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Darden 2015 Annual Report

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Darden 2015 Annual Report Our Operating Philosophy – “Back to Basics” Increasing the Core Operating Fundamentals of the Business, Providing an Outstanding Guest Experience 2015 Annual Report DARDEN RESTAURANTS, INC. 2015 ANNUAL REPORT DARDEN RESTAURANTS, CULINARY INNOVATION ATTENTIVE SERVICE Continuously evolving our menus to stay Delivering the type of personalized relevant to our guests. service our guests find memorable. ENGAGING ATMOSPHERE INTEGRATED MARKETING BACK TO BASICS Creating environments where our guests Building smart and relevant programs enjoy themselves and the occasion. that resonate with our guests. 1000 Darden Center Drive | Orlando, FL 32837 407-245-4000 | www.darden.com 134574_DAR-024_2015AR_CVR_Revise.indd 1 Untitled-1.indd 2 8/4/15 7:25 AM 8/3/15 10:32 AM Our Operating Philosophy – “Back to Basics” Increasing the Core Operating Fundamentals of the Business, Providing an Outstanding Guest Experience 2015 Annual Report DARDEN RESTAURANTS, INC. 2015 ANNUAL REPORT DARDEN RESTAURANTS, CULINARY INNOVATION ATTENTIVE SERVICE Continuously evolving our menus to stay Delivering the type of personalized relevant to our guests. service our guests find memorable. ENGAGING ATMOSPHERE INTEGRATED MARKETING BACK TO BASICS Creating environments where our guests Building smart and relevant programs enjoy themselves and the occasion. that resonate with our guests. 1000 Darden Center Drive | Orlando, FL 32837 407-245-4000 | www.darden.com 134574_DAR-024_2015AR_CVR_Revise.indd 1 Untitled-1.indd 3 8/3/15 10:328/4/15 AM 7:28 AM Yard House When the craft beer revolution began nearly 20 years ago, Yard House was there pioneering the way. Taking our vast experience with brews, coupling it with a kitchen that prepares over 100 items made from scratch daily, and BRANDS AT-A-GLANCE serving it all up in a welcoming space with an energetic vibe, Yard House has become a modern public house where food and beer lovers unite. • $470 million in sales • 59 units • $8.3 million average unit sales LongHorn Steakhouse Seasons 52 LongHorn is the place where you can Seasons 52 is a fresh grill and wine bar offering a get your steak – and everything with it – seasonal menu inspired by the fresh appeal of a farmer’s done right. That’s the LongHorn Way. market and what’s good now. We use ingredients at Our Legendary Steaks are cut by hand, their peak and rustic cooking techniques, like brick- boldly seasoned and grilled to your exact oven roasting and open fire grilling over oak and specifications. Steaks and other signature mesquite, which bring out the natural flavors of food. entrees like Parmesan Crusted Chicken Our menu is paired with an ever-changing collection of and LongHorn Salmon are always fresh, more than 100 wines, with 52 available by the glass. never frozen for a difference you • $239 million in sales can taste. • 43 units Olive Garden • $1.5 billion in sales • $5.7 million average unit sales • 480 units Inspired by Italian generosity and food made • $3.2 million average unit sales with love, Olive Garden’s menu is always changing and expanding to ensure that there is always a new dish to try, a new flavor to Eddie V’s Bahama Breeze discover. From exciting new specials and Eddie V’s charismatic vibe draws you in and holds you Bahama Breeze offers all your favorites: burgers, classic Italian favorites to a full menu of close, invites you to be seen, or sit back and just savor. salads, seafood, chicken – all with an island flair. appetizers, desserts, wines, gluten-free and Seafood is what we’re known for, but our specialty is The legendary cocktails are made with fresh new lighter fare options, there’s something excellence. Fish arrive daily from pristine waters around juices and pressed sugarcane, an island expertise delicious for everyone at Olive Garden. the world. From making fresh tortillas by hand for our rarely found on the mainland, and the spirited • $3.8 billion in sales lobster tacos to including a full half pound of crab meat drinks often come with a story to tell with recipes • 846 units in our signature crab cake, our intent is to prepare the gathered from the bars and hotels where they • $4.5 million average unit sales finest meal you’ve ever had. were first made famous. • $97 million in sales • $209 million in sales • 16 units • 36 units • $6.3 million average unit sales • $5.7 million average unit sales The Capital Grille From the moment you step into The Capital Grille, the experience is one of comfortable elegance. Mahogany paneling and art deco chandeliers provide a warm, stately setting for our nationally renowned dry-aged steaks, fresh seafood, and acclaimed world-class wines. With service as gracious as it is attentive, we look forward to impressing you. • $403 million in sales • 54 units • $7.2 million average unit sales Untitled-1.indd134574_DAR-024_2015AR_CVR_Revise.indd 4 2 8/4/15 7:25 AM 8/3/15 5:39 PM Yard