Piper Jaffray Raises Price Target on Darden Restaurants (DRI) Following 4Q15 Results

Fitch: Darden's Planned Real Estate Separation, Debt Reduction Neutral to Ratings/Outlook

June 23, 2015 1:15 PM EDT

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings views Darden Restaurants, Inc.'s (Darden; NYSE: DRI) strategic real estate plan as neutral to current ratings. Proposed actions result from Darden's comprehensive review of its real estate and are consistent with the firm's previously announced intention to use proceeds to repay debt to support its credit profile. Darden's Issuer Default Ratings are 'BBB-/F3'. The Rating Outlook is Positive. A full list of ratings is at the end of this release.

Darden plans to separate a portion of its owned real estate through a... More

Darden Restaurants Announces The Commencement Of A Solicitation Of Consents Relating To Certain Outstanding Notes

June 23, 2015 12:04 PM EDT

ORLANDO, Fla., June 23, 2015 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE: DRI) (the "Company") announced today that it is soliciting consents (the "Solicitation") from holders of the Company's 6.00% Senior Notes due 2035 (the "2035 Notes") (CUSIP: 237194AE5) and the Company's 6.80% Senior Notes due 2037 (the "2037 Notes") (CUSIP: 237194AH8) (the 2035 Notes and the 2037 Notes together, the "Notes") that held the relevant Notes as of 5:00 p.m., New York City time, on June 22, 2015 (the "Record Time") to approve certain amendments to the terms of the Notes.

The Company is undertaking the Solicitation to provide it with... More

Darden Restaurants Reports Strong Fourth Quarter And Full Year Results; Company Provides Fiscal 2016 Outlook

June 23, 2015 7:02 AM EDT

ORLANDO, Fla., June 23, 2015 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE: DRI) today reported financial results for the fourth quarter and fiscal year ended May 31, 2015, which included a  53rd week of operations compared to last year.  The company also introduced segment-level sales and profit performance. 

Fourth Quarter 2015 Financial Highlights versus Same Period a Year Ago

Total sales from continuing operations increased 13.8% to $1.88 billion Adjusted earnings per diluted share* increased 100% to $1.08 On a GAAP basis, earnings per diluted share from continuing operations increased 156% to $0.92 Excluding the 53rd week, sales... More

Darden Restaurants Announces Strategic Real Estate Plan: Intends To Pursue A REIT Separation, Continued Sale Leasebacks Of Select Restaurant Properties And The Sale Leaseback Of Restaurant Support Cen

June 23, 2015 7:00 AM EDT

ORLANDO, Fla., June 23, 2015 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE: DRI) announced today that its Board of Directors approved a strategic real estate plan to pursue a separation of a portion of the Company's real estate assets.  The separation would be achieved through a combination of selected sale leaseback transactions and the transfer of a portion of its remaining real estate assets to a new real estate investment trust ("REIT") that will be separated by a spin-off, split-off or similar transaction, resulting in the REIT becoming an independent, publicly-traded company (the "REIT Transaction"). ... More