darden restaurants inc form 10-q - Investor Relations - Darden ...

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Table of ContentsCautionary Statement Regarding Forward-Looking StatementsStatements set forth in or incorporated into this report regarding the expected net increase in the number of our restaurants, U.S. samerestaurantsales, total sales growth, diluted net earnings per share growth, and capital expenditures in fiscal 2012 , and all other statements thatare not historical facts, including without limitation statements with respect to the financial condition, results of operations, plans, objectives,future performance and business of Darden Restaurants, Inc. and its subsidiaries that are preceded by, followed by or that include words suchas “may,” “will,” “expect,” “intend,” “anticipate,” “continue,” “estimate,” “project,” “believe,” “plan” or similar expressions, are forwardlookingstatements within the meaning of the Private Securities Litigation Reform Act of 1995. This statement is included for purposes ofcomplying with the safe harbor provisions of that Act. Any forward-looking statements speak only as of the date on which such statements aremade, and we undertake no obligation to update such statements for any reason to reflect events or circumstances arising after such date. Bytheir nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forthin or implied by such forward-looking statements. For further information regarding such forward-looking statements, risks and uncertainties,please see “Forward-Looking Statements” under Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results ofOperations” of this report.3
Table of ContentsPART IFINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)DARDEN RESTAURANTS, INC.CONSOLIDATED STATEMENTS OF EARNINGS(In millions, except per share data)(Unaudited)Three Months EndedFebruary 26,2012February 27,2011Nine Months EndedFebruary 26,2012February 27,2011Sales $ 2,159.7 $ 1,976.8 $ 5,933.2 $ 5,509.8Costs and expenses:Cost of sales:Food and beverage 661.7 571.3 1,828.5 1,573.5Restaurant labor 657.2 621.2 1,864.6 1,771.9Restaurant expenses 308.4 285.9 901.2 839.9Total cost of sales, excluding restaurant depreciation and amortization o f $83.2,$74 .5, $242.2 a nd $219.0, respectively $ 1,627.3 $ 1,478.4 $ 4,594.3 $ 4,185.3Selling, general and administrative 198.0 194.8 568.3 555.9Depreciation and amortization 88.9 80.5 258.8 235.2Interest, net 27.7 24.0 74.5 72.1Total costs and expenses $ 1,941.9 $ 1,777.7 $ 5,495.9 $ 5,048.5Earnings before income taxes 217.8 199.1 437.3 461.3Income taxes (53.7) (47.4) (112.3) (120.5)Earnings from continuing operations $ 164.1 $ 151.7 $ 325.0 $ 340.8Losses from discontinued operations, net of tax be nefit of $0.0, $0.3, $0.4 and$1.2, respectively — (0.5) (0.7) (2.0)Net earnings $ 164.1 $ 151.2 $ 324.3 $ 338.8Basic net earnings per share:Earnings from continuing operations $ 1.28 $ 1.11 $ 2.49 $ 2.48Losses from discontinued operations — — (0.01) (0.02)Net earnings $ 1.28 $ 1.11 $ 2.48 $ 2.46Diluted net earnings per share:Earnings from continuing operations $ 1.25 $ 1.08 $ 2.43 $ 2.42Losses from discontinued operations — — (0.01) (0.02)Net earnings $ 1.25 $ 1.08 $ 2.42 $ 2.40Average number of common shares outstanding:Basic 128.0 136.4 130.7 137.5Diluted 130.9 140.0 133.8 141.0Dividends declared per common share $ 0.43 $ 0.32 $ 1.29 $ 0.96See accompanying notes to our unaudited consolidated financial statements.4
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Page 42 and 43: Table of ContentsSIGNATUREPursuant
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Page 46 and 47: EXHIBIT 31(b)CERTIFICATION PURSUANT
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