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Darden Restaurants (DRI)

Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's.

Company profile

Ticker
DRI
Exchange
Website
CEO
Eugene Lee
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
1.Cheddar’s Casual Cafe, Inc. • 2.Cheddar’s Restaurant Holding Corp. • 3.GMRI, Inc. • 4.N and D Restaurants, LLC • 5.Olive Garden of Texas, LLC • 6.RARE Hospitality International, Inc. • 7.Yard House USA, Inc. • 8.Bahama Breeze Holdings, LLC • 9.Capital Grille Holdings, Inc. • 10.Darden Corporation ...
IRS number
593305930

DRI stock data

Calendar

22 Jul 22
20 Aug 22
29 May 23
Quarter (USD) May 22 Feb 22 Nov 21 Aug 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) May 22 May 21 May 20 May 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 472.1M 472.1M 472.1M 472.1M 472.1M 472.1M
Cash burn (monthly) 44.9M 61.88M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 121.99M 168.13M n/a n/a n/a n/a
Cash remaining 350.11M 303.97M n/a n/a n/a n/a
Runway (months of cash) 7.8 4.9 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
2 Aug 22 Eugene I Lee JR Common Stock Sell Dispose S No No 124.5715 33,468 4.17M 222,480
2 Aug 22 Eugene I Lee JR Common Stock Sell Dispose S No No 125.294 7,974 999.09K 255,948
29 Jul 22 Eugene I Lee JR Common Stock Payment of exercise Dispose F No No 126.58 14,424 1.83M 263,922
29 Jul 22 Eugene I Lee JR Common Stock Option exercise Acquire M No No 0 36,651 0 278,346
29 Jul 22 Eugene I Lee JR RSU Common Stock Option exercise Dispose M No No 0 36,651 0 0
29 Jul 22 Melvin John Martin Common Stock Payment of exercise Dispose F No No 126.58 525 66.45K 15,053.963
29 Jul 22 Melvin John Martin Common Stock Option exercise Acquire M No No 0 1,332 0 15,578.963
29 Jul 22 Melvin John Martin RSU Common Stock Option exercise Dispose M No No 0 1,332 0 1,374
27 Jul 22 Rajesh Vennam Stock Option Common Stock Grant Acquire A No No 121.47 12,306 1.49M 12,306
27 Jul 22 Rajesh Vennam RSU Common Stock Grant Acquire A No No 0 3,642 0 3,642
88.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 672 731 -8.1%
Opened positions 75 78 -3.8%
Closed positions 134 132 +1.5%
Increased positions 222 251 -11.6%
Reduced positions 252 257 -1.9%
13F shares Current Prev Q Change
Total value 12.38B 14.71B -15.8%
Total shares 109.44M 110.77M -1.2%
Total puts 1.77M 1.89M -6.4%
Total calls 986.6K 1.58M -37.5%
Total put/call ratio 1.8 1.2 +49.7%
Largest owners Shares Value Change
Capital International Investors 15.85M $1.79B +0.1%
Capital World Investors 15.64M $1.77B +0.0%
Vanguard 14.31M $1.62B -0.4%
BLK Blackrock 8.33M $941.77M -0.4%
STT State Street 4.99M $564.92M -7.5%
Wellington Management 2.58M $292.32M +64.3%
Geode Capital Management 2.44M $276.08M -0.3%
Newport Trust 2.16M $244.78M -0.5%
AMP Ameriprise Financial 1.48M $166.98M -41.1%
Millennium Management 1.48M $167.21M +1987.2%
Largest transactions Shares Bought/sold Change
Millennium Management 1.48M +1.41M +1987.2%
AMP Ameriprise Financial 1.48M -1.03M -41.1%
Wellington Management 2.58M +1.01M +64.3%
LGEN Legal & General 0 -783.26K EXIT
IVZ Invesco 820.07K -692.27K -45.8%
Parametric Portfolio Associates 0 -501.22K EXIT
Holocene Advisors 13.03K -468.99K -97.3%
MS Morgan Stanley 1.02M +422.4K +70.4%
STT State Street 4.99M -405.22K -7.5%
D. E. Shaw & Co. 398.77K +394.36K +8926.1%

