Red Lobster 2015 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2015 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 68

  • 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
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68

60
FIVE-YEAR FINANCIAL SUMMARY
DARDEN
Fiscal Year Ended
May 31, May 25, May 26, May 27, May 29,
(Dollars in millions, except per share data) 2015 (2) 2014 2013 2012 2011
Operating Results (1)
Sales $ 6,764.0 $ 6,285.6 $ 5,921.0 $ 5,327.1 $ 4,980.3
Costs and expenses:
Food and beverage 2,085.1 1,892.2 1,743.6 1,553.7 1,393.4
Restaurant labor 2,135.6 2,017.6 1,892.6 1,683.6 1,600.6
Restaurant expenses 1,120.8 1,080.7 980.4 851.0 791.9
Marketing expenses 243.3 252.3 241.1 215.6 205.4
General and administrative 430.2 413.1 384.1 324.9 334.4
Depreciation and amortization 319.3 304.4 278.3 241.3 218.6
Impairments and disposal of assets, net 62.1 16.4 0.9 (0.2) 0.9
Total operating costs and expenses $ 6,396.4 $ 5,976.7 $ 5,521.0 $ 4,869.9 $ 4,545.2
Operating income 367.6 308.9 400.0 457.2 435.1
Interest, net 192.3 134.3 126.0 102.1 94.0
Earnings before income taxes 175.3 174.6 274.0 355.1 341.1
Income tax (benefit) expense (21.1) (8.6) 36.7 75.9 71.2
Earnings from continuing operations $ 196.4 $ 183.2 $ 237.3 $ 279.2 $ 269.9
Earnings from discontinued operations, net of tax
expense of $344.8, $32.3, $72.7, $84.9 and $96.2 513.1 103.0 174.6 196.3 206.4
Net earnings $ 709.5 $ 286.2 $ 411.9 $ 475.5 $ 476.3
Basic net earnings per share:
Earnings from continuing operations $ 1.54 $ 1.40 $ 1.84 $ 2.15 $ 1.97
Earnings from discontinued operations $ 4.02 $ 0.78 $ 1.35 $ 1.50 $ 1.51
Net earnings $ 5.56 $ 2.18 $ 3.19 $ 3.65 $ 3.48
Diluted net earnings per share:
Earnings from continuing operations $ 1.51 $ 1.38 $ 1.80 $ 2.10 $ 1.92
Earnings from discontinued operations $ 3.96 $ 0.77 $ 1.33 $ 1.47 $ 1.47
Net earnings $ 5.47 $ 2.15 $ 3.13 $ 3.57 $ 3.39
Average number of common shares outstanding:
Basic 127.7 131.0 129.0 130.1 136.8
Diluted 129.7 133.2 131.6 133.2 140.3
Financial Position
Total assets $ 5,994.7 $ 7,082.7 $ 6,917.3 $ 5,928.3 $ 5,454.1
Land, buildings and equipment, net $ 3,215.8 $ 3,381.0 $ 4,391.1 $ 3,951.3 $ 3,622.0
Working capital (deficit) $ (140.3) $ 357.3 $ (652.0) $(1,017.2) $ (623.3)
Long-term debt, less current portion $ 1,452.3 $ 2,463.4 $ 2,476.6 $ 1,437.8 $ 1,394.8
Stockholders’ equity $ 2,333.5 $ 2,156.9 $ 2,059.5 $ 1,842.0 $ 1,936.2
Stockholders’ equity per outstanding share $ 18.42 $ 16.30 $ 15.81 $ 14.28 $ 14.38
Other Statistics
Cash flows from operations (1) $ 874.3 $ 555.4 $ 594.4 $ 513.5 $ 591.3
Capital expenditures (1) $ 296.5 $ 414.8 $ 510.1 $ 457.6 $ 397.7
Dividends paid $ 278.9 $ 288.3 $ 258.2 $ 223.9 $ 175.5
Dividends paid per share $ 2.20 $ 2.20 $ 2.00 $ 1.72 $ 1.28
Advertising expense (1) $ 243.3 $ 252.3 $ 241.1 $ 215.6 $ 205.4
Stock price:
High $ 70.38 $ 55.25 $ 57.93 $ 55.84 $ 52.12
Low $ 43.56 $ 44.78 $ 44.11 $ 40.69 $ 37.08
Close $ 65.54 $ 49.55 $ 52.83 $ 53.06 $ 50.92
Number of employees 148,892 206,489 206,578 181,468 178,380
Number of restaurants (1) 1,534 1,501 1,431 1,289 1,196
(1) Consistent with our consolidated financial statements, information has been presented on a continuing operations basis. Accordingly, the activities related to Red Lobster, two closed
company-owned synergy restaurants, Smokey Bones, Rocky River Grillhouse and the nine Bahama Breeze restaurants closed or sold in fiscal 2007 and 2008 have been excluded.
(2) Fiscal year 2015 consisted of 53 weeks while all other fiscal years consisted of 52 weeks.