House When the craft beer revolution began nearly 20 years ago, Yard House was there pioneering the way. Taking our vast experience with brews, coupling it with a kitchen that prepares over 100 items made from scratch daily, and BRANDS AT-A-GLANCE serving it all up in a welcoming space with an energetic vibe, Yard House has become a modern public house where food and beer lovers unite. • $470 million in sales • 59 units • $8.3 million average unit sales LongHorn Steakhouse Seasons 52 LongHorn is the place where you can Seasons 52 is a fresh grill and wine bar offering a get your steak – and everything with it – seasonal menu inspired by the fresh appeal of a farmer’s done right. That’s the LongHorn Way. market and what’s good now. We use ingredients at Our Legendary Steaks are cut by hand, their peak and rustic cooking techniques, like brick- boldly seasoned and grilled to your exact oven roasting and open fire grilling over oak and specifications. Steaks and other signature mesquite, which bring out the natural flavors of food. entrees like Parmesan Crusted Chicken Our menu is paired with an ever-changing collection of and LongHorn Salmon are always fresh, more than 100 wines, with 52 available by the glass. never frozen for a difference you • $239 million in sales can taste. • 43 units Olive Garden • $1.5 billion in sales • $5.7 million average unit sales • 480 units Inspired by Italian generosity and food made • $3.2 million average unit sales with love, Olive Garden’s menu is always changing and expanding to ensure that there is always a new dish to try, a new flavor to Eddie V’s Bahama Breeze discover. From exciting new specials and Eddie V’s charismatic vibe draws you in and holds you Bahama Breeze offers all your favorites: burgers, classic Italian favorites to a full menu of close, invites you to be seen, or sit back and just savor. salads, seafood, chicken – all with an island flair. appetizers, desserts, wines, gluten-free and Seafood is what we’re known for, but our specialty is The legendary cocktails are made with fresh new lighter fare options, there’s something excellence. Fish arrive daily from pristine waters around juices and pressed sugarcane, an island expertise delicious for everyone at Olive Garden. the world. From making fresh tortillas by hand for our rarely found on the mainland, and the spirited • $3.8 billion in sales lobster tacos to including a full half pound of crab meat drinks often come with a story to tell with recipes • 846 units in our signature crab cake, our intent is to prepare the gathered from the bars and hotels where they • $4.5 million average unit sales finest meal you’ve ever had. were first made famous. • $97 million in sales • $209 million in sales • 16 units • 36 units • $6.3 million average unit sales • $5.7 million average unit sales The Capital Grille From the moment you step into The Capital Grille, the experience is one of comfortable elegance. Mahogany paneling and art deco chandeliers provide a warm, stately setting for our nationally renowned dry-aged steaks, fresh seafood, and acclaimed world-class wines. With service as gracious as it is attentive, we look forward to impressing you. • $403 million in sales • 54 units • $7.2 million average unit sales 134574_DAR-024_2015AR_CVR_Revise.indd 2 Untitled-1.indd 5 8/4/15 7:25 AM 8/3/15 5:39 PM Gene Lee Jeffrey C. Smith President and Chairman of the Board Chief Executive Officer DEAR FELLOW SHAREHOLDERS: We experienced meaningful change in leadership in fiscal 2015 beginning with the election of a new Board of Directors. The new Board appointed a new Chairman of the Board and then selected a new Chief Executive Officer. This level of change in leadership is virtually unprecedented and provided our team with the clear mandate from shareholders to improve the Company, think differently and challenge past methods in favor of potential improved actions. We are in the hospitality business. Success is only achieved through great people and great relationships. Our Board and our senior leadership team have quickly developed a terrific relationship of trust and partnership allowing us to align on the key priorities to drive improved business performance. We are proud of our teamwork at the top of the organization and fully recognize that it is the great work and teamwork that happens throughout the organization and in the restaurants which will allow us to continue to succeed. DARDEN RESTAURANTS, INC. | 2015 ANNUAL REPORT 1 134574_DAR-024_2015AR_NARR_Revise.indd 1 8/4/15 7:40 AM As the Board continues its transition following the 2014 Annual same-restaurant sales, we have implemented a “Back to Basics” Meeting, Directors Betsy Atkins and Peter Feld, upon their approach which is rooted in strong operating fundamentals: own recommendations as members of the Nominating and • Improving culinary innovation and execution inside each Governance Committee, are not being nominated to stand for of our brands; re-election.
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