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News Breaks
July 28, 2014
10:47 EDTDRIDarden completes sale of Red Lobster to Golden Gate Capital
Darden Restaurants and Golden Gate Capital announced that Golden Gate has completed the acquisition of the Red Lobster business and certain other related assets and assumed liabilities for approximately $2.1B in cash. As previously announced, approximately $1.0B of the net cash proceeds are expected to be used to retire outstanding debt. The remaining net proceeds of approximately $500M-$600M are expected to be deployed for a new share repurchase program of up to $700M in fiscal 2015. "In addition to strengthening Darden's credit profile, with the lower debt levels and reduced outstanding share count, Darden expects to maintain its current quarterly dividend of 55c per share, or $2.20 annually...The completion of this transaction marks an important milestone in the actions we are taking to improve our operations, reduce costs, and focus on opportunities with the highest value-creating potential. While we still have work to do, we are making progress in our efforts to enhance performance and shareholder value," the company said.
News For DRI From The Last 14 Days
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September 23, 2015
10:20 EDTDRIOptions with decreasing implied volatility
Options with decreasing implied volatility: CVC HRTX NWBO ATML RHT KMX OVTI ADBE ORCL DRI
September 22, 2015
08:45 EDTDRIDarden expects operating margin expansion to significantly moderate in 2H16
08:41 EDTDRIDarden says separation of real estate assets to complete by end of 2015
Expects to retire $1B of debt with proceeds from sale leasebacks. Expects to separate 488 of its restaurant real estate properties across two executions. Comments taken from Q1 earnings conference call.
07:02 EDTDRIDarden raises FY16 adjusted EPS to $3.15-$3.30 from $3.05-$3.20, consensus $3.13
The company's expectation for combined U.S. same-restaurant sales growth, on a 52-week basis, for fiscal 2016 remains unchanged at 2.0% to 2.5%. This does not include the impact of any fiscal 2016 real estate transactions and related capital structure activities.
07:02 EDTDRIDarden reports Q1 Olive Garden sales up 3.4% to $944.6M
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07:01 EDTDRIDarden reports Q1 same-restaurant sales up 3.4%
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07:01 EDTDRIDarden reports Q1 adjusted EPS 68c, consensus 58c
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06:59 EDTDRIDarden volatility flat into Q1 and outlook
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September 21, 2015
14:57 EDTDRINotable companies reporting before tomorrow's open
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08:37 EDTDRIDarden EPS likely to ecceed expectations, says Wells Fargo
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