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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 25, 1997
Darden Restaurants, Inc.
(Exact name of registrant as specified in its charter)
Florida 1-13666 59-3305930
(State or other juris- (Commission file number) (IRS employer
diction of incorporation) identification No.)
5900 Lake Ellenor Drive, Orlando, Florida 32809
(Address of principal executive offices)
Registrant's telephone number, including area code:
(407) 245-4000
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS.
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On September 25, 1997, the Registrant issued a news release reporting
certain financial results for the first quarter of fiscal year 1998
and announcing its semi-annual dividend.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) Exhibits.
EXHIBIT
NUMBER DESCRIPTION
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99 Press Release dated September 25, 1997, entitled
"Darden Reports 19% Increase in First Quarter
Earnings Sees Positive Momentum."
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: September 26, 1997 DARDEN RESTAURANTS, INC.
By: /s/C.L. Whitehill
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C.L. Whitehill
Senior Vice President,
General Counsel and Secretary
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INDEX TO EXHIBITS
EXHIBIT NUMBER PAGE
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99 Press Release dated September 25, 1997, entitled
"Darden Reports 19% Increase In First Quarter
Earnings Sees Positive Momentum." 5
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EXHIBIT 99
Press Release dated September 25, 1997, of Darden Restaurants, Inc.
DARDEN REPORTS 19% INCREASE IN FIRST QUARTER EARNINGS
SEES POSITIVE MOMENTUM
ORLANDO, FL - Darden Restaurants today reported solid first quarter gains in
sales and earnings, continuing its positive momentum.
Darden reported:
o Sales in the first fiscal quarter ended August 24, 1997 were $809.3
million compared to sales of $805.6 million in the prior year. Earnings
after tax increased 19% to $24.4 million or $0.16 per share compared to
earnings after tax of $20.5 million or $0.13 per share in the prior year.
o Red Lobster's profitability improved substantially from the prior year and
both same-store sales and traffic increased over the prior year.
o The Olive Garden achieved its twelfth consecutive quarter of same-store
sales increase at a rate higher than any of the previous eleven quarters,
and continued to post double-digit earnings growth.
o Darden's newest concept Bahama Breeze reported strong sales at both
restaurants during the quarter and that three additional restaurants are
under development.
o The Company accelerated its buyback of common stock, purchasing almost 2.2
million shares in the first quarter.
o The Board of Directors declared the regular 4 cents per share semi-annual
dividend payable November 1, 1997 to shareholders of record October 10,
1997.
"We are pleased with the first quarter performance at all three of our
concepts," said Joe Lee, Chairman and Chief Executive Officer. "The actions we
have taken in the past year to strengthen our business are beginning to pay off.
We will build on this momentum by continuing to improve the guest experience."
OPERATING HIGHLIGHTS
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RED LOBSTER'S sales of $469.5 million, with 28 fewer restaurants, were 1% below
the first quarter last year. Sales on a comparable store basis were up 1.8% and
same-store traffic was up over 5% versus last year. This marks the first quarter
of
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positive same-store sales in over two years and the fourth consecutive
quarter of positive traffic gains. Operating profits showed substantial
improvement over the prior year because of increased traffic and lower marketing
and depreciation expenses, which were slightly offset by higher labor costs.
"The turnaround at Red Lobster is underway," said Joe Lee. "We realize we must
continue to make menu and service improvements that enhance the dining
experience, and increase customer traffic and sales, to strengthen our
momentum."
THE OLIVE GARDEN'S sales of $336.0 million were up over 2% compared to the first
quarter of last year. Sales on a comparable store basis increased 4.1% marking
the twelfth consecutive quarter of same-store sales increases. In the first
quarter, operating profits continued to show improvement over last year levels.
"We are delighted with the quality performance of our employees and management
teams," said Brad Blum, President of The Olive Garden. "Our extensive training
is focused on providing every guest a superior dining experience with great
Italian food and wine. The results are double-digit earnings growth again this
quarter."
BAHAMA BREEZE'S second restaurant located in Altamonte Springs, Florida,
completed its first full quarter with strong traffic and sales volume. Sales at
both restaurants continue to exceed expectations and the process of developing
sites for three additional restaurants is underway.
OTHER ACTIONS
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The Company continued its buyback of common stock in the open market, purchasing
almost 2.2 million shares in the first quarter. This brings the total repurchase
of shares to 9.2 million of the 15.8 million shares authorized for buyback.
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