8-K
DARDEN RESTAURANTS INC (DRI)
UNITED STATES
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: June 20, 2023
(Date of earliest event reported)
DARDEN RESTAURANTS, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 1-13666
| Florida | 59-3305930 |
|---|---|
| (State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
1000 Darden Center Drive, Orlando, Florida 32837
(Address of principal executive offices, including zip code)
(407) 245-4000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, without par value | DRI | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On June 22, 2023, Darden Restaurants, Inc. (the Company) issued a news release entitled “Darden Restaurants Reports Fiscal 2023 Fourth Quarter and Full Year Results; Increases Quarterly Dividend; And Provides Fiscal 2024 Outlook,” a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K. In addition, the slide presentation accompanying the Company’s conference call will be posted on the Company’s website.
As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section. The information in this Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the Securities Act), except as expressly set forth by specific reference in such filing.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
|---|
On June 20, 2023, Eugene I. Lee, Jr., a director and Chairman of the Board of Directors of the Company (the Board), informed the Board that he will not stand for re-election to the Board at the Company’s 2023 annual meeting of shareholders and that he will retire from service as a director of the Company at the end of the 2023 annual meeting of shareholders, scheduled for September 20, 2023. Mr. Lee’s plan to retire is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
On June 20, 2023, the Board determined that effective upon Mr. Lee’s retirement from the Board, the size of the Board will be reduced to nine directors.
On June 22, 2023, the Company issued a press release announcing Mr. Lee’s retirement from the Board. A copy of the Company’s press release is attached as Exhibit 99.2 hereto and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d)Exhibits.
| Exhibit<br>Number | Description of Exhibit |
|---|---|
| 99.1 | News release datedJune22, 2023 entitled “Darden Restaurants Reports Fiscal 2023FourthQuarterand Full YearResults;IncreasesQuarterly Dividend; AndProvides Fiscal 2024exhibit991-q4fy23.htmOutlook” |
| 99.2 | News release dated June 22, 2023 entitled “Darden Restaurants, Inc. Announces Retirement of Board Chairman” |
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.
| DARDEN RESTAURANTS, INC. | |
|---|---|
| By: | /s/ Rajesh Vennam |
| Rajesh Vennam | |
| Senior Vice President, Chief Financial Officer |
Date: June 22, 2023
3
Document
Exhibit 99.1
Darden Restaurants Reports Fiscal 2023 Fourth Quarter and Full Year Results;
Increases Quarterly Dividend;
And Provides Fiscal 2024 Outlook
ORLANDO, Fla., June 22, 2023 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 28, 2023.
Fourth Quarter 2023 Financial Highlights
•Total sales increased 6.4% to $2.8 billion driven by a blended same-restaurant sales increase of 4.0% and sales from 47 net new restaurants
•Same-restaurant sales:
| Consolidated Darden | 4.0% |
|---|---|
| Olive Garden | 4.4% |
| LongHorn Steakhouse | 7.1% |
| Fine Dining | (1.9)% |
| Other Business | 2.2% |
•Reported diluted net earnings per share increased 15.2% to $2.58 as compared to last year's reported diluted net earnings per share of $2.24
•The Company repurchased $35.2 million of its outstanding common stock
Fiscal 2023 Financial Highlights
•Total sales increased 8.9% to $10.5 billion driven by a blended same-restaurant sales increase of 6.8% and sales from 47 net new restaurants
•Same-restaurant sales:
| Consolidated Darden | 6.8% |
|---|---|
| Olive Garden | 6.7% |
| LongHorn Steakhouse | 7.4% |
| Fine Dining | 5.7% |
| Other Business | 7.0% |
•Reported diluted net earnings per share increased 8.1% to $8.00, as compared to last year's reported diluted net earnings per share of $7.40.
"We had a solid quarter to conclude a strong year in which we met or exceeded our financial outlook, despite a tough operating environment,” said Darden President & CEO Rick Cardenas. “Throughout fiscal 2023, our strategy continued to serve us well. In addition to our Back-to-Basics Operating Philosophy driving strong execution in our restaurants, Darden’s Four Competitive Advantages of Significant Scale, Extensive Data & Insights, Rigorous Strategic Planning and our Results-Oriented Culture continued to enable our brands to compete more effectively and provide even greater value to their guests.”
Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses.
| Q4 Sales | |||
|---|---|---|---|
| ($ in millions) | 2023 | 2022 | 2022 |
| Consolidated Darden | $2,769.0 | 2,602.9 | |
| Olive Garden | $1,269.2 | 1,193.7 | $265.3 |
| LongHorn Steakhouse | $711.7 | 647.3 | $115.8 |
| Fine Dining | $209.8 | 210.5 | $44.0 |
| Other Business | $578.3 | 551.4 | $85.9 |
All values are in US Dollars.
| Annual Sales | |||
|---|---|---|---|
| ($ in millions) | 2023 | 2022 | 2022 |
| Consolidated Darden | $10,487.8 | 9,630.0 | |
| Olive Garden | $4,877.8 | 4,503.9 | $993.7 |
| LongHorn Steakhouse | $2,612.3 | 2,374.3 | $418.4 |
| Fine Dining | $830.8 | 776.2 | $165.0 |
| Other Business | $2,166.9 | 1,975.6 | $300.2 |
All values are in US Dollars.
| Q4 Average Weekly Sales1 | Annual Average Weekly Sales1 | |||
|---|---|---|---|---|
| 2023 | Pre-COVID2 | 2023 | Pre-COVID3 | |
| Consolidated Darden | $111,673 | $96,542 | $106,674 | $94,148 |
| Olive Garden | $108,587 | $99,105 | $105,159 | $97,759 |
| LongHorn Steakhouse | $98,240 | $73,088 | $91,142 | $70,929 |
| Fine Dining | $178,181 | $152,848 | $177,530 | $152,687 |
| Other Business | $123,579 | $113,838 | $116,798 | $107,285 |
______________
1 Represents average weekly sales by location, excluding permanently closed restaurants.
2 Pre-COVID comparison refers to fiscal 2019 Q4 due to impact of pandemic on fiscal 2020 Q4, fiscal 2021 and fiscal 2022.
3 Pre-COVID comparison refers to the 12-month period ending February 2020 due to impact of pandemic on fiscal 2020 Q4, fiscal 2021 and fiscal 2022.
Dividend Declared
Darden's Board of Directors declared a quarterly cash dividend of $1.31 per share, an 8% increase from third quarter fiscal 2023, on the Company's outstanding common stock. The dividend is payable on August 1, 2023 to shareholders of record at the close of business on July 10, 2023.
Share Repurchase Program
During the quarter, the Company repurchased approximately 0.2 million shares of its common stock for a total of approximately $35.2 million. As of the end of the fiscal fourth quarter, the Company had approximately $652 million remaining under the current $1 billion repurchase authorization.
"Our strong business model generated significant cash flows in fiscal 2023, despite the difficult inflationary environment," said CFO Raj Vennam. "This year, we continued to invest in our businesses and returned more than $1 billion to shareholders in the form of dividends and share repurchases."
Fiscal 2024 Financial Outlook
Below is the full year financial outlook for fiscal 2024 which includes Ruth's Chris operating results, but excludes approximately $55 million, pre-tax, of expected transaction and integration related costs associated with the
acquisition. We will provide additional details during our investor conference call scheduled for this morning at 8:30 am ET.
•Total sales of $11.5 to $11.6 billion
•Same-restaurant sales growth of 2.5% to 3.5%
•New restaurant openings of approximately 50
•Total capital spending of $550 to $600 million
•Total inflation of 3% to 4%
•An effective tax rate of approximately 12% to 12.5%
•Adjusted diluted net earnings per share from continuing operations of $8.55 to $8.85, excluding approximately $0.34, after-tax, of Ruth's Chris integration related expenses*
•Approximately 121.5 million weighted average diluted shares outstanding
* See the "Non-GAAP Information" below for more details
Annual Meeting of Shareholders
Darden will hold its Annual Meeting of Shareholders on September 20, 2023. The meeting will be held in a virtual format only. The record date for shareholders to vote in the Annual Meeting is July 26, 2023.
