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Dear Fellow Shareholders: Fiscal 2018 Was a Strong Year for Darden, and Our Performance Reinforces Our Belief That We Have the R

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Dear Fellow Shareholders: Fiscal 2018 Was a Strong Year for Darden, and Our Performance Reinforces Our Belief That We Have the R Dear Fellow Shareholders: Fiscal 2018 was a strong year for Darden, and our performance reinforces our belief that we have the right strategy in place as we pursue our mission to be financially successful through great people consistently delivering outstanding food, drinks and service in an inviting atmosphere, making every guest loyal. Our restaurant teams remained laser-focused on becoming brilliant with the basics, and they continued to create exceptional guest experiences. At the Darden level, we continued to strengthen and leverage our four competitive advantages to enable sales growth and expand margins across the portfolio. They are: • Our significant scale that creates cost advantages • Our extensive data and insights that improve operating fundamentals and help us better understand our guests • The rigorous strategic planning process that our brands cycle through on a regular basis • Our results-oriented culture, which enables growth We are pleased with the progress we made during the year to deliver on our Commitments to Our Shareholders, Our Guests, Our Team Members and the Communities We Serve. Our Commitment to Our Shareholders We are committed to creating value for our shareholders, and our goal is to deliver long-term, total shareholder return of 10 to 15 percent. Throughout the year, our brands leveraged the power of Darden’s competitive advantages resulting in double-digit sales, EBIT and EPS growth. Total sales grew 12.7 percent to $8.1 billion, driven by same-restaurant sales growth of 2.3 percent1 — exceeding the industry benchmark by 330 basis points2 — and adjusted EBIT grew 10.2 percent.3 These results, coupled with tax savings resulting from the Tax Act, enabled us to achieve adjusted diluted net EPS growth of 19.7 percent to $4.813, while investing $20 million into our workforce. Olive Garden grew total sales 3.7 percent to $4.1 billion. This was driven by same-restaurant sales growth of 2.4 percent, which exceeded the industry benchmark by 340 basis points.2 Olive Garden’s momentum is a result of our strategy to drive frequency among our core guests. The success of this strategy is driven by: • Flawless execution of the guest experience and continued simplification in our restaurants • Craveable Italian food and beverage that appeals to our most loyal guests • Marketing that reaches the right target, at the right time, on the right channel, with the right message • Improving convenience for our guests by focusing on the off-premise experience The Olive Garden business is strong, driven by a strategy that is working, and we are committed to making the appropriate decisions and investments that ensure our guests win. LongHorn Steakhouse had total sales growth of 5.0 percent to $1.7 billion. This was driven by same-restaurant sales growth of 2.7 percent, which exceeded the industry benchmark by 370 basis points.2 LongHorn’s momentum is being driven by the team’s adherence to their long-term strategy of: • Investing in the quality of the guest experience • Simplifying operations to drive execution • Leveraging LongHorn’s unique operating culture This strategic focus resulted in LongHorn receiving the 2018 Consumers’ Choice Award from Technomic for having the most loyal customers in the full-service restaurant segment. 1 For fiscal 2018, same-restaurant sales excludes Cheddar’s Scratch Kitchen. 2 Industry same-restaurant sales as reported by Knapp-Track (excluding Darden). 3 Represents a Non-GAAP measure. A reconciliation of GAAP to Non-GAAP numbers can be found at the end of this letter. Total sales for our Fine Dining segment grew 7.2 percent to $574 million. This was driven by same-restaurant sales growth at both our Fine Dining segment brands, The Capital Grille and Eddie V’s. The Capital Grille grew same-restaurant sales 2.8 percent, while Eddie V’s enjoyed same-restaurant sales growth of 4.1 percent. Both of our Fine Dining brands have distinctive positioning and provide the ultimate luxury dining experience. Our Other Business segment had total sales growth of 60.2 percent to $1.7 billion driven primarily by the addition of Cheddar’s Scratch Kitchen to our portfolio. Same-restaurant sales for Yard House, Bahama Breeze and Seasons 52 outperformed the industry benchmark. Yard House and Bahama Breeze each achieved same-restaurant sales growth of 1.1 percent, while same-restaurant sales at Seasons 52 decreased 0.6 percent. Cheddar’s Scratch Kitchen experienced a same- restaurant sales decrease of 2.0 percent. Our operators’ consistent focus on being brilliant with the basics has allowed us to continue to build guest loyalty and take market share. Each one of our brands is well-positioned for growth and we expect to open 45 to 50 new restaurants in fiscal 2019. Our strong