Darden Restaurants (DRI) FY2016 results: revenue $6.9 billion, up 2.5% on the year
Darden Restaurants Inc. (DRI) reported revenue of $6.9 billion for fiscal 2016, the year ended 29 May 2016, up 2.5% on the year before. Net income was $375 million, down 47.1%, and diluted earnings per share $2.90. The figures are the company's own, from the 10-K it filed with the SEC on 20 July 2018.
Revenue
$6.9 billion
+2.5% on the year
FY2009FY2016
Operating margin
9.0%
5.4% a year earlier
FY2009FY2016
Net income
$375 million
-47.1% on the year
FY2009FY2016
Diluted EPS
$2.90
-47.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
6,934
6,764
6,286
+2.5%
Cost of revenue
n/a
n/a
4,990
Gross profit
1,303
1,179
1,043
+10.5%
Gross margin
18.8%
17.4%
16.6%
Selling, general and administrative
n/a
n/a
664
Operating income
622
368
309
+69.3%
Operating margin
9.0%
5.4%
4.9%
Interest expense
165
186
134
-11.2%
Pre-tax income
450
175
175
+156.5%
Income tax
90.0
-21.1
-8.6
Effective tax rate
20.0%
-12.0%
-4.9%
Net income
375
710
286
-47.1%
Net margin
5.4%
10.5%
4.6%
Diluted EPS
$2.90
$5.47
$2.15
-47.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
778
471
770
+65.2%
Capital expenditure
228
296
415
-23.0%
Free cash flow
550
174
355
+215.0%
Free cash flow margin
7.9%
2.6%
5.7%
Depreciation and amortisation
290
319
304
-9.1%
Share-based compensation
37.3
53.7
38.7
-30.5%
Buybacks
185
502
0.5
-63.2%
Dividends paid
268
279
288
-3.8%
Dividend per share
$2.10
$2.20
$2.20
-4.5%
Diluted shares, weighted
129m
130m
133m
-0.3%
Shares outstanding at period end
126m
127m
132m
-0.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,952
2,334
2,157
-16.3%
Short-term borrowings
n/a
0.0
n/a
Debt
440
1,467
2,686
-70.0%
Other liabilities
2,191
2,194
2,240
-0.2%
Total liabilities and equity
4,583
5,995
7,083
-23.6%
Fixed assets
2,042
3,216
3,381
-36.5%
Goodwill
872
872
872
-0.0%
Intangible assets
22.8
7.8
9.2
+192.3%
Cash and equivalents
275
536
98.3
-48.7%
Receivables
64.0
78.0
83.8
-17.9%
Inventory
175
164
197
+7.0%
Other assets
1,132
1,121
2,441
+1.0%
Total assets
4,583
5,995
7,083
-23.6%
10-K for the year ended 29 May 2016, filed 20 July 2018: the filing.