Darden Restaurants (DRI) FY2013 results: revenue $5.9 billion, up 11.1% on the year
Darden Restaurants Inc. (DRI) reported revenue of $5.9 billion for fiscal 2013, the year ended 26 May 2013, up 11.1% on the year before. Net income was $412 million, down 13.4%, and diluted earnings per share $3.13. The figures are the company's own, from the 10-K it filed with the SEC on 19 July 2013.
Revenue
$5.9 billion
+11.1% on the year
FY2008FY2013
Operating margin
6.8%
6.7% a year earlier
FY2008FY2013
Net income
$412 million
-13.4% on the year
FY2008FY2013
Diluted EPS
$3.13
-12.3% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
5,921
5,327
7,500
+11.1%
Cost of revenue
4,617
4,088
5,700
+12.9%
Gross profit
1,063
1,239
1,801
-14.2%
Gross margin
18.0%
23.3%
24.0%
Selling, general and administrative
625
540
743
+15.8%
Operating income
400
355
648
+12.6%
Operating margin
6.8%
6.7%
8.6%
Interest expense
126
103
93.7
+22.9%
Pre-tax income
274
355
648
-22.8%
Income tax
36.7
75.9
169
-51.6%
Effective tax rate
13.4%
21.4%
26.1%
Net income
412
476
476
-13.4%
Net margin
7.0%
8.9%
6.4%
Diluted EPS
$3.13
$3.57
$3.39
-12.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
949
762
893
+24.6%
Capital expenditure
510
458
548
+11.5%
Free cash flow
439
304
345
+44.4%
Free cash flow margin
7.4%
5.7%
4.6%
Depreciation and amortisation
278
241
317
+15.3%
Share-based compensation
40.0
46.7
66.6
-14.3%
Buybacks
52.4
375
386
-86.0%
Dividends paid
258
224
176
+15.3%
Dividend per share
$2.00
$1.72
$1.28
+16.3%
Diluted shares, weighted
132m
133m
140m
-1.2%
Shares outstanding at period end
130m
129m
135m
+1.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,060
1,842
1,936
+11.8%
Debt
2,661
2,066
1,593
+28.8%
Other liabilities
2,217
2,036
1,938
+8.9%
Total liabilities and equity
6,937
5,944
5,467
+16.7%
Fixed assets
4,391
3,951
3,622
+11.1%
Goodwill
908
539
517
+68.6%
Intangible assets
11.5
7.0
5.5
+64.3%
Investments
22.3
33.0
18.4
-32.4%
Cash and equivalents
88.2
70.5
70.5
+25.1%
Receivables
85.4
71.4
65.4
+19.6%
Inventory
357
404
300
-11.7%
Other assets
1,073
868
868
+23.6%
Total assets
6,937
5,944
5,467
+16.7%
10-K for the year ended 26 May 2013, filed 19 July 2013: the filing.