Red Lobster 2012 Annual Report Download - page 39

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Darden Restaurants, Inc. 2012 Annual Report 35
Consolidated Statements of Earnings
Darden
Fiscal Year Ended
May 27, May 29, May 30,
(in millions, except per share data) 2012 2011 2010
Sales $7,998.7 $7,500.2 $7,113.1
Costs and expenses:
Cost of sales:
Food and beverage 2,460.6 2,173.6 2,051.2
Restaurant labor 2,502.0 2,396.9 2,350.6
Restaurant expenses 1,200.6 1,129.0 1,082.2
Total cost of sales, excluding restaurant depreciation
and amortization of $326.9, $295.6 and $283.4, respectively $6,163.2 $5,699.5 $5,484.0
Selling, general and administrative 746.8 742.7 690.7
Depreciation and amortization 349.1 316.8 300.9
Interest, net 101.6 93.6 93.9
Total costs and expenses $7,360.7 $6,852.6 $6,569.5
Earnings before income taxes 638.0 647.6 543.6
Income taxes (161.5) (168.9) (136.6)
Earnings from continuing operations $ 476.5 $ 478.7 $ 407.0
Losses from discontinued operations, net of tax benefit
of $0.7, $1.5, and $1.5, respectively (1.0) (2.4) (2.5)
Net earnings $ 475.5 $ 476.3 $ 404.5
Basic net earnings per share:
Earnings from continuing operations $ 3.66 $ 3.50 $ 2.92
Losses from discontinued operations (0.01) (0.02) (0.02)
Net earnings $ 3.65 $ 3.48 $ 2.90
Diluted net earnings per share:
Earnings from continuing operations $ 3.58 $ 3.41 $ 2.86
Losses from discontinued operations (0.01) (0.02) (0.02)
Net earnings $ 3.57 $ 3.39 $ 2.84
Average number of common shares outstanding:
Basic 130.1 136.8 139.3
Diluted 133.2 140.3 142.4
Dividends declared per common share $ 1.72 $ 1.28 $ 1.00
See accompanying notes to consolidated financial statements.
Consolidated Statements of Comprehensive Income
May 27, May 29, May 30,
(in millions) 2012 2011 2010
Net earnings $475.5 $476.3 $404.5
Other comprehensive income (loss):
Foreign currency adjustment (1.2) 1.8 1.5
Change in fair value of marketable securities, net of tax of $0.1, $(0.1) and $0.0, respectively (0.1) 0.2 —
Change in fair value of derivatives, net of tax of $27.8, $4.8 and $2.5, respectively (45.6) (5.2) —
Net unamortized gain (loss) arising during period, including amortization of unrecognized net actuarial loss,
net of taxes of $24.8, $(9.0) and $9.5, respectively (39.9) 14.5 (15.4)
Other comprehensive income (loss) $(86.8) $ 11.3 $(13.9)
Total comprehensive income $388.7 $487.6 $390.6
See accompanying notes to consolidated financial statements.