Darden Restaurants (DRI) FY2014 results: revenue $6.3 billion, up 6.2% on the year
Darden Restaurants Inc. (DRI) reported revenue of $6.3 billion for fiscal 2014, the year ended 25 May 2014, up 6.2% on the year before. Net income was $286 million, down 30.5%, and diluted earnings per share $2.15. The figures are the company's own, from the 10-K it filed with the SEC on 18 July 2014.
Revenue
$6.3 billion
+6.2% on the year
FY2008FY2014
Operating margin
4.9%
6.8% a year earlier
FY2008FY2014
Net income
$286 million
-30.5% on the year
FY2008FY2014
Diluted EPS
$2.15
-31.3% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
6,286
5,921
5,327
+6.2%
Cost of revenue
4,990
4,617
4,088
+8.1%
Gross profit
1,043
1,063
1,239
-1.9%
Gross margin
16.6%
18.0%
23.3%
Selling, general and administrative
664
625
540
+6.1%
Operating income
309
400
355
-22.8%
Operating margin
4.9%
6.8%
6.7%
Interest expense
134
126
103
+6.2%
Pre-tax income
175
274
355
-36.3%
Income tax
-8.6
36.7
75.9
Effective tax rate
-4.9%
13.4%
21.4%
Net income
286
412
476
-30.5%
Net margin
4.6%
7.0%
8.9%
Diluted EPS
$2.15
$3.13
$3.57
-31.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
770
949
762
-18.9%
Capital expenditure
415
510
458
-18.7%
Free cash flow
355
439
304
-19.1%
Free cash flow margin
5.7%
7.4%
5.7%
Depreciation and amortisation
304
278
241
+9.4%
Share-based compensation
38.7
40.0
46.7
-3.2%
Buybacks
0.5
52.4
375
-99.0%
Dividends paid
288
258
224
+11.7%
Dividend per share
$2.20
$2.00
$1.72
+10.0%
Diluted shares, weighted
133m
132m
133m
+1.2%
Shares outstanding at period end
132m
130m
129m
+1.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,157
2,060
1,842
+4.7%
Debt
2,686
2,661
2,066
+1.0%
Other liabilities
2,240
2,217
2,036
+1.0%
Total liabilities and equity
7,083
6,937
5,944
+2.1%
Fixed assets
3,381
4,391
3,951
-23.0%
Goodwill
872
908
539
-3.9%
Intangible assets
9.2
11.5
7.0
-20.0%
Investments
n/a
22.3
33.0
Cash and equivalents
98.3
88.2
70.5
+11.5%
Receivables
83.8
85.4
71.4
-1.9%
Inventory
197
357
404
-44.9%
Other assets
2,441
1,073
868
+127.5%
Total assets
7,083
6,937
5,944
+2.1%
10-K for the year ended 25 May 2014, filed 18 July 2014: the filing.