Darden Q4 sales $2.8B (+6.4%), EPS $2.58 (+15.2%); raises dividend 8%; chairman to retire

DARDEN RESTAURANTS INC

2023-FY EPS reported $7.99 revenue$10,487,800,000

Q4 diluted EPS $2.58, up 15.2% YoY; full-year EPS $8.00, up 8.1%
Q4 same-restaurant sales: Olive Garden +4.4%, LongHorn +7.1%, Fine Dining -1.9%
Quarterly dividend raised 8% to $1.31/share; payable Aug 1, record July 10
Fiscal 2024 outlook: sales $11.5–11.6B, adjusted EPS $8.55–8.85 (excl. Ruth's Chris costs)
Chairman Eugene Lee will not stand for reelection; Board reduces to nine members

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Eugene I. Lee, Jr.

Chairman of the Board

DRI · DARDEN RESTAURANTS INC

Effective: 2023-09-20
Filed: June 22, 2023, 7:59 PM ET

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.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

DARDEN RESTAURANTS INC reported fourth quarter and fiscal year ended May 28, 2023 results: revenue $2.8 billion, EPS $2.58.

Period: fourth quarter and fiscal year ended May 28, 2023
Revenue: $2.8 billion
EPS: $2.58
Result: reported results

Exact text from the filing

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

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Executive change SEC 8-K Item 5.02 confidence 1.0

Eugene I. Lee, Jr. departed as Chairman of the Board at DARDEN RESTAURANTS INC.

Action: retire
Role: Chairman of the Board

Exact text from the filing

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.

View on SEC.gov

44 earnings releases filed in the last 30 days. Browse all earnings releases →

DARDEN RESTAURANTS INC filing history →

Source: SEC EDGAR

accession 0000940944-23-000031

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