Darden Restaurants, Inc. reported its financial results for the fourth quarter and fiscal year ended May 29. The fourth quarter of last year included an extra week of operations resulting in a 53-week fiscal 2015.
Fourth Quarter 2016 Financial Highlights Versus Same Fiscal Quarter Last Year
Due to the impact of the extra week of operations included in the fourth quarter of fiscal 2015, total sales from continuing operations decreased 4.7 percent to $1.79 billion; excluding the impact of the extra week, total sales from continuing operations increased 2.1 percent.
"I'm pleased with the results we achieved during the fourth quarter, which wrapped up a year of significant progress improving our operations and financial performance," says CEO Gene Lee. "These results reinforce our firm belief that our strategy is working as we continue to build guest loyalty by relentlessly focusing on our back-to-basics operating philosophy. This focus, together with our competitive advantages, drove our strong performance for the year and increased shareholder value.”
Fiscal 2016 Financial Highlights Versus Fiscal 2015
Total sales from continuing operations increased 2.5 percent to $6.93 billion, which includes the impact of the extra week of operations in fiscal 2015; excluding the impact of the extra week, total sales from continuing operations increased 4.4 percent.
Same-restaurant sales increased 3.3 percent for the year on both a fiscal and comparable calendar basis.
Fiscal 2017 Financial Outlook
- Same-restaurant sales growth of 1 percent to 2 percent.
- New unit openings of 24 to 28 restaurants.
- Total capital spending of $310 to $350 million.
- Total inflation of 1.5 percent to 2 percent.