March 27, 2017
Darden Restaurants Agrees To Acquire Cheddar's Scratch Kitchen For $780 Million; Adds A Casual Dining Value Leader To Darden's Portfolio Of Differentiated Brands
Darden Restaurants, Inc. (NYSE: DRI) today announced that it has agreed to acquire Cheddar's Scratch Kitchen (Cheddar's) for $780 million in an all-cash transaction from its stockholders including private equity firms L Catterton and Oak Investment Partners . Cheddar's will add to Darden's portfolio of differentiated brands which currently includes Olive Garden , LongHorn Steakhouse , Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's. Cheddar's was founded in 1979 in Arlington, Texas and features high-quality, made-from-scratch food at compelling prices in a polished yet warm atmosphere. Today, Cheddar's has 165 locations, including 140 owned and 25 franchised, across 28 states with significant growth opportunities in new and existing markets and average annual restaurant volumes of $4.4 million. Transaction Highlights Darden has agreed to acquire Cheddar's for $780 million, subject to customary adjustments. Net of certain tax benefits estimated at approximately...
March 27, 2017
Darden Restaurants Reports Fiscal 2017 Third Quarter Results And Increases Earnings Outlook For The Full Fiscal Year
Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the third quarter ended February 26, 2017. Third Quarter 2017 Financial Highlights Versus Same Fiscal Quarter Last Year Total sales from continuing operations increased 1.7% to $1.88 billion Reported diluted net earnings per share from continuing operations increased 57.1% to $1.32 and increased 9.1% from last year's adjusted diluted net earnings per share* Same-restaurant sales increased 0.9% for the quarter
+1.4% for Olive Garden +0.9% for The Capital Grille
-1.0% for Yard House +0.2% for LongHorn Steakhouse
+4.7% for Eddie V's +0.8% for Seasons 52
+0.5% for Bahama Breeze * See the "Non-GAAP Information" below for more details "We continued to gain market share as we outperformed industry same-restaurant sales by a considerable margin again this quarter," said CEO Gene Lee . "Our teams remain incredibly focused on driving strong operating...
March 22, 2017
Darden Restaurants' Board Declares Regular Quarterly Dividend
The Board of Directors of Darden Restaurants, Inc. (NYSE: DRI) declared a regular quarterly cash dividend of $0.56 per share on the Company's outstanding common stock. The dividend is payable on May 1, 2017 to shareholders of record at the close of business on April 10, 2017 . About Darden Darden Restaurants, Inc., (NYSE: DRI) owns and operates more than 1,500 restaurants that generate $7 billion in annual sales. Headquartered in Orlando, Florida, and employing 150,000 people, Darden is recognized for a culture that rewards caring for and responding to people. Our restaurant brands - Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V's and Yard House - reflect the rich diversity of those who dine with us. Our brands are built on deep insights into what our guests want. For more information, please visit www.darden.com. To view the original version on PR Newswire, visit:...