Summary
Darden Restaurants, Inc. (DRI) presented its 2013 Form 10-K, detailing its robust performance as the world's largest company-owned full-service restaurant operator. As of May 26, 2013, the company operated a vast network of 2,138 restaurants across the United States and Canada, featuring well-established brands like Olive Garden and Red Lobster, alongside growing specialty brands such as LongHorn Steakhouse, The Capital Grille, Yard House, Bahama Breeze, Seasons 52, and Eddie V's. The company highlighted its strategic focus on brand relevance, operational excellence, and continued growth through same-restaurant sales increases and disciplined expansion. Darden emphasized its commitment to fostering a strong culture, investing in technology for enhanced guest and employee engagement, and pursuing cost-reduction initiatives. Acquisitions, such as Yard House in August 2012, and strategic partnerships for international expansion were key components of its growth strategy. The report also touched upon ongoing efforts in sustainability, health and wellness, and community engagement, underscoring a holistic approach to business operations and corporate responsibility.
Financial Highlights
56 data points| Revenue | $5.92B |
| Cost of Revenue | $4.62B |
| Gross Profit | $1.06B |
| SG&A Expenses | $625.40M |
| Operating Expenses | $5.52B |
| Operating Income | $400.00M |
| Interest Expense | $126.20M |
| Net Income | $411.90M |
| EPS (Basic) | $3.19 |
| EPS (Diluted) | $3.13 |
| Shares Outstanding (Basic) | 129.00M |
| Shares Outstanding (Diluted) | 131.60M |
Key Highlights
- 1Operated 2,138 company-owned restaurants across the U.S. and Canada as of May 26, 2013, with key brands including Olive Garden, Red Lobster, and LongHorn Steakhouse, alongside a growing portfolio of specialty brands.
- 2Reported significant expansion, with 104 net new restaurants opened in fiscal year 2013, and projected approximately 80 net new openings for fiscal year 2014.
- 3Acquired Yard House USA, Inc. in August 2012 for $585 million, expanding its brand portfolio and market presence.
- 4Continued to pursue new business development avenues, including franchising outside the U.S. and Canada, testing 'synergy restaurants,' and selling consumer packaged goods (CPG) such as Olive Garden's salad dressing and Red Lobster's Cheddar Bay Biscuit Mix.
- 5Emphasized a strategic focus on enhancing brand relevance, driving same-restaurant sales growth, and improving operational efficiencies through technology and cost management initiatives.
- 6Highlighted a commitment to corporate values, employee development, and diversity, being recognized as one of FORTUNE's '100 Best Companies to Work For'.