Red Lobster 2014 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 2014 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 60

  • 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
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60

2014 Annual Report 23
Consolidated Statements of Earnings
Darden
Fiscal Year Ended
May 25, May 26, May 27,
(in millions, except per share data) 2014 2013 2012
Sales $6,285.6 $5,921.0 $5,327.1
Costs and expenses:
Cost of sales:
Food and beverage 1,892.2 1,743.6 1,553.7
Restaurant labor 2,017.6 1,892.6 1,683.6
Restaurant expenses 1,080.7 980.4 851.0
Total cost of sales, excluding restaurant depreciation and amortization of
$282.3, $257.5 and $219.3, respectively $4,990.5 $4,616.6 $4,088.3
Selling, general and administrative 663.5 625.4 540.1
Depreciation and amortization 304.4 278.3 241.3
Interest, net 134.3 126.0 102.1
Asset impairment, net 18.3 0.7 0.2
Total costs and expenses $6,111.0 $5,647.0 $4,972.0
Earnings before income taxes 174.6 274.0 355.1
Income taxes (8.6) 36.7 75.9
Earnings from continuing operations $ 183.2 $ 237.3 $ 279.2
Earnings from discontinued operations, net of tax expense of $32.3, $72.7 and $84.9, respectively 103.0 174.6 196.3
Net earnings $ 286.2 $ 411.9 $ 475.5
Basic net earnings per share:
Earnings from continuing operations $ 1.40 $ 1.84 $ 2.15
Earnings from discontinued operations 0.78 1.35 1.50
Net earnings $ 2.18 $ 3.19 $ 3.65
Diluted net earnings per share:
Earnings from continuing operations $ 1.38 $ 1.80 $ 2.10
Earnings from discontinued operations 0.77 1.33 1.47
Net earnings $ 2.15 $ 3.13 $ 3.57
Average number of common shares outstanding:
Basic 131.0 129.0 130.1
Diluted 133.2 131.6 133.2
Dividends declared per common share $ 2.20 $ 2.00 $ 1.72
See accompanying notes to consolidated financial statements.
Consolidated Statements of Comprehensive Income
Fiscal Year Ended
May 25, May 26, May 27,
(in millions) 2014 2013 2012
Net earnings $286.2 $411.9 $475.5
Other comprehensive income (loss):
Foreign currency adjustment (2.9) (0.2) (1.2)
Change in fair value of marketable securities, net of taxes of $0.0, $(0.1) and $(0.1), respectively (0.1) (0.2) (0.1)
Change in fair value of derivatives and amortization of unrecognized gains and losses on derivatives,
net of taxes of $3.9, $(0.6) and $(27.8), respectively 3.4 (4.1) (45.6)
Net unamortized gain (loss) arising during period, including amortization of unrecognized
net actuarial loss, net of taxes of $2.9, $11.3 and $(24.8), respectively 4.3 18.3 (39.9)
Other comprehensive income (loss) $ 4.7 $ 13.8 $ (86.8)
Total comprehensive income $290.9 $425.7 $388.7
See accompanying notes to consolidated financial statements.