Investor Conference Call
The Company will host a conference call and slide presentation on Thursday, June 22, 2023 at 8:30 am ET to review its recent financial performance. To listen to the call live, please go to https://event.choruscall.com/mediaframe/webcast.html?webcastid=8dvkXMe6 at least fifteen minutes early to register, download, and install any necessary audio software. Prior to the call, a slide presentation will be posted on the Investor Relations section of our website at: www.darden.com. For those who cannot access the Internet, please dial 1-877-407-9219. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
About Darden
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. For more information, please visit www.darden.com.
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 ability to successfully integrate Ruth’s Chris Steak House operations into our business, the impacts of the novel coronavirus (COVID-19) pandemic on our business and the global economy, a failure to address cost pressures and a failure to effectively deliver cost management activities, economic factors and their impacts on the restaurant industry and general macroeconomic factors including unemployment, energy prices and interest rates, the inability to hire, train, reward and retain restaurant team members, a failure to develop and recruit effective leaders, labor and insurance costs, health concerns including food-related pandemics or outbreaks of flu or other viruses, food safety and food-borne illness concerns, technology failures including failure to maintain a secure cyber network, compliance with privacy and data protection laws and risks of failures or breaches of our data protection systems, risks relating to public policy changes and federal, state and local regulation of our business, intense competition, changing consumer preferences, an inability or failure to manage the accelerated impact of social media, a failure to execute innovative marketing and guest relationship tactics, climate change, adverse weather conditions and natural disasters, long-term and non-cancelable property leases, failure to execute a business continuity plan following a disaster, shortages or interruptions in the delivery of food and other products and services, 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, risks of doing business with franchisees, licensees and vendors in foreign markets, volatility in the market value of derivatives, volatility leading to the
inability to hedge equity compensation market exposure, failure to protect our intellectual property, litigation, unfavorable publicity, disruptions in the financial markets, impairment in the carrying value of our goodwill or other intangible assets, changes in tax laws or unanticipated tax liabilities, 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 Securities and Exchange Commission.
Non-GAAP Information
The information in this press release includes financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”), such as adjusted diluted net earnings per share from continuing operations. The Company’s management uses these non-GAAP measures in its analysis of the Company’s performance. The Company believes that the presentation of certain non-GAAP measures provides useful supplemental information that is essential to a proper understanding of the operating results of the Company’s businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in this release.
(Analysts) Kevin Kalicak, (407) 245-5870; (Media) Rich Jeffers, (407) 245-4189
| Reconciliation of Fiscal 2024 Reported to Adjusted Earnings Outlook | |||
|---|---|---|---|
| 2024 | |||
| Reported diluted net earnings per share from continuing operations | $8.21 | to | $8.51 |
| Ruth's Chris transaction and integration related expenses | 0.45 | 0.45 | |
| Income tax expense | (0.11) | (0.11) | |
| Adjusted diluted net earnings per share from continuing operations | $8.55 | to | $8.85 |
