Darden Restaurants (DRI) FY2020 results: revenue $7.8 billion, down 8.3% on the year
Darden Restaurants Inc. (DRI) reported revenue of $7.8 billion for fiscal 2020, the year ended 31 May 2020, down 8.3% on the year before. Net income was -$52 million, and diluted earnings per share $-0.43. The figures are the company's own, from the 10-K it filed with the SEC on 24 July 2020.
Revenue
$7.8 billion
-8.3% on the year
FY2013FY2020
Operating margin
0.6%
9.8% a year earlier
FY2013FY2020
Net income
-$52 million
FY2013FY2020
Diluted EPS
-$0.43
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,807
8,510
8,080
-8.3%
Gross profit
1,170
1,594
1,493
-26.6%
Gross margin
15.0%
18.7%
18.5%
Operating income
47.9
832
767
-94.2%
Operating margin
0.6%
9.8%
9.5%
Interest expense
49.3
44.3
152
+11.3%
Pre-tax income
-161
782
606
Income tax
-112
63.7
1.9
Effective tax rate
n/a
8.1%
0.3%
Net income
-52.4
713
596
Net margin
-0.7%
8.4%
7.4%
Diluted EPS
-$0.43
$5.69
$4.73
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
711
1,257
1,001
-43.4%
Capital expenditure
460
452
396
+1.7%
Free cash flow
251
805
605
-68.8%
Free cash flow margin
3.2%
9.5%
7.5%
Cash from investing
-544
-463
n/a
Cash from financing
139
-484
n/a
Depreciation and amortisation
356
337
313
+5.7%
Share-based compensation
53.0
59.8
42.8
-11.4%
Buybacks
330
208
235
+59.2%
Dividends paid
322
371
314
-13.1%
Dividend per share
$2.64
$3.00
$2.52
-12.0%
Diluted shares, weighted
123m
125m
126m
-2.2%
Shares outstanding at period end
130m
123m
124m
+5.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,331
2,393
2,195
-2.6%
Short-term borrowings
n/a
0.0
0.0
Debt
1,199
928
926
+29.2%
Operating lease liabilities
4,276
354
n/a
+1,106.6%
Finance lease liabilities
368
n/a
n/a
Other liabilities
1,771
2,218
2,348
-20.1%
Total liabilities and equity
9,946
5,893
5,470
+68.8%
Fixed assets
2,757
2,553
2,430
+8.0%
Goodwill
1,037
1,184
1,184
-12.4%
Intangible assets
17.4
49.9
57.3
-65.1%
Cash and equivalents
763
457
147
+66.9%
Receivables
49.8
88.3
83.7
-43.6%
Inventory
207
207
205
-0.2%
Other assets
5,114
1,354
1,363
+277.8%
Total assets
9,946
5,893
5,470
+68.8%
10-K for the year ended 31 May 2020, filed 24 July 2020: the filing.