Financial report summary

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Risks
  • A failure to address cost pressures, including rising costs for commodities, labor, health care and utilities used by our restaurants, and a failure to effectively deliver cost management activities and achieve economies of scale in purchasing could compress our margins and adversely affect our sales and results of operations.
  • Certain economic and business factors and their impacts on the restaurant industry and other general macroeconomic factors including unemployment, energy prices and interest rates that are largely beyond our control may adversely affect consumer behavior and our results of operations.
  • The inability to hire, train, reward and retain restaurant team members and determine and maintain adequate staffing may impact our ability to achieve our operating, growth and financial objectives.
  • A failure to recruit, develop and retain effective leaders or the loss or shortage of personnel with key capacities and skills could impact our strategic direction and jeopardize our ability to meet our business performance expectations and growth targets.
  • We may be subject to increased labor and insurance costs.
  • Health concerns arising from food-related pandemics, outbreaks of flu, viruses or other diseases may have an adverse effect on our business.
  • A failure to maintain food safety throughout the supply chain and food-borne illness concerns may have an adverse effect on our business.
  • We rely heavily on information technology in our operations, and insufficient guest or employee facing technology or a failure to maintain a continuous and secure cyber network, free from material failure, interruption or security breach, could harm our ability to effectively operate our business and/or result in the loss of respected relationships with our guests or employees.
  • We are subject to a number of risks relating to public policy changes and federal, state and local regulation of our business, including in the areas of environmental matters, minimum wage, employee benefit regulations, unionization, menu labeling, immigration requirements and taxes, and an insufficient or ineffective response to legislation or government regulation may impact our cost structure, operational efficiencies and talent availability.
  • We face intense competition, and if we have an insufficient focus on competition and the consumer landscape, our business, financial condition and results of operations could be adversely affected.
  • We are subject to changes in consumer preferences that may adversely affect demand for food at our restaurants.
  • Our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media could have a material adverse impact on our business.
  • A failure to identify and execute innovative marketing and guest relationship tactics, ineffective or improper use of other marketing initiatives, and increased advertising and marketing costs could adversely affect our results of operations.
  • Climate change, adverse weather conditions and natural disasters could adversely affect our restaurant sales or results of operations.
  • A majority of our restaurants are operated in leased properties and as a result, we are committed to long-term lease obligations that we may not be able to cancel if we want to close a restaurant location and we may be unable to renew the leases that we may want to extend at the end of their terms.
  • Our inability or failure to execute on a comprehensive business continuity plan following a major natural disaster such as a hurricane or manmade disaster, at our corporate facility could have a materially adverse impact on our business.
  • We may lose sales or incur increased costs if our restaurants experience shortages, delays or interruptions in the delivery of food and other products from our third party vendors and suppliers.
  • Our failure to drive both short-term and long-term profitable sales growth through brand relevance, operating excellence, opening new restaurants of existing brands, and acquiring new restaurant brands could result in poor financial performance.
  • A lack of availability of suitable locations for new restaurants or a decline in the quality of the locations of our current restaurants may adversely affect our sales and results of operations.
  • We may experience higher-than-anticipated costs or delays associated with the opening of new restaurants or with the closing, relocating and remodeling of existing restaurants, which may adversely affect our results of operations.
  • We face a variety of risks associated with doing business with franchisees and licensees.
  • We face a variety of risks associated with doing business with business partners and vendors in foreign markets.
  • Volatility in the market value of derivatives we may use to hedge exposures to fluctuations in commodity and broader market prices may cause volatility in our gross margins and net earnings.
  • Volatility in the United States equity markets affects our ability to efficiently hedge exposures to our market risk related to equity-based compensation awards.
  • Failure to protect our service marks or other intellectual property could harm our business.
  • Litigation, including allegations of illegal, unfair or inconsistent employment practices, may adversely affect our business, financial condition and results of operations.
  • Unfavorable publicity, or a failure to respond effectively to adverse publicity, could harm our reputation and adversely impact our guest counts and sales.
  • Disruptions in the financial and credit markets may adversely impact consumer spending patterns and affect the availability and cost of credit.
  • Impairment of the carrying value of our goodwill or other intangible assets could adversely affect our financial condition and results of operations.
  • Changes in tax laws and unanticipated tax liabilities could adversely affect our financial results.
  • Failure of our internal controls over financial reporting and future changes in accounting standards may cause adverse unexpected operating results, affect our reported results of operations or otherwise harm our business and financial results.
Management Discussion
  • •Total sales increased 33.8% to $9.63 billion in 2022 from $7.20 billion in fiscal 2021 driven by a blended same-restaurant sales increase of 30.9% and sales from 33 net new restaurants.
  • •Reported diluted net earnings per share from continuing operations increased to $7.40 in 2022 from $4.80 in fiscal 2021, a 54.2 percent increase.
  • •Net earnings from continuing operations increased to $954.7 million in 2022 from $632.4 million in fiscal 2021, a 51.0 percent increase.

Content analysis

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Positive
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Constraining
Legalese
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Readability
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