DARDEN RESTAURANTS, INC.
NUMBER OF COMPANY-OWNED RESTAURANTS
| 5/28/23 | 5/29/22 | |
|---|---|---|
| Olive Garden | 905 | 884 |
| LongHorn Steakhouse | 562 | 546 |
| Cheddar's Scratch Kitchen | 180 | 172 |
| Yard House | 86 | 85 |
| The Capital Grille | 62 | 62 |
| Seasons 52 | 44 | 45 |
| Bahama Breeze | 42 | 42 |
| Eddie V's | 29 | 28 |
| The Capital Burger | 4 | 3 |
| Darden Continuing Operations | 1,914 | 1,867 |
DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In millions, except per share data)
(Unaudited)
| Three Months Ended | Twelve Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| 5/28/2023 | 5/29/2022 | 5/28/2023 | 5/29/2022 | |||||
| Sales | $ | 2,769.0 | $ | 2,602.9 | $ | 10,487.8 | $ | 9,630.0 |
| Costs and expenses: | ||||||||
| Food and beverage | 855.3 | 811.4 | 3,355.9 | 2,943.6 | ||||
| Restaurant labor | 869.8 | 829.3 | 3,346.3 | 3,108.8 | ||||
| Restaurant expenses | 441.4 | 423.8 | 1,702.2 | 1,582.6 | ||||
| Marketing expenses | 28.7 | 20.2 | 118.3 | 93.2 | ||||
| General and administrative expenses | 100.4 | 83.5 | 386.1 | 373.2 | ||||
| Depreciation and amortization | 97.1 | 93.0 | 387.8 | 368.4 | ||||
| Impairments and disposal of assets, net | 1.8 | 3.5 | (10.6) | (2.0) | ||||
| Total operating costs and expenses | $ | 2,394.5 | $ | 2,264.7 | $ | 9,286.0 | $ | 8,467.8 |
| Operating income | 374.5 | 338.2 | 1,201.8 | 1,162.2 | ||||
| Interest, net | 22.1 | 18.9 | 81.3 | 68.7 | ||||
| Earnings before income taxes | 352.4 | 319.3 | 1,120.5 | 1,093.5 | ||||
| Income tax expense | 36.8 | 37.6 | 137.0 | 138.8 | ||||
| Earnings from continuing operations | $ | 315.6 | $ | 281.7 | $ | 983.5 | $ | 954.7 |
| Losses from discontinued operations, net of tax expense (benefit) of $(0.3), $0.3, $(0.8) and $(0.2), respectively | (0.5) | — | (1.6) | (1.9) | ||||
| Net earnings | $ | 315.1 | $ | 281.7 | $ | 981.9 | $ | 952.8 |
| Basic net earnings per share: | ||||||||
| Earnings from continuing operations | $ | 2.61 | $ | 2.26 | $ | 8.07 | $ | 7.47 |
| Losses from discontinued operations | — | — | (0.01) | (0.01) | ||||
| Net earnings | $ | 2.61 | $ | 2.26 | $ | 8.06 | $ | 7.46 |
| Diluted net earnings per share: | ||||||||
| Earnings from continuing operations | $ | 2.58 | $ | 2.24 | $ | 8.00 | $ | 7.40 |
| Losses from discontinued operations | — | — | (0.01) | (0.01) | ||||
| Net earnings | $ | 2.58 | $ | 2.24 | $ | 7.99 | $ | 7.39 |
| Average number of common shares outstanding: | ||||||||
| Basic | 121.0 | 124.4 | 121.9 | 127.8 | ||||
| Diluted | 122.1 | 125.5 | 122.9 | 129.0 |
DARDEN RESTAURANTS, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
| 5/28/2023 | 5/29/2022 | |||
|---|---|---|---|---|
| (Unaudited) | ||||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 367.8 | $ | 420.6 |
| Receivables, net | 80.2 | 72.0 | ||
| Inventories | 287.9 | 270.6 | ||
| Prepaid income taxes | 107.3 | 274.8 | ||
| Prepaid expenses and other current assets | 154.5 | 141.4 | ||
| Total current assets | $ | 997.7 | $ | 1,179.4 |
| Land, buildings and equipment, net | 3,725.1 | 3,356.0 | ||
| Operating lease right-of-use assets | 3,373.9 | 3,465.1 | ||
| Goodwill | 1,037.4 | 1,037.4 | ||
| Trademarks | 806.3 | 806.3 | ||
| Other assets | 301.1 | 291.6 | ||
| Total assets | $ | 10,241.5 | $ | 10,135.8 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable | $ | 426.2 | $ | 366.9 |
| Accrued payroll | 173.0 | 181.5 | ||
| Accrued income taxes | 7.8 | 32.1 | ||
| Other accrued taxes | 65.9 | 64.5 | ||
| Unearned revenues | 512.0 | 498.0 | ||
| Other current liabilities | 752.5 | 704.5 | ||
| Total current liabilities | $ | 1,937.4 | $ | 1,847.5 |
| Long-term debt | 884.9 | 901.0 | ||
| Deferred income taxes | 142.2 | 201.1 | ||
| Operating lease liabilities - non-current | 3,667.6 | 3,755.8 | ||
| Other liabilities | 1,407.9 | 1,232.2 | ||
| Total liabilities | $ | 8,040.0 | $ | 7,937.6 |
| Stockholders’ equity: | ||||
