Red Lobster 2010 Annual Report Download - page 17

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DARDEN RESTAURANTS, INC. | 2010 ANNUAL REPORT 15
Total฀sales฀in฀scal฀2010฀of฀$7.11฀billion฀were฀1.4฀percent฀lower฀than฀
fiscal 2009, which included an extra fiscal week that contributed sales
of฀approximately฀$124฀million.฀Excluding฀the฀extra฀scal฀week,฀sales฀
increased 0.3 percent in fiscal 2010. Total unit growth was 2.9 percent
in fiscal 2010 in an environment in which many companies in the full-
service dining industry postponed or reduced new unit development.
฀ Darden’s฀strong฀nancial฀performance฀in฀scal฀2010฀was฀reected฀
in our reported growth in earnings per share and meaningful increase
in dividends per share. Diluted net earnings per share from continuing
operations฀increased฀nearly฀8฀percent฀while฀the฀Company฀raised฀
dividends฀25฀percent฀to฀$1.00฀per฀share฀in฀scal฀2010฀from฀the฀
$0.80฀per฀share฀in฀scal฀2009.
The Company’s strong financial performance was also evident in
financial metrics regarding operating income (earnings before interest
and฀taxes฀and฀cash฀ows฀from฀operating฀activities).฀Increases฀in฀these฀
measures฀demonstrate฀Darden’s฀ability฀to฀generate฀strong฀cash฀ows฀
even฀in฀difcult฀economic฀environments.฀The฀cash฀ows฀have฀been฀
invested in future development and to return cash to shareholders
through dividends and share repurchases.
Sales
(dollars in billions)
06 07 08 09* 10
$5.0
$6.0
$7.0
$8.0
Dividends Per Share
06 07 08 09* 10
$0.25
$0.50
$0.75
$1.00
Diluted Net EPS
(From Continuing Operations)
06 07 08 09* 10
$2.25
$2.50
$2.75
$3.00
Cash Flows from
Operating Activities
(From Continuing Operations)
(dollars in millions)
06 07 08 09* 10
$575
$700
$825
$950
Earnings Before
Interest and Taxes**
(From Continuing Operations)
(dollars in millions)
06 07 08 09* 10
$500
$550
$600
$650
*53-week fiscal year
**Information in this graph is based on a non-GAAP financial measurement. For a reconciliation of these annual amounts, please refer to our website at www.darden.com/investors/nongaap.asp.