |
|||
Income tax expense (benefit) |
37.6 |
(63.0) |
138.8 |
(55.9) |
|||
Earnings from continuing operations |
$ 281.7 |
$ 369.0 |
$ 954.7 |
$ 632.4 |
|||
Losses from discontinued operations, net of tax expense (benefit) of $0.3, $(0.8), $(0.2) and $(3.2), respectively |
— |
(0.5) |
(1.9) |
(3.1) |
|||
Net earnings |
$ 281.7 |
$ 368.5 |
$ 952.8 |
$ 629.3 |
|||
Basic net earnings per share: |
|||||||
Earnings from continuing operations |
$ 2.26 |
$ 2.82 |
$ 7.47 |
$ 4.85 |
|||
Losses from discontinued operations |
— |
— |
(0.01) |
(0.02) |
|||
Net earnings |
$ 2.26 |
$ 2.82 |
$ 7.46 |
$ 4.83 |
|||
Diluted net earnings per share: |
|||||||
Earnings from continuing operations |
$ 2.24 |
$ 2.79 |
$ 7.40 |
$ 4.80 |
|||
Losses from discontinued operations |
— |
(0.01) |
(0.01) |
(0.03) |
|||
Net earnings |
$ 2.24 |
$ 2.78 |
$ 7.39 |
$ 4.77 |
|||
Average number of common shares outstanding: |
|||||||
Basic |
124.4 |
130.9 |
127.8 |
130.4 |
|||
Diluted |
125.5 |
132.4 |
129.0 |
131.8 |
|||
Darden Restaurants, INC. CONSOLIDATED BALANCE SHEETS (In millions) |
|||
5/29/2022 |
5/30/2021 |
||
(Unaudited) |
|||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 420.6 |
$ 1,214.7 |
|
Receivables, net |
72.0 |
68.2 |
|
Inventories |
270.6 |
190.8 |
|
Prepaid income taxes |
274.8 |
337.2 |
|
Prepaid expenses and other current assets |
141.4 |
60.2 |
|
Total current assets |
$ 1,179.4 |
$ 1,871.1 |
|
Land, buildings and equipment, net |
3,356.0 |
2,869.2 |
|
Operating lease right-of-use assets |
3,465.1 |
3,776.4 |
|
Goodwill |
1,037.4 |
1,037.4 |
|
Trademarks |
806.3 |
806.3 |
|
Other assets |
291.6 |
295.7 |
|
Total assets |
$ 10,135.8 |
$ 10,656.1 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
$ 366.9 |
$ 304.5 |
|
Accrued payroll |
181.5 |
177.4 |
|
Accrued income taxes |
32.1 |
35.9 |
|
Other accrued taxes |
64.5 |
60.5 |
|
Unearned revenues |
498.0 |
474.2 |
|
Other current liabilities |
704.5 |
795.8 |
|
Total current liabilities |
$ 1,847.5 |
$ 1,848.3 |
|
Long-term debt |
901.0 |
929.8 |
|
Deferred income taxes |
201.1 |
221.6 |
|
Operating lease liabilities - non-current |
3,755.8 |
4,088.5 |
|
Other liabilities |
1,232.2 |
754.8 |
|
Total liabilities |
$ 7,937.6 |
$ 7,843.0 |
|
Stockholders' equity: |
|||
Common stock and surplus |
$ 2,226.0 |
$ 2,286.6 |
|
Retained earnings (deficit) |
(25.9) |
522.3 |
|
Accumulated other comprehensive income (loss) |
(1.9) |
4.2 |
|
Total stockholders' equity |
$ 2,198.2 |
$ 2,813.1 |
|
Total liabilities and stockholders' equity |
$ 10,135.8 |
$ 10,656.1 |
|
Darden Restaurants, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||
Twelve Months Ended |
|||
5/29/2022 |
5/30/2021 |
||
Cash flows—operating activities |
|||
Net earnings |
$ 952.8 |
$ 629.3 |
|
Losses from discontinued operations, net of tax |
1.9 |
3.1 |
|
Adjustments to reconcile net earnings from continuing operations to cash flows: |
|||
Depreciation and amortization |
368.4 |
350.9 |
|
Impairments and disposal of assets, net |
(2.0) |
6.6 |
|
Stock-based compensation expense |
60.5 |
72.4 |
|
Change in current assets and liabilities and other, net |
(117.0) |
131.2 |
|
Net cash provided by operating activities of continuing operations |
$ 1,264.6 |
$ 1,193.5 |
|
Cash flows—investing activities |
|||
Purchases of land, buildings and equipment |
(376.9) |
(254.9) |
|
Proceeds from disposal of land, buildings and equipment |
10.1 |
5.4 |
|
Purchases of capitalized software and changes in other assets, net |
(22.2) |
(14.2) |
|
Net cash used in investing activities of continuing operations |
$ (389.0) |
$ (263.7) |
|
Cash flows—financing activities |
|||
Net proceeds from issuance of common stock |
40.2 |
46.2 |
|
Dividends paid |
(563.0) |
(202.6) |
|
Repurchases of common stock |
(1,071.3) |
(45.4) |
|
Proceeds from (repayments of) short-term debt, net |
— |
(270.0) |
|
Other, net |
(15.6) |
(7.1) |
|
Net cash used in financing activities of continuing operations |
$ (1,609.7) |
$ (478.9) |
|
Cash flows—discontinued operations |
|||
Net cash provided by (used in) operating activities of discontinued operations |
(8.5) |
0.5 |
|
Net cash provided by (used in) discontinued operations |
$ (8.5) |
$ 0.5 |
|
(Decrease) increase in cash and cash equivalents |
(742.6) |
451.4 |
|
Cash and cash equivalents - beginning of period |
1,214.7 |
763.3 |
|
Cash and cash equivalents - end of period |
$ 472.1 |
$ 1,214.7 |
|
Reconciliation of cash, cash equivalents, and restricted cash: |
5/29/2022 |
5/30/2021 |
|
Cash and cash equivalents |
$ 420.6 |
$ 1,214.7 |
|
Restricted cash included in prepaid expenses and other current assets |
51.5 |
— |
|
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows |
$ 472.1 |
$ 1,214.7 |
|
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