April 7, 2020
Darden Restaurants Provides Business Update Related to COVID-19 And Announces New Term Loan
Darden Restaurants, Inc., (NYSE: DRI) today announced additional information given the dynamic environment resulting from COVID-19 and announced the details of a new term loan agreement. As a result, we are providing an intra-quarter business update to provide quarter-to-date sales trends and other updates on cash utilization and liquidity. Statement from Gene Lee, CEO. The health and safety of our guests and team members has always been our first priority, and we continue taking measures to keep our restaurants safe. That is why we introduced a permanent Paid Sick Leave program early last month, closed our dining rooms on March 20 th and began to operate our restaurants in a To Go-only capacity. To support our hourly restaurant team members who have not been scheduled while our dining rooms are closed, we rolled out a three-week Emergency Pay Program. Meanwhile, our hourly restaurant team members who are still working will receive an additional payment to help cover unexpected costs,...
March 19, 2020
Darden Restaurants Reports Fiscal 2020 Third Quarter Results; Suspends Quarterly Dividend; Withdraws its Full Year Financial Outlook For Fiscal 2020; And Comments On Other Liquidity Matters
Darden Restaurants, Inc., (NYSE: DRI) today reported its financial results for the third quarter ended February 23, 2020. Third Quarter 2020 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year Total sales increased 4.5% to $2.35 billion driven by the addition of 40 net new restaurants and a blended same-restaurant sales increase of 2.3% Same-restaurant sales by brand:
+2.1% for Olive Garden -1.6% for Cheddar's Scratch Kitchen
+3.9% for LongHorn Steakhouse +1.8% for Yard House
+4.2% for The Capital Grille +3.0% for Seasons 52
+3.9% for Eddie V's -0.5% for Bahama Breeze Reported diluted net earnings per share from continuing operations increased 5.6% to $1.90 compared to last year's reported diluted net earnings per share The Company repurchased approximately 0.6 million shares of its common stock for a total cost of approximately $69 million. Fiscal year-to-date, the Company repurchased approximately 2.6 million shares of its common stock...
February 25, 2020
Darden Restaurants To Host Fiscal 2020 Third Quarter Conference Call On March 19
Darden Restaurants, Inc., (NYSE:DRI) plans to release its fiscal 2020 third quarter financial results before the market opens on Thursday, March 19, 2020, with a conference call to follow at 8:30 am ET. Gene Lee, CEO, and other senior management will discuss third quarter results and conduct a question and answer session. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. What: Darden Restaurants, Inc. Fiscal 2020 Third Quarter Earnings Conference Call When: 8:30 am ET, Thursday, March 19, 2020 Where: https://www.webcaster4.com/Webcast/Page/1007/33263 How: Live over the Internet – Simply log on to the web at the address above or, to access via the telephone, please dial 1-833-470-0145 and provide the conference passcode 4145119. About Darden 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...