As filed with the Securities and Exchange Commission on April 29, 2003.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 29, 2003
Darden Restaurants, Inc.
(Exact name of registrant as specified in its charter)
Florida 1-13666 59-3305930
(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification No.)
5900 Lake Ellenor Drive, Orlando, Florida 32809
(Address of principal executive offices)
Registrant's telephone number, including area code:
(407) 245-4000
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
------------
On April 29, 2003, the Company issued a news release entitled
"Darden Restaurants Reports April Same-Restaurant Sales
Results," a copy of which is being filed herewith as
Exhibit 99.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit Number
(by reference to
Item 601 of
Regulation S-K) Description
99 Press Release dated April 29, 2003
entitled "Darden Restaurants Reports
April Same-Restaurant Sales Results."
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 29, 2003 DARDEN RESTAURANTS, INC.
By: /s/ Paula J. Shives
-----------------------------------
Paula J. Shives
Senior Vice President
General Counsel and Secretary
3
INDEX TO EXHIBITS
Exhibit Number Description of Exhibit
99 Press Release dated April 29, 2003, entitled "Darden
Restaurants Reports April Same-Restaurant Sales Results."
4
EXHIBIT 99
DARDEN RESTAURANTS
Red Lobster(R)Olive Garden(R)Bahama Breeze(R)Smokey Bones(R)
www.darden.com
NEWS/INFORMATION
Corporate Relations
P.O. Box 593330
Orlando, FL 32859
Contacts:
(Analysts) Matthew Stroud (407) 245-6458
(Media) Jim DeSimone (407) 245-4567
FOR RELEASE
April 29, 2003
4:30 PM EDT
DARDEN RESTAURANTS REPORTS APRIL
SAME-RESTAURANT SALES RESULTS
ORLANDO, FL - Darden Restaurants, Inc., (NYSE: DRI) today reported
same-restaurant sales results for the four-week April fiscal month ended April
27, 2003. This period is the second month of Darden's fiscal 2003 fourth
quarter.
Same-restaurant sales at Red Lobster were up 0% to 1% for fiscal April,
which reflected a 2% to 3% increase in check average and a 2% to 3% decrease in
guest counts. The check average increase was a result of a 1% to 2% increase in
pricing and a 1% to 2% increase from menu mix changes. Last year, Red Lobster
had a 4% to 5% increase in same-restaurant sales during fiscal April.
Same-restaurant sales at Olive Garden were down 0% to 1% for fiscal April,
which reflected a 3% to 4% increase in check average and a 4% to 5% decline in
guest counts. The check average increase was a result of a 2% to 3% increase in
pricing and a 0% to 1% increase from menu mix changes. Last year, Olive Garden
had a 9% to 10% increase in same-restaurant sales during fiscal April.
"We expected stronger same-restaurant sales in April," said Linda
Dimopoulos, the Company's Chief Financial Officer. "As a result of the April
softness, we now anticipate combined same-restaurant sales for the full fiscal
year to be between 2% to 3%. This is below our prior expectations and our
long-term 3% to 5% goal. We now expect that diluted EPS for the full fiscal year
will be between $1.29 and $1.32."
Darden Restaurants, Inc., headquartered in Orlando, FL, owns and operates
over 1,250 Red Lobster, Olive Garden, Bahama Breeze and Smokey Bones restaurants
with annual sales of $4.4 billion.
Forward-looking statements in this news release, if any, are made under the Safe
Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Certain important factors could cause results to differ materially from those
anticipated by the forward-looking statements, including the impact of changing
economic or business conditions, the impact of competition, the availability of
favorable credit and trade terms, the impact of changes in the cost or
availability of food and real estate, government regulation, construction costs,
weather conditions and other factors discussed from time to time in reports
filed by the company with the Securities and Exchange Commission.
-END-