DARDEN RESTAURANTS, INC. First Quarter 2021 Financial Highlights, Comparisons to First Quarter Last Year
Total sales of
Same-restaurant sales by segment:
(28.2)% for Olive Garden
(39.1)% for Fine Dining
(18.1)% for
(39.0)% for Other Business
Reported diluted net earnings per share from continuing operations of
Adjusted diluted net earnings per share from continuing operations of
Reported net earnings from continuing operations of
Adjusted EBITDA of
See the 'Non-GAAP Information' below for more details
'The actions we continued to take in response to COVID-19, which include being laser-focused on execution and strengthening our business model, resulted in significantly improved first quarter performance that exceeded expectations,' said CEO
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.
See details at:
https://investor.darden.com/investors/press-releases/press-release-details/2020/Darden-Restaurants-Reports-Fiscal-2021-First-Quarter-Results-Announces-Repayment-of-its-Term-Loan-Reinstates-a-Quarterly-Dividend-And-Provides-Fiscal-2021-Second-Quarter-Outlook/default.aspx
Term Loan Repayment and Other Liquidity Matters
Given steadily improving cash flows in the quarter, and increased confidence in cash flow projections, the Company fully repaid its
Dividend Declared
Darden's Board of Directors announced that it has reinstated a quarterly dividend and declared a quarterly cash dividend of
Fiscal 2021 Second Quarter Financial Outlook
The Company provided the financial outlook for the second quarter of fiscal 2021 as follows:
Total sales of approximately 82% of prior year
EBITDA of
Diluted net earnings per share from continuing operations of
Approximately 131 million weighted average diluted shares outstanding
See the 'Non-GAAP Information' below for more details
The Company reiterated its full year outlook for 35-40 net new restaurants and total capital spending of
Investor Conference Call
The Company will host a conference call and slide presentation on
About Darden
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden,
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, technology failures including failure to maintain a secure cyber network, 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, risks relating to public policy changes and federal, state and local regulation of our business, litigation, unfavorable publicity, an inability or failure to manage the accelerated impact of social media, long-term and non-cancelable property leases, labor and insurance costs, failure to execute a business continuity plan following a disaster, intense competition, changing consumer preferences, 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, a failure to execute innovative marketing tactics, a failure to address cost pressures, shortages or interruptions in the delivery of food and other products and services, adverse weather conditions and natural disasters, volatility in the market value of derivatives, volatility leading to the inability to hedge equity compensation market exposure, economic factors specific to the restaurant industry and general macroeconomic factors including interest rates, disruptions in the financial markets, risks of doing business with franchisees, licensees and vendors in foreign markets, failure to protect our intellectual property, impairment in the carrying value of our goodwill or other intangible assets, 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
Non-GAAP Information
The information in this press release includes financial information determined by methods other than in accordance with
(C) 2020 Electronic News Publishing, source
