Red Lobster 2016 Annual Report Download - page 29

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DARDEN RESTAURANTS, INC. • 2016 ANNUAL REPORT 25
CONSOLIDATED STATEMENTS OF EARNINGS
DARDEN
Fiscal Year Ended
May 29, May 31, May 25,
(in millions, except per share data) 2016 2015 2014
Sales $6,933.5 $6,764.0 $6,285.6
Costs and expenses:
Food and beverage 2,039.7 2,085.1 1,892.2
Restaurant labor 2,189.2 2,135.6 2,017.6
Restaurant expenses 1,163.5 1,120.8 1,080.7
Marketing expenses 238.0 243.3 252.3
General and administrative expenses 384.9 430.2 413.1
Depreciation and amortization 290.2 319.3 304.4
Impairments and disposal of assets, net 5.8 62.1 16.4
Total operating costs and expenses $6,311.3 $6,396.4 $5,976.7
Operating income 622.2 367.6 308.9
Interest, net 172.5 192.3 134.3
Earnings before income taxes 449.7 175.3 174.6
Income tax expense (benefit) 90.0 (21.1) (8.6)
Earnings from continuing operations $ 359.7 $ 196.4 $ 183.2
Earnings from discontinued operations, net of tax expense of $3.4, $344.8 and $32.3, respectively 15.3 513.1 103.0
Net earnings $ 375.0 $ 709.5 $ 286.2
Basic net earnings per share:
Earnings from continuing operations $ 2.82 $ 1.54 $ 1.40
Earnings from discontinued operations 0.12 4.02 0.78
Net earnings $ 2.94 $ 5.56 $ 2.18
Diluted net earnings per share:
Earnings from continuing operations $ 2.78 $ 1.51 $ 1.38
Earnings from discontinued operations 0.12 3.96 0.77
Net earnings $ 2.90 $ 5.47 $ 2.15
Average number of common shares outstanding:
Basic 127.4 127.7 131.0
Diluted 129.3 129.7 133.2
Dividends declared per common share $ 2.10 $ 2.20 $ 2.20
See accompanying notes to consolidated financial statements.
Consolidated Statements of Comprehensive Income
Fiscal Year Ended
May 29, May 31, May 25,
(in millions) 2016 2015 2014
Net earnings $375.0 $709.5 $286.2
Other comprehensive income (loss):
Foreign currency adjustment 0.5 3.0 (2.9)
Change in fair value of marketable securities, net of taxes of $0.0, $0.0 and $0.0, respectively — — (0.1)
Change in fair value of derivatives and amortization of unrecognized gains and losses on derivatives,
net of taxes of $14.3, $17.4 and $3.9, respectively 23.0 31.3 3.4
Net unamortized gain (loss) arising during period, including amortization of unrecognized
net actuarial loss, net of taxes of $(16.0), $4.8 and $2.9, respectively (23.9) 7.2 4.3
Other comprehensive income (loss) $ (0.4) $ 41.5 $ 4.7
Total comprehensive income $374.6 $751.0 $290.9
See accompanying notes to consolidated financial statements.