Red Lobster 2005 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2005 Red Lobster annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 52

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52

Consolidated Statements of Earnings
Financial Review 2005
Fiscal Year Ended
(In thousands, except per share data) May 29, 2005 May 30, 2004 May 25, 2003
Sales $5,278,110 $5,003,355 $4,654,971
Costs and expenses:
Cost of sales:
Food and beverage 1,593,709 1,526,875 1,449,162
Restaurant labor 1,695,805 1,601,258 1,485,046
Restaurant expenses 806,314 774,806 713,699
Total cost of sales, excluding restaurant depreciation and
amortization of $198,422, $195,486 and $177,127, respectively $4,095,828 $3,902,939 $3,647,907
Selling, general and administrative 497,478 472,109 431,722
Depreciation and amortization 213,219 210,004 191,218
Interest, net 43,119 43,659 42,597
Asset impairment and restructuring charges, net 4,549 41,868 3,924
Total costs and expenses $4,854,193 $4,670,579 $4,317,368
Earnings before income taxes 423,917 332,776 337,603
Income taxes 133,311 105,603 111,624
Net earnings $ 290,606 $ 227,173 $ 225,979
Net earnings per share:
Basic $ 1.85 $ 1.39 $ 1.33
Diluted $ 1.78 $ 1.34 $ 1.27
Average number of common shares outstanding:
Basic 156,700 163,500 170,300
Diluted 163,400 169,700 177,400
See accompanying notes to consolidated financial statements.
38 Darden Restaurants