When Darden Restaurants reported its financial results for the fourth quarter and fiscal year ended May 29, 2022, it shared that total sales increased 14.2% to $2.60 billion and net earnings from continuing operations were $282 million. The company also repurchased $237 million of its outstanding common stock, or approximately 1.8 million shares.
In addition, Darden’s Board of Directors authorized a new share repurchase program under which the company may repurchase up to $1 billion of its outstanding common stock. This repurchase program does not have an expiration and replaces the previously existing share repurchase authorization.
“By adhering to our strategy, and pricing below inflation, we ended the year with significantly better margins than pre-COVID,” said CFO Raj Vennam. “As a result, we generated $1.3 billion of cash from operations in fiscal 2022. The strength of our operating model and its ability to generate durable cash flow allows us to be disciplined as we enter fiscal 2023.”
Darden’s Board of Directors declared a quarterly cash dividend of $1.21 per share, a 10% increase from third quarter fiscal 2022, on the company’s outstanding common stock. The dividend is payable on August 1, 2022 to shareholders of record at the close of business on July 8, 2022.
“We had a strong quarter despite experiencing high inflation, and fiscal 2022 was a solid year,” said Darden President and CEO Rick Cardenas. “Darden’s competitive advantages enabled our brands to strengthen their business models while our restaurant teams continued to deliver exceptional guest experiences in a challenging operating environment. As we begin our new fiscal year, our focus remains on driving profitable sales, investing in the guest experience and simplifying operations. Darden’s strategy, and our strong balance sheet, positions us well regardless of the operating environment.”
