Red Lobster 2010 Annual Report Download - page 41

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Fiscal Year Ended
May 30, May 31, May 25,
(in millions, except per share data) 2010 2009 2008
Sales $7,113.1 $7,217.5 $6,626.5
Costs and expenses:
Cost of sales:
Food and beverage 2,051.2 2,200.3 1,996.2
Restaurant labor 2,350.6 2,308.2 2,124.7
Restaurant expenses 1,082.2 1,128.4 1,017.8
Total cost of sales, excluding restaurant depreciation
and amortization of $283.4, $267.1 and $230.0, respectively $5,484.0 $5,636.9 $5,138.7
Selling, general and administrative 684.5 665.6 641.7
Depreciation and amortization 300.9 283.1 245.7
Interest, net 93.9 107.4 85.7
Asset impairment, net 6.2฀ 12.0฀ –
Total costs and expenses $6,569.5 $6,705.0 $6,111.8
Earnings before income taxes 543.6 512.5 514.7
Income taxes (136.6) (140.7) (145.2)
Earnings from continuing operations $ 407.0 $ 371.8 $ 369.5
(Losses) earnings from discontinued operations, net of tax
(benefit) expense of $(1.5), $0.2 and $3.0, respectively (2.5) 0.4 7.7
Net earnings $ 404.5 $ 372.2 $ 377.2
Basic net earnings per share:
Earnings from continuing operations $ 2.92 $ 2.71 $ 2.63
(Losses) earnings from discontinued operations (0.02)฀ –฀ 0.06
Net earnings $ 2.90 $ 2.71 $ 2.69
Diluted net earnings per share:
Earnings from continuing operations $ 2.86 $ 2.65 $ 2.55
(Losses) earnings from discontinued operations (0.02)฀ –฀ 0.05
Net earnings $ 2.84 $ 2.65 $ 2.60
Average number of common shares outstanding:
Basic 139.3 137.4 140.4
Diluted 142.4 140.4 145.1
See accompanying notes to consolidated financial statements.
DARDEN RESTAURANTS, INC. | 2010 ANNUAL REPORT 39
Consolidated Statements of Earnings
Darden