Red Lobster 2008 Annual Report Download - page 49

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DARDEN RESTAURANTS, INC. 45
Fiscal Year Ended
(In millions, except per share data) May 25, 2008 May 27, 2007 May 28, 2006
Sales $ 6,626.5 $ 5,567.1 $ 5,353.6
Costs and expenses:
Cost of sales:
Food and beverage 1,996.2 1,616.1 1,570.0
Restaurant labor 2,124.7 1,808.2 1,722.1
Restaurant expenses 1,017.8 834.5 806.4
Total cost of sales, excluding restaurant depreciation
and amortization of $230.0, $186.4 and $181.1, respectively $ 5,138.7 $ 4,258.8 $ 4,098.5
Selling, general and administrative 641.7 537.0 506.1
Depreciation and amortization 245.7 200.4 197.0
Interest, net 85.7 40.1 43.9
Total costs and expenses $ 6,111.8 $ 5,036.3 $ 4,845.5
Earnings before income taxes 514.7 530.8 508.1
Income taxes (145.2) (153.7) (156.3)
Earnings from continuing operations $ 369.5 $ 377.1 $ 351.8
Earnings (losses) from discontinued operations,
net of tax expense (benefit) of $3.0, ($112.9) and ($12.1), respectively 7.7 (175.7) (13.6)
Net earnings $ 377.2 $ 201.4 $ 338.2
Basic net earnings per share:
Earnings from continuing operations $ 2.63 $ 2.63 $ 2.35
Earnings (losses) from discontinued operations 0.06 (1.23) (0.09)
Net earnings $ 2.69 $ 1.40 $ 2.26
Diluted net earnings per share:
Earnings from continuing operations $ 2.55 $ 2.53 $ 2.24
Earnings (losses) from discontinued operations 0.05 (1.18) (0.08)
Net earnings $ 2.60 $ 1.35 $ 2.16
Average number of common shares outstanding:
Basic 140.4 143.4 149.7
Diluted 145.1 148.8 156.9
See accompanying notes to consolidated financial statements.
Consolidated Statements of Earnings