Darden Restaurants (DRI) FY2012 results: revenue $5.3 billion, down 29.0% on the year
Darden Restaurants Inc. (DRI) reported revenue of $5.3 billion for fiscal 2012, the year ended 27 May 2012, down 29.0% on the year before. Net income was $476 million, down 0.2%, and diluted earnings per share $3.57. The figures are the company's own, from the 10-K it filed with the SEC on 20 July 2012.
Revenue
$5.3 billion
-29.0% on the year
FY2008FY2012
Operating margin
6.7%
8.6% a year earlier
FY2008FY2012
Net income
$476 million
-0.2% on the year
FY2008FY2012
Diluted EPS
$3.57
+5.3% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
5,327
7,500
7,113
-29.0%
Cost of revenue
4,088
5,700
5,484
-28.3%
Gross profit
1,239
1,801
1,629
-31.2%
Gross margin
23.3%
24.0%
22.9%
Selling, general and administrative
540
743
691
-27.3%
Operating income
355
648
544
-45.2%
Operating margin
6.7%
8.6%
7.6%
Interest expense
103
93.7
95.7
+9.6%
Pre-tax income
355
648
544
-45.2%
Income tax
75.9
169
137
-55.1%
Effective tax rate
21.4%
26.1%
25.1%
Net income
476
476
404
-0.2%
Net margin
8.9%
6.4%
5.7%
Diluted EPS
$3.57
$3.39
$2.84
+5.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
762
893
902
-14.7%
Capital expenditure
458
548
432
-16.5%
Free cash flow
304
345
470
-11.8%
Free cash flow margin
5.7%
4.6%
6.6%
Depreciation and amortisation
241
317
301
-23.8%
Share-based compensation
46.7
66.6
53.5
-29.9%
Buybacks
375
386
85.1
-2.7%
Dividends paid
224
176
140
+27.6%
Dividend per share
$1.72
$1.28
$1.00
+34.4%
Diluted shares, weighted
133m
140m
142m
-5.1%
Shares outstanding at period end
129m
135m
141m
-4.2%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,842
1,936
1,894
-4.9%
Debt
2,066
1,593
1,635
+29.7%
Other liabilities
2,036
1,938
1,747
+5.1%
Total liabilities and equity
5,944
5,467
5,276
+8.7%
Fixed assets
3,951
3,622
3,404
+9.1%
Goodwill
539
517
517
+4.2%
Intangible assets
7.0
5.5
5.5
+27.3%
Investments
33.0
18.4
31.7
+79.3%
Cash and equivalents
70.5
70.5
249
0.0%
Receivables
71.4
65.4
59.4
+9.2%
Inventory
404
300
221
+34.7%
Other assets
868
868
789
+0.1%
Total assets
5,944
5,467
5,276
+8.7%
10-K for the year ended 27 May 2012, filed 20 July 2012: the filing.