operating model continued to generate substantial cash flows, which enabled us to invest in our businesses and maintain our history of returning significant cash to our shareholders. We returned more than half a billion dollars to shareholders in the form of $314 million in dividends and $235 million in share repurchases. In June, we increased our quarterly dividend 19 percent to $0.75 per share. While fiscal 2018 was a strong year, it is also important to look at our performance in the context of our commitment to deliver long-term shareholder return. Investors who bought our stock at the beginning of fiscal 2016, and held to the end of fiscal 2018, earned an average annual total shareholder return of 18 percent.4 Our Commitment to Our Guests In fiscal 2018, we had the privilege of serving nearly 390 million guests, and our commitment to our guests is to deliver exceptional dining experiences. That’s why our brands are relentlessly focused on developing innovative menu offerings and executing them to the highest standards, providing attentive service and creating engaging atmospheres inside each one of our restaurants. Our commitment to our guests also includes being a trusted corporate citizen. Our commitment to sustainability is a key component of our mission and our approach spans the enterprise from the commodities we source to the operation of our restaurants. We focus on running our restaurants efficiently, and we continually reduce water and energy use. We have reduced our use of these resources 18 percent and 22 percent, respectively, from fiscal 2010, when we began tracking this data, through fiscal 2017. Darden also set an aspirational goal to send zero waste to landfills over time, and we have made significant progress by diverting 31 percent of our waste stream in fiscal 2017 from landfills, inclusive of recycling efforts, organic waste diversion and food donation through our Darden Harvest program. We also focus on sustainability in today’s evolving food culture. In 2016, Darden’s Food Principles were publicly shared, and they outline our commitment to guests in areas of sourcing, food safety, sustainability and animal welfare. Not only is it right for our guests and the planet — sustainability is right for our company. Our efforts continue to lower our operating costs over time, protect our supply chain, and help us attract and retain the most qualified team members, all contributing to the success of our business. For more information about our sustainability strategy, our commitment to our guests on Food Principles and our progress to date, visit at www.darden.com/citizenship. Our Commitment to Our Team Members We succeed because of our people — the 180,000 women and men who bring our brands to life for our guests each day. That is why we are committed to being an employer of choice and why we believe our team members are our greatest asset. With our success come rewards, recognition and great opportunities for our team members. We offer our team members flexible work schedules, competitive wages and benefits that include access to medical, dental and vision coverage, paid 4 Assumes shareholders reinvested all dividends in Darden stock. family medical leave, life insurance, critical illness and accident insurance, short-term disability insurance, and a number of discounts including dining discounts in our restaurants. Team members who are at least 21 years of age are eligible to contribute to our 401(k) plan and after one year of employment, Darden matches 401(k) contributions and provides access to the company’s Employee Stock Purchase Plan. We are committed to attracting, retaining, engaging and developing a workforce that mirrors the diversity of our guests. Approximately 50 percent of our restaurant team members are minorities and more than 55 percent are female. In addition, we achieved a 100 percent score on the Human Rights Campaign’s Corporate Equality Index for our business practices and policies toward lesbian, gay, bisexual and transgender team members. During fiscal 2018, we promoted nearly 700 hourly team members into our Manager in Training program, a 10- to 12-week program that emphasizes leadership, business management and culinary skills. We also promoted more than 200 existing managers into General Manager and Managing Partner roles, which we view as the most influential position in our company. This commitment to our team members is one of the reasons why our retention rates for hourly team members and restaurant managers remain significantly higher than the industry average. It is also one of the reasons why we are consistently recognized for our employment practices. In 2018, that recognition included Darden being named to Glassdoor’s 2018 List of the 100 Best Places to Work, based entirely on employee feedback shared anonymously on Glassdoor over the past year; and Olive Garden and The Capital Grille being awarded the People Report’s 2018 Best Practices Award in recognition of having the best workplace culture in casual dining and fine dining, respectively.
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