As filed with the Securities and Exchange Commission on February 25, 2004.
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 (Date of earliest event reported):
February 25, 2004
Darden Restaurants, Inc.
(Exact name of registrant as specified in its charter)
Florida 1-13666 59-3305930
(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification No.)
5900 Lake Ellenor Drive, Orlando, Florida 32809
(Address of principal executive offices)
Registrant's telephone number, including area code:
(407) 245-4000
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
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On February 25, 2004, the Company issued a news release
entitled "Darden Restaurants Expects Third Quarter Diluted
Earnings Per Share In Range Of 45 To 46 Cents," a copy of
which is being filed herewith as Exhibit 99.
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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.
Dated: February 25, 2004 DARDEN RESTAURANTS, INC.
By:
-----------------------------------
Linda J. Dimopoulos
Senior Vice President
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit Number Description of Exhibit
99 Press Release dated February 25, 2004, entitled "Darden
Restaurants Expects Third Quarter Diluted Earnings Per Share
In Range Of 45 To 46 Cents."
4
EXHIBIT 99
DARDEN RESTAURANTS
Red Lobster(R)Olive Garden(R)Bahama Breeze(R)Smokey Bones(R)
www.darden.com
NEWS/INFORMATION
Corporate Relations
P.O. Box 593330
Orlando, FL 32859
Contacts:
(Analysts) Matthew Stroud (407) 245-6458
(Media) Jim DeSimone (407) 245-4567
FOR RELEASE
February 25, 2004
4:30 PM ET
DARDEN RESTAURANTS EXPECTS THIRD QUARTER
DILUTED EARNINGS PER SHARE IN RANGE OF 45 TO 46 CENTS
ORLANDO, FL - Darden Restaurants, Inc., (NYSE: DRI) today reported that it
expected third quarter diluted earnings per share to be in the range of 45 to 46
cents. The Company's stronger than expected sales and profitability in fiscal
January and February led to the increase in estimated diluted earnings per
share. As a result of the foregoing, the Company now estimates diluted earnings
per share growth to be in the range of 12% to 15% for fiscal 2004.
Same-restaurant sales at Olive Garden were up 4% to 5% for fiscal February,
which reflected a 3% to 4% increase in check average and a 0% to 1% increase in
guest counts. The check average increase was a result of a 2% to 3% increase in
pricing and a 1% increase from menu mix changes. Last year, Olive Garden had a
1% increase in same-restaurant sales.
Same-restaurant sales at Red Lobster were up 0% to 1% for fiscal February,
which reflected a 3% to 4% increase in check average and a 3% decrease in guest
counts. The check average increase was a result of an approximate 1% increase in
pricing and a 2% to 3% increase from menu mix changes. Last year, Red Lobster
had a 2% to 3% decrease in same-restaurant sales.
February's sales results at both Olive Garden and Red Lobster benefited by
approximately 1% as a result of the net impact of favorable weather comparisons
to last year, partially offset by the negative impact of Super Bowl Sunday
falling in fiscal February this year as opposed to fiscal January last year.
Darden will release its fiscal 2004 third quarter earnings on Wednesday,
March 17, 2004, after the market close. The Company will hold a conference call
the following morning at 8:30 a.m. ET to discuss these results in greater
detail. The conference call will be broadcast live over the internet and can be
accessed by logging into the Company's website at www.darden.com.
Darden Restaurants, Inc., headquartered in Orlando, FL, owns and operates
over 1,300 Red Lobster, Olive Garden, Bahama Breeze, Smokey Bones and Seasons 52
restaurants with annual sales of over $4.7 billion.
Forward-looking statements in this news release, if any, are made under the Safe
Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Certain important factors could cause results to differ materially from those
anticipated by the forward-looking statements, including the impact of changing
economic or business conditions, the impact of competition, the availability of
favorable credit and trade terms, the impact of changes in the cost or
availability of food and real estate, government regulation, construction costs,
weather conditions and other factors discussed from time to time in reports
filed by the Company with the Securities and Exchange Commission.
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