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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 27, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
1-13666
Commission File Number
 DARDEN RESTAURANTS, INC.
(Exact name of registrant as specified in its charter)
 
Florida 59-3305930
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
1000 Darden Center Drive
Orlando,
Florida
 32837
(Address of principal executive offices) (Zip Code)
407-245-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, without par valueDRINew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No
Number of shares of common stock outstanding as of March 15, 2022: 124,734,340.


TABLE OF CONTENTS
 
2

Cautionary Statement Regarding Forward-Looking Statements
Statements set forth in or incorporated into this report that are not historical facts, including without limitation statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of Darden Restaurants, Inc. and its subsidiaries that are preceded by, followed by or that include words such as “may,” “will,” “expect,” “intend,” “anticipate,” “continue,” “estimate,” “project,” “believe,” “plan”, “outlook” or similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This statement is included for purposes of complying with the safe harbor provisions of that Act. Any forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update such statements for any reason to reflect events or circumstances arising after such date. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. The most significant of these uncertainties are described in Darden’s Form 10-K, Form 10-Q (including this report) and Form 8-K reports.
3

PART I
FINANCIAL INFORMATION
Item  1. Financial Statements (Unaudited)
DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In millions, except per share data)
(Unaudited)
 
 Three Months EndedNine Months Ended
 February 27,
2022
February 28,
2021
February 27,
2022
February 28,
2021
Sales$2,448.9 $1,733.0 $7,027.1 $4,916.9 
Costs and expenses:
Food and beverage
752.7 499.4 2,132.2 1,409.0 
Restaurant labor
798.7 559.4 2,279.5 1,595.6 
Restaurant expenses
395.7 336.8 1,158.8 958.2 
Marketing expenses
27.2 19.2 73.0 66.8 
General and administrative expenses
83.1 78.9 289.0 298.8 
Depreciation and amortization94.3 88.2 275.4 261.8 
Impairments and disposal of assets, net(3.8)3.1 (5.5)1.4 
Total operating costs and expenses
$2,147.9 $1,585.0 $6,202.4 $4,591.6 
Operating income301.0 148.0 824.7 325.3 
Interest, net17.5 15.2 49.8 46.4 
Other (income) expense, net0.2 0.5 0.7 8.4 
Earnings before income taxes283.3 132.3 774.2 270.5 
Income tax expense35.4 3.1 101.2 7.1 
Earnings from continuing operations$247.9 $129.2 $673.0 $263.4 
Losses from discontinued operations, net of tax benefit of $0.0, $0.8, $0.4 and $2.4, respectively
(0.9)(0.5)(1.9)(2.6)
Net earnings$247.0 $128.7 $671.1 $260.8 
Basic net earnings per share:
Earnings from continuing operations$1.95 $0.99 $5.22 $2.02 
Losses from discontinued operations(0.01) (0.01)(0.02)
Net earnings $1.94 $0.99 $5.21 $2.00 
Diluted net earnings per share:
Earnings from continuing operations$1.93 $0.98 $5.17 $2.00 
Losses from discontinued operations  (0.01)(0.02)
Net earnings $1.93 $0.98 $5.16 $1.98 
Average number of common shares outstanding:
Basic
127.0 130.5 128.9 130.3 
Diluted
128.2 132.0 130.1 131.5 

See accompanying notes to our unaudited consolidated financial statements.
4

DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)

Three Months EndedNine Months Ended
February 27,
2022
February 28,
2021
February 27,
2022
February 28,
2021
Net earnings $247.0 $128.7 $671.1 $260.8 
Foreign currency adjustment0.1 0.2 (0.4)0.4 
Change in fair value of derivatives and amortization of unrecognized gains and losses on derivatives, net of taxes of $0.2, $0.2, $0.2 and $0.5, respectively
1.1 7.1 (2.4)16.6 
Net unamortized gain (loss) arising during the period, including amortization of unrecognized net actuarial gain (loss), net of taxes of $0.0, $0.1, $0.2 and $0.4, respectively, related to pension and other post-employment benefits
0.2 0.5 0.6 1.3 
Other comprehensive income (loss)$1.4 $7.8 $(2.2)$18.3 
Total comprehensive income$248.4 $136.5 $668.9 $279.1 
See accompanying notes to our unaudited consolidated financial statements.

