Darden Restaurants Files 2024 10-K

TL;DR

Darden Restaurants (DRI) dropped its 2024 10-K. Full year financials are in.

AI Summary

Darden Restaurants Inc. filed its 2024 10-K report on July 19, 2024, for the fiscal year ending May 26, 2024. The company, formerly known as General Mills Restaurants Inc., operates in the retail-eating places sector. Key financial data and operational details for the fiscal year are presented in this comprehensive filing.

Why It Matters

This filing provides investors and analysts with a detailed overview of Darden Restaurants' financial performance, operational strategies, and risk factors for the fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard annual financial filing for a large, established public company.

Key Players & Entities

• DARDEN RESTAURANTS INC (company) — Filer
• GENERAL MILLS RESTAURANTS INC (company) — Former Company Name
• 0526 (date) — Fiscal Year End
• 20240526 (date) — Fiscal Year End
• 20240719 (date) — Filing Date
• 4072454000 (dollar_amount) — Business Phone Number

FAQ

Key Financial Figures

• $156.01 — egistrant based on the closing price of $156.01 per share as reported on the New York S
• $21.50 — a Delaware corporation ("Ruth's"), for $21.50 per share in cash. Ruth's is the owner,
• $37.50 — Holdings"), a Delaware corporation, for $37.50 per share in an all-cash transaction wi
• $605 million — enterprise value of approximately 1 $605 million. Chuy's Holdings is the owner and opera
• $11.50 — ost dinner menu entre prices range from $11.50 to $21.50, and most lunch menu entre pr
• $21 — menu entre prices range from $11.50 to $21.50, and most lunch menu entre prices ra
• $9.50 — most lunch menu entre prices range from $9.50 to $11.50. The price of each entre incl
• $23 — umber of entres sold) was approximately $23.00, with alcoholic beverages accounting
• $13.50 — ost dinner menu entre prices range from $13.50 to $39.00, and most lunch menu entre pr
• $39 — menu entre prices range from $13.50 to $39.00, and most lunch menu entre prices ra
• $9.00 — most lunch menu entre prices range from $9.00 to $12.00. The price of most entres inc
• $12.00 — h menu entre prices range from $9.00 to $12.00. The price of most entres includes a si
• $27 — rage check per person was approximately $27.50, with alcoholic beverages accounting
• $10.00 — ost dinner menu entre prices range from $10.00 to $23.00, and most lunch menu entre pr
• $11.00 — h menu entre prices range from $9.00 to $11.00. During fiscal 2024, the average check

Filing Documents

• dri-20240526.htm (10-K) — 2447KB
• dri-202410xkex1029.htm (EX-10.29) — 25KB
• dri-202410xkex1030.htm (EX-10.30) — 21KB
• dri202410-kex1031.htm (EX-10.31) — 96KB
• dri202410-kex1032.htm (EX-10.32) — 75KB
• dri202410-kex1033.htm (EX-10.33) — 74KB
• dri202410-kex1034.htm (EX-10.34) — 87KB
• dri202410-kex1035.htm (EX-10.35) — 87KB
• dri202410-kex1036.htm (EX-10.36) — 14KB
• dri202410-kex191.htm (EX-19.1) — 68KB
• dri202410-kex21.htm (EX-21) — 9KB
• drify2410-kex23.htm (EX-23) — 3KB
• dri202410-kex24poa.htm (EX-24) — 8KB
• dri-202410xkex31a.htm (EX-31.A) — 12KB
• dri-202410xkex31b.htm (EX-31.B) — 12KB
• dri-202410xkex32a.htm (EX-32.A) — 5KB
• dri-202410xkex32b.htm (EX-32.B) — 5KB
• dri202410-kex971.htm (EX-97.1) — 24KB
• dri-20240526_g1.jpg (GRAPHIC) — 111KB
• 0000940944-24-000035.txt ( ) — 15639KB
• dri-20240526.xsd (EX-101.SCH) — 93KB
• dri-20240526_cal.xml (EX-101.CAL) — 161KB
• dri-20240526_def.xml (EX-101.DEF) — 527KB
• dri-20240526_lab.xml (EX-101.LAB) — 1118KB
• dri-20240526_pre.xml (EX-101.PRE) — 864KB
• dri-20240526_htm.xml (XML) — 2609KB

Page

PART I Page

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 25

Cybersecurity

Item 1C. Cybersecurity 25

Properties

Item 2. Properties 27

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

Reserved

Item 6. Reserved 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 40

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 41

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 82

Controls and Procedures

Item 9A. Controls and Procedures 82

Other Information

Item 9B. Other Information 82 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 82

Executive Compensation

Item 11. Executive Compensation 82

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 83

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 83

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 83 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 83

Signatures

Signatures 84 Cautionary Statement Regarding Forward-Looking Statements Statements set forth in or incorporated into this report regarding the expected increase in sales from continuing operations, same-restaurant sales, the number of our restaurants, our annual effective tax rate and capital expenditures in fiscal 2025, and all other statements that are 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 such as "may," "will," "expect," "intend," "anticipate," "continue," "estimate," "project," "believe," "plan," "outlook" or similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are included, along with this statement, for purposes of complying with the safe harbor provisions of that Act. Any forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update such statements for any reason to reflect events or circumstances arising after such date. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. In addition to the risks and uncertainties of ordinary business obligations, and those described in information incorporated into this report, the forward-looking statements contained in this report are subject to the risks and uncertainties described in Item 1A below under the heading "Risk Factors." PART I

BUSINESS

Item 1. BUSINESS Introduction Darden Restaurants, Inc. is a full-service restaurant company, and as of May 26, 2024, we owned and operated 2,031 restaurants through subsidiaries in the United States and Canada under the Olive Garden , LongHorn Steakhouse , Cheddar's Scratch Kitchen , Yard House , Ruth's Chris Steak House ("Ruth's Chris"), The Capital Grille , Seasons 52 , Bahama Breeze , Eddie V's Prime Seafood ("Eddie V's"), and The Capital Burger trademarks. As of May 26, 2024, we also had 146 restaurants operated by independent third parties pursuant to area development and franchise agreements and 4 restaurants operating under contractual agreements. The following table details the number of company-owned and operated restaurants, as well as those operated under franchise and contractual agreements, as of May 26, 2024: Number of Restaurants Olive Garden LongHorn Steakhouse Cheddar's Scratch Kitchen Yard House (1) Ruth's Chris The Capital Grille Seasons 52 Bahama Breeze Eddie V's The Capital Burger Total Owned and operated: United States 912 575 181 88 80 66 44 43 30 4 2,023 Canada 8 — — — — — — — — — 8 Total 920 575 181 88 80 66 44 43 30 4 2,031 Franchised: United States (2) 11 19 3 — 51 — — 1 — — 85 Latin America 31 — — — 2 2 — — — — 35 Canada — — — — 6 — — — — — 6 Asia 3 — — — 14 — — — — — 17 Middle East 1 — — — — — — — — — 1 The Caribbean 1 — — — 1 — — — — — 2 Total 47 19 3 — 74 2 — 1 — — 146 Operated: United States — — — — 4 — — — — — 4 Total — — — — 4 — — — — — 4 Grand Total 967 594 184 88 158 68 44 44 30 4 2,181 (1) Includes two restaurants that are owned jointly by us and third parties, and managed by us. (2) Includes Puerto Rico and Guam. Darden Restaurants, Inc. is a Florida corporation incorporated in March 1995, and is the parent company of GMRI, Inc., also a Florida corporation. GMRI, Inc. and certain other of our subsidiaries own and operate our restaurants. GMRI, Inc. was originally incorporated in March 1968 as Red Lob