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View Annual Report OUR RESTAURANTS Where people of all ages gather to enjoy the abundance of great Italian food and wine and are treated like family. $3.8 billion in sales 843 units 1000 Darden Center Drive REPORT 2016 ANNUAL Orlando, FL 32837 The place for people who crave a 407-245-4000 flavorful, boldly seasoned steak in a down-to-earth setting that feels like www.darden.com a rancher’s home. $1.6 billion in sales OUR 481 units The restaurant of choice for COMMITMENT conscientious adults celebrating DARDEN REST DARDEN the goodness of life without TO YOU compromise. $254 million in sales 40 units 2016 ANNUAL REPORT AURANTS, INC. AURANTS, The destination to disconnect, lighten up and have fun. $218 million in sales 37 units The modern American gathering place where beer and food lovers unite. $507 million in sales 65 units The ultimate relationship brand, offering a welcoming and club-like dining experience. $408 million in sales 54 units The destination for a glamorous ® night out. $106 million in sales 16 units 137248_DardenAR_CVR.r2.indd 1 8/4/16 12:37 PM OUR RESTAURANTS Where people of all ages gather to enjoy the abundance of great Italian food and wine and are treated like family. $3.8 billion in sales 843 units 1000 Darden Center Drive REPORT 2016 ANNUAL Orlando, FL 32837 The place for people who crave a 407-245-4000 flavorful, boldly seasoned steak in a down-to-earth setting that feels like www.darden.com a rancher’s home. $1.6 billion in sales 481 units OUR The restaurant of choice for COMMITMENT conscientious adults celebrating DARDEN RES DARDEN the goodness of life without TO YOU compromise. $254 million in sales 40 units TAURANTS, INC. TAURANTS, 2016 ANNUAL REPORT The destination to disconnect, lighten up and have fun. $218 million in sales 37 units The modern American gathering place where beer and food lovers unite. $507 million in sales 65 units The ultimate relationship brand, offering a welcoming and club-like dining experience. $408 million in sales 54 units The destination for a glamorous ® night out. $106 million in sales 16 units 137248_DardenAR_CVR.r2.indd 1 8/4/16 12:37 PM We succeed because of our people, Board of Directors and with our success comes great DARDEN opportunity for our team members. That’s why who we hire is one of our most important decisions, and why we Margaret Shân Atkins Jean M. Birch Co-Founder and Managing Director Retired Chief Executive Officer and invest in our team members’ careers of Chetrum Capital LLC, a private President of Birch Company, LLC, a investment firm. specialized strategy and leadership every step of the way. We provide our consulting firm focused on the people with the tools they need to hospitality industry. succeed in their current roles, to grow COMMITTED TO personally and professionally, and to Bradley D. Blum James P. Fogarty deliver exceptional experiences to our Founder and Owner of BLUM Enterprises, Former Chief Executive Officer Our People LLC, a restaurant company focused on of Orchard Brands, a multi-channel guests each day. restaurant strategy, concept develop- marketer of apparel and home products. ment and investing. We are a restaurant company, so food is always top of mind. But what we do starts with people. Our 150,000 team members are what make the difference at Darden — they are at the heart of everything we do. And the results speak for themselves: Cynthia T. Jamison Eugene I. Lee, Jr. That’s why we strive to hire the best and create an inclusive environment Chairman of the Board of Directors of President • Our hourly team members, on average, earn nearly $15/hour Tractor Supply Company, the largest Chief Executive Officer where diversity of thought and background is valued — everyone is operator of retail farm and ranch stores. Darden Restaurants, Inc. treated with respect, and everyone has opportunities to develop and • We promote nearly 1,000 team members a year into management grow their careers. • 50% of all our Restaurant Managers are promoted from hourly positions • 99% of our General Managers and Managing Partners are promoted from within We’re extremely proud of our results-oriented people culture — one Lionel L. Nowell, III William S. Simon filled with energy, passion, opportunity and fun. We work hard to • 99% of all Directors of Operations are internal promotions Former Senior Vice President and Former President and Treasurer of PepsiCo, Inc., one of the Chief Executive Officer of achieve our goals, and we all win together when we do. world’s largest food and beverage Walmart U.S. companies. With more than 7,000 leadership positions across our restaurants, we Charles M. Sonsteby Alan N. Stillman Chairman of the Board Founder and former Chief Executive provide a pathway for thousands of Darden Restaurants, Inc. Officer of The Smith & Wollensky individuals throughout the country Vice Chairman, Chief Financial Officer Restaurant Group, Inc., which develops and Chief Administrative Officer of and operates high-end, high-volume to advance from entry-level jobs into The Michaels Companies, Inc., restaurants in major cities across the the largest arts and crafts specialty United States. management roles. It’s one of the retailer in North America. reasons Darden enjoys the lowest annual turnover rates for hourly team members in the industry – 30 points below the industry average. 