|
BUSINESS DESCRIPTION
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Darden Restaurants, Inc. is the largest publicly traded casual dining company in the world (based on revenues from
company-owned restaurants), serving more than 300 million meals annually at 1,325 restaurants in 49 states and Canada.
We operate four distinct restaurant concepts that together generate annual sales of more than $5.0 billion. Our flagship
brands, Red Lobster® and Olive Garden®, are the market share leaders in their casual dining segments. Each produces sales
in excess of $2 billion annually, making us the only restaurant company in the causual dining industry with two
restaurant concepts of this scale. Our emerging brands are Bahama Breeze® and Smokey Bones Barbeque & Grill®, and
Seasons 52SM is in the test phase. Based in Orlando, Florida, we employ more than 141,000 people and our Company
trades on the New York Stock Exchange under the symbol DRI.
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2004 FINANCIAL HIGHLIGHTS
|
DARDEN RESTAURANTS
| Fiscal Year Ended |
 |
May 30, 2004 |
|
|
May 25, 2003 |
|
May 26, 2002 |
|
| (In millions, except per share amounts) |
(53 weeks) |
|
(52 weeks) |
|
(52 weeks) |
|
|
| Sales |
$ |
5,003.4 |
|
$ |
4,655.0 |
|
$ |
4,366.9 |
|
| Net Earnings |
$ |
231.5 |
|
$ |
232.3 |
|
$ |
237.8 |
|
| Net Earnings per Share: |
| Basic |
$ |
1.42 |
|
$ |
1.36 |
|
$ |
1.36 |
|
| Diluted |
$ |
1.36 |
|
$ |
1.31 |
|
$ |
1.30 |
|
| Dividends per Share |
$ |
0.080 |
|
$ |
0.080 |
|
$ |
0.053 |
|
| Average Shares Outstanding: |
| Basic |
|
163.5 |
|
|
170.3 |
|
|
174.7 |
|
| Diluted |
|
169.7 |
|
|
177.4 |
|
|
183.5 |
|
|
|
|
|
|
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As described in the table below, net earnings and diluted net earnings per share for the fiscal year, excluding the
asset impairment and restructuring charges associated with the closing of six Bahama Breeze restaurants and the
write-down of the carrying value of four other Bahama Breeze restaurants, one Olive Garden restaurant, and one
Red Lobster restaurant, were $254.5 million, or $1.50 per diluted share, on 53-week sales of $5.0 billion.
| 53 Weeks Ended May 30, 2004 |
|
Diluted Net |
| (In thousands, except per share data) |
Net Earnings |
Earnings Per Share |
|
| As reported |
$ |
231,462 |
|
$ |
1.36 |
|
| Asset impairment and restructuring charge |
|
23,053 |
|
|
0.14 |
|
|
| Adjusted |
$ |
254,515 |
|
$ |
1.50 |
|
|
|
|
|
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