SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): May 9, 1996
Darden Restaurants, Inc.
(Exact name of registrant as specified in its charter)
Florida 1-13666 59-3305930
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) 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 1. Changes in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not applicable.
Item 5. Other Events.
On May 9, 1996, the Registrant issued a news release entitled
"Darden Restaurants Fourth Quarter Update" announcing revised
earnings expectations for its fourth quarter and fiscal year 1996.
Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
The following is filed herewith. The exhibit number
corresponds with Item 601(b) of Regulation S-K.
Exhibit No. "Darden Restaurants Fourth Quarter
99.1 Update" released May 9, 1996.
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: May 9, 1996 DARDEN RESTAURANTS, INC.
By: /s/ C.L. Whitehill
C. L. Whitehill
Senior Vice President,
General Counsel and Secretary
INDEX TO EXHIBITS
Exhibit Number Page
99.1 "Darden Restaurants Fourth Quarter Update" released May 9, 1996. 5
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
May 9, 1996
DARDEN RESTAURANTS FOURTH QUARTER UPDATE
ORLANDO, FL -- Darden Restaurants stated that sales and earnings for the first
two months of the fourth fiscal quarter, ending May 26, 1996, are below the
company's previous expectations. As a result, fourth quarter earnings are
expected to be approximately even with last year.
Reduced expectations in fourth-quarter earnings are attributable to a shortfall
in programmed earnings at both Red Lobster and The Olive Garden. Red Lobster's
increased marketing spending and the introduction of a new dinner menu did not
result in anticipated guest traffic and sales. The Olive Garden continues to
show improved sales and earnings for the seventh consecutive quarter, although
at a slower rate than during the previous three quarters of the fiscal year.
"While earnings for the fiscal year are anticipated to show a low double-digit
gain," said Joe Lee, Chairman and CEO, "results will likely be below our
previous expectations because of the softness in the fourth quarter." Lee also
said, "We continue to expect good earnings growth in fiscal 1997."
Darden Restaurants, with headquarters in Orlando, Florida, is the world's
largest casual dining company, with 1,197 restaurants operating under the Red
Lobster, The Olive Garden and Bahama Breeze brands, over 115,000 employees and
annual sales of $3.2 billion.