137248_DardenAR_CVR.r2.indd 2 8/4/16 12:39 PM We succeed because of our people, Board of Directors and with our success comes great DARDEN opportunity for our team members. That’s why who we hire is one of our most important decisions, and why we Margaret Shân Atkins Jean M. Birch Co-Founder and Managing Director Retired Chief Executive Officer and invest in our team members’ careers of Chetrum Capital LLC, a private President of Birch Company, LLC, a investment firm. specialized strategy and leadership every step of the way. We provide our consulting firm focused on the people with the tools they need to hospitality industry. succeed in their current roles, to grow COMMITTED TO personally and professionally, and to Bradley D. Blum James P. Fogarty deliver exceptional experiences to our Founder and Owner of BLUM Enterprises, Former Chief Executive Officer Our People LLC, a restaurant company focused on of Orchard Brands, a multi-channel guests each day. restaurant strategy, concept develop- marketer of apparel and home products. ment and investing. We are a restaurant company, so food is always top of mind. But what we do starts with people. Our 150,000 team members are what make the difference at Darden — they are at the heart of everything we do. And the results speak for themselves: Cynthia T. Jamison Eugene I. Lee, Jr. That’s why we strive to hire the best and create an inclusive environment Chairman of the Board of Directors of President • Our hourly team members, on average, earn nearly $15/hour Tractor Supply Company, the largest Chief Executive Officer where diversity of thought and background is valued — everyone is operator of retail farm and ranch stores. Darden Restaurants, Inc. treated with respect, and everyone has opportunities to develop and • We promote nearly 1,000 team members a year into management grow their careers. • 50% of all our Restaurant Managers are promoted from hourly positions • 99% of our General Managers and Managing Partners are promoted from within We’re extremely proud of our results-oriented people culture — one Lionel L. Nowell, III William S. Simon filled with energy, passion, opportunity and fun. We work hard to • 99% of all Directors of Operations are internal promotions Former Senior Vice President and Former President and Treasurer of PepsiCo, Inc., one of the Chief Executive Officer of achieve our goals, and we all win together when we do. world’s largest food and beverage Walmart U.S. companies. With more than 7,000 leadership positions across our restaurants, we Charles M. Sonsteby Alan N. Stillman Chairman of the Board Founder and former Chief Executive provide a pathway for thousands of Darden Restaurants, Inc. Officer of The Smith & Wollensky individuals throughout the country Vice Chairman, Chief Financial Officer Restaurant Group, Inc., which develops and Chief Administrative Officer of and operates high-end, high-volume to advance from entry-level jobs into The Michaels Companies, Inc., restaurants in major cities across the the largest arts and crafts specialty United States. management roles. It’s one of the retailer in North America. reasons Darden enjoys the lowest annual turnover rates for hourly team members in the industry – 30 points below the industry average. 137248_DardenAR_CVR.r2.indd 2 8/4/16 12:39 PM DEAR FELLOW SHAREHOLDERS Darden has been on an incredible journey, and this year we were able to accomplish great things by delivering outstanding experiences every day, in every restaurant. We know that when we focus on creating memorable moments for our guests, we can grow our business. That’s why everything we do is rooted in our mission – to be financially successful through great people consistently delivering outstanding food, drinks and service in an inviting atmosphere, making every guest loyal. Eugene I. Lee, Jr. Charles M. Sonsteby President and Chief Executive Officer Chairman of the Board DARDEN RESTAURANTS, INC. • 2016 ANNUAL REPORT 1 We bring our mission to life every day through our 150,000 Delivering Value team members in more than 1,500 restaurants across the country who carry out the four pillars of our Back-to- to Shareholders Basics operating philosophy – culinary innovation and In fiscal 2016, we grew total sales by 4.4 percent2 execution, attentive service, engaging atmospheres and driven by same-restaurant sales growth of 3.3 percent – integrated marketing.
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