Darden Restaurants (DRI) FY2017 results: revenue $7.2 billion, up 3.4% on the year
Darden Restaurants Inc. (DRI) reported revenue of $7.2 billion for fiscal 2017, the year ended 28 May 2017, up 3.4% on the year before. Net income was $479 million, up 27.8%, and diluted earnings per share $3.80. The figures are the company's own, from the 10-K it filed with the SEC on 20 July 2018.
Revenue
$7.2 billion
+3.4% on the year
FY2010FY2017
Operating margin
9.4%
9.0% a year earlier
FY2010FY2017
Net income
$479 million
+27.8% on the year
FY2010FY2017
Diluted EPS
$3.80
+31.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
7,170
6,934
6,764
+3.4%
Gross profit
1,330
1,303
1,179
+2.0%
Gross margin
18.5%
18.8%
17.4%
Operating income
678
622
368
+8.9%
Operating margin
9.4%
9.0%
5.4%
Interest expense
34.4
165
186
-79.2%
Pre-tax income
637
450
175
+41.7%
Income tax
155
90.0
-21.1
+72.0%
Effective tax rate
24.3%
20.0%
-12.0%
Net income
479
375
710
+27.8%
Net margin
6.7%
5.4%
10.5%
Diluted EPS
$3.80
$2.90
$5.47
+31.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
898
778
471
+15.4%
Capital expenditure
293
228
296
+28.3%
Free cash flow
605
550
174
+10.1%
Free cash flow margin
8.4%
7.9%
2.6%
Depreciation and amortisation
273
290
319
-6.0%
Share-based compensation
40.7
37.3
53.7
+9.1%
Buybacks
230
185
502
+24.6%
Dividends paid
279
268
279
+4.1%
Dividend per share
$2.24
$2.10
$2.20
+6.7%
Diluted shares, weighted
126m
129m
130m
-2.6%
Shares outstanding at period end
125m
126m
127m
-0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,102
1,952
2,334
+7.7%
Short-term borrowings
0.0
n/a
0.0
Debt
937
440
1,467
+112.9%
Other liabilities
2,254
2,191
2,194
+2.9%
Total liabilities and equity
5,292
4,583
5,995
+15.5%
Fixed assets
2,272
2,042
3,216
+11.3%
Goodwill
1,202
872
872
+37.8%
Intangible assets
20.1
22.8
7.8
-11.8%
Cash and equivalents
233
275
536
-15.2%
Receivables
75.9
64.0
78.0
+18.6%
Inventory
179
175
164
+2.0%
Other assets
1,310
1,132
1,121
+15.8%
Total assets
5,292
4,583
5,995
+15.5%
10-K for the year ended 28 May 2017, filed 20 July 2018: the filing.