OREANDA-NEWS. Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the first quarter ended August 30, 2015.

First Quarter 2016 Financial Highlights Versus Same Fiscal Quarter Last Year

  • Total sales from continuing operations increased 5.7% to \\$1.69 billion
  • Adjusted earnings per diluted share from continuing operations increased 112.5% to \\$0.68*
  • On a reported basis, earnings per diluted share from continuing operations were \\$0.63 and were negatively impacted by approximately \\$0.05 related to the ongoing implementation of the Company's strategic real estate plan
  • Net earnings were \\$86.4 million compared to the \\$503.2 million last year, which included the gain on the sale of discontinued operations
  • Same-restaurant sales increased 3.4% for the quarter

+2.7% for Olive Garden

+7.2% for The Capital Grille

+3.4% for Yard House

+4.4% for LongHorn Steakhouse

+5.1% for Eddie V's

+3.9% for Seasons 52



+1.8% for Bahama Breeze

"Our brands performed well in the first quarter, building on the momentum from last year," said CEO

Gene Lee.  "We continue to make progress on our operating fundamentals of culinary innovation, attentive service and engaging atmospheres while continuing to focus on disciplined cost management.  This progress is a direct result of our hard work and commitment to creating memorable guest experiences in our restaurants."

Segment Performance Versus Same Fiscal Quarter Last Year
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses.

Sales

(\\$ millions)


Segment Profit

(\\$ millions)



Q1 2016

Q1 2015

% Change

Q1 2016

Q1 2015

% Change

Consolidated Darden

\\$1,687.0

\\$1,595.8

5.7%





Olive Garden

\\$944.6

\\$913.5

3.4%

\\$192.0

\\$148.4

29.4%

LongHorn Steakhouse

\\$383.9

\\$356.9

7.6%

\\$57.1

\\$53.3

7.1%

Fine Dining

\\$113.3

\\$104.0

8.9%

\\$17.8

\\$15.3

16.3%

Other Business

\\$245.2

\\$221.4

10.7%

\\$43.8

\\$31.7

38.2%

U.S. Same-Restaurant Sales Results Versus Same Fiscal Period Last Year

Olive Garden

June

July

August

Q1

Same-Restaurant Sales

1.3%

7.1%

0.4%

2.7%

Same-Restaurant Traffic

(1.4)%

3.9%

(1.2)%

0.3%

Pricing

1.6%

1.3%

1.1%

1.3%

Menu-mix

1.1%

1.9%

0.5%

1.1%

LongHorn Steakhouse

June

July

August

Q1

Same-Restaurant Sales

4.1%

7.7%

1.2%

4.4%

Same-Restaurant Traffic

1.6%

5.5%

(0.1)%

2.4%

Pricing

1.8%

1.8%

2.2%

2.0%

Menu-mix

0.7%

0.4%

(0.9)%

0.0%

Fiscal 2016 Financial Outlook
The Company increased its expected range for fiscal 2016 adjusted earnings per diluted share from continuing operations to \\$3.15 to \\$3.30, from the \\$3.05 to \\$3.20 previously announced on June 23, 2015.  The Company's expectation for combined U.S. same-restaurant sales growth, on a 52-week basis, for fiscal 2016 remains unchanged at 2.0% to 2.5%.  This does not include the impact of any fiscal 2016 real estate transactions and related capital structure activities.

About Darden
Darden Restaurants, Inc., (NYSE: DRI) owns and operates more than 1,500 restaurants that generate \\$6.8 billion in annual sales. Headquartered in Orlando, Florida, and employing 150,000 people, Darden is recognized for a culture that rewards caring for and responding to people.  Our restaurant brands - Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V's and Yard House - reflect the rich diversity of those who dine with us. Our brands are built on deep insights into what our guests want.