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Darden Restaurants, Inc. Annual Report 2007 33
RConsolidated Statements of Earnings
Fiscal Year Ended
(In millions, except per share data) May 27, 2007 May 28, 2006 May 29, 2005
Sales $ 5,567.1 $ 5,353.6 $ 4,977.6
Costs and expenses:
Cost of sales:
Food and beverage 1,616.1 1,570.0 1,490.3
Restaurant labor 1,808.2 1,722.1 1,594.2
Restaura
nt expenses
834.5 806.4 742.8
Total cost of sales, excluding restaurant depreciation
and amortization of $186.4, $181.1 and $180.2, respectively $ 4,258.8 $ 4,098.5 $ 3,827.3
Selling, general and administrative 534.6 504.8 467.3
Depreciation and amortization 200.4 197.0 194.7
Interest, net 40.1 43.9 44.7
Asset i
mpair
ment, net 2.4 1.3 2.0
Total costs a
nd ex
penses $ 5,036.3 $ 4,845.5 $ 4,536.0
Earnings before income taxes 530.8 508.1 441.6
Income
tax
es (153.7) (156.3) (141.7)
Earnings from continuing operations $
377.1 $
351.8 $ 299.9
Losses from discontinued operations, net of tax benefit of
$112
.9, $12.1 and $8.3, respectively (175.7) (13.6) (9.3)
Net e
arni
ngs $ 201.4 $ 338.2 $ 290.6
Basic net earnings per share:
Earnings from continuing operations
$
2.63
$
2.35
$
1.91
Losses fro
m d
iscontinued operations (1.23) (0.09) (0.06)
Net
earnin
gs $ 1.40 $ 2.26 $ 1.85
Diluted net earnings per share:
Earnings from continuing operations
$
2.53
$
2.24
$
1.84
Losses from
dis
continued operations (1.18) (0.08) (0.06)
Net
earn
ings $ 1.35 $ 2.16 $ 1.78
Average number of common shares outstanding:
Basic 143.4 149.7 156.7
Di
lute
d 148.8 156.9 163.4
See accompanying notes to consolidated financial statements.