Darden Restaurants (DRI) FY2015 results: revenue $6.8 billion, up 7.6% on the year
Darden Restaurants Inc. (DRI) reported revenue of $6.8 billion for fiscal 2015, the year ended 31 May 2015, up 7.6% on the year before. Net income was $710 million, up 147.9%, and diluted earnings per share $5.47. The figures are the company's own, from the 10-K it filed with the SEC on 24 July 2015.
Revenue
$6.8 billion
+7.6% on the year
FY2008FY2015
Operating margin
5.4%
4.9% a year earlier
FY2008FY2015
Net income
$710 million
+147.9% on the year
FY2008FY2015
Diluted EPS
$5.47
+154.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
6,764
6,286
5,921
+7.6%
Cost of revenue
n/a
4,990
4,617
Gross profit
1,179
1,043
1,063
+13.1%
Gross margin
17.4%
16.6%
18.0%
Selling, general and administrative
n/a
664
625
Operating income
368
309
400
+19.0%
Operating margin
5.4%
4.9%
6.8%
Interest expense
186
134
126
+39.0%
Pre-tax income
175
175
274
+0.4%
Income tax
-21.1
-8.6
36.7
Effective tax rate
-12.0%
-4.9%
13.4%
Net income
710
286
412
+147.9%
Net margin
10.5%
4.6%
7.0%
Diluted EPS
$5.47
$2.15
$3.13
+154.4%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
471
770
949
-38.8%
Capital expenditure
296
415
510
-28.5%
Free cash flow
174
355
439
-50.9%
Free cash flow margin
2.6%
5.7%
7.4%
Depreciation and amortisation
319
304
278
+4.9%
Share-based compensation
53.7
38.7
40.0
+38.8%
Buybacks
502
0.5
52.4
+100,360.0%
Dividends paid
279
288
258
-3.3%
Dividend per share
$2.20
$2.20
$2.00
0.0%
Diluted shares, weighted
130m
133m
132m
-2.6%
Shares outstanding at period end
127m
132m
130m
-4.2%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
2,334
2,157
2,060
+8.2%
Short-term borrowings
0.0
n/a
n/a
Debt
1,467
2,686
2,661
-45.4%
Other liabilities
2,194
2,240
2,217
-2.0%
Total liabilities and equity
5,995
7,083
6,937
-15.4%
Fixed assets
3,216
3,381
4,391
-4.9%
Goodwill
872
872
908
-0.0%
Intangible assets
7.8
9.2
11.5
-15.2%
Investments
n/a
n/a
22.3
Cash and equivalents
536
98.3
88.2
+445.2%
Receivables
78.0
83.8
85.4
-6.9%
Inventory
164
197
357
-16.7%
Other assets
1,121
2,441
1,073
-54.1%
Total assets
5,995
7,083
6,937
-15.4%
10-K for the year ended 31 May 2015, filed 24 July 2015: the filing.