| Common stock and surplus | $ | 2,230.8 | $ | 2,226.0 |
| Retained earnings (deficit) | (32.5) | (25.9) | ||
| Accumulated other comprehensive income (loss) | 3.2 | (1.9) | ||
| Total stockholders’ equity | $ | 2,201.5 | $ | 2,198.2 |
| Total liabilities and stockholders’ equity | $ | 10,241.5 | $ | 10,135.8 |
DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| Twelve Months Ended | ||||
|---|---|---|---|---|
| 5/28/2023 | 5/29/2022 | |||
| Cash flows—operating activities | ||||
| Net earnings | $ | 981.9 | $ | 952.8 |
| Losses from discontinued operations, net of tax | 1.6 | 1.9 | ||
| Adjustments to reconcile net earnings from continuing operations to cash flows: | ||||
| Depreciation and amortization | 387.8 | 368.4 | ||
| Impairments and disposal of assets, net | (10.6) | (2.0) | ||
| Stock-based compensation expense | 67.5 | 60.5 | ||
| Change in current assets and liabilities and other, net | 124.6 | (117.0) | ||
| Net cash provided by operating activities of continuing operations | $ | 1,552.8 | $ | 1,264.6 |
| Cash flows—investing activities | ||||
| Purchases of land, buildings and equipment | (564.9) | (376.9) | ||
| Proceeds from disposal of land, buildings and equipment | 25.4 | 10.1 | ||
| Purchases of capitalized software and changes in other assets, net | (28.9) | (22.2) | ||
| Net cash used in investing activities of continuing operations | $ | (568.4) | $ | (389.0) |
| Cash flows—financing activities | ||||
| Net proceeds from issuance of common stock | 35.4 | 40.2 | ||
| Dividends paid | (589.8) | (563.0) | ||
| Repurchases of common stock | (458.7) | (1,071.3) | ||
| Other, net | (20.0) | (15.6) | ||
| Net cash used in financing activities of continuing operations | $ | (1,033.1) | $ | (1,609.7) |
| Cash flows—discontinued operations | ||||
| Net cash used in operating activities of discontinued operations | (7.2) | (8.5) | ||
| Net cash used in discontinued operations | $ | (7.2) | $ | (8.5) |
| Decrease in cash, cash equivalents, and restricted cash | (55.9) | (742.6) | ||
| Cash, cash equivalents, and restricted cash - beginning of period | 472.1 | 1,214.7 | ||
| Cash, cash equivalents, and restricted cash - end of period | $ | 416.2 | $ | 472.1 |
| Reconciliation of cash, cash equivalents, and restricted cash: | 5/28/2023 | 5/29/2022 | ||
| --- | --- | --- | --- | --- |
| Cash and cash equivalents | $ | 367.8 | $ | 420.6 |
| Restricted cash included in prepaid expenses and other current assets | 48.4 | 51.5 | ||
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ | 416.2 | $ | 472.1 |
7
Document
Exhibit 99.2
Darden Restaurants, Inc. Announces Retirement of Board Chairman
ORLANDO, Fla., (June 22, 2023) – Darden Restaurants, Inc. (NYSE: DRI) (“Darden” and “the Company”) and Eugene I. Lee, Jr., Chairman of the Board of Directors of the Company, today announced that Mr. Lee has decided not to stand for reelection at the Company’s 2023 Annual Meeting. Following the annual meeting, the Board will be comprised of nine members.
“Serving as Darden’s CEO and as a member and Chairman of the Board of Directors has been an honor,” said Mr. Lee. “I am proud of what we have accomplished and believe that Darden is well-positioned to continue to grow and prosper for years to come.”
Darden Chief Executive Officer, Rick Cardenas, stated, “Gene is an extraordinary leader and has been a source of support and counsel during this past year. His impact on Darden and the restaurant industry cannot be overstated and lives on in the thousands of restaurant leaders he has mentored during his long and successful career. On behalf of Darden’s 190,000 team members, I want to extend our sincere gratitude to Gene for his leadership and vision. We wish him well as he begins this next chapter.”
About Darden
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. For more information, please visit www.darden.com.
Darden Contacts:
(Analysts) Kevin Kalicak, (407) 245-5870; (Media) Rich Jeffers, (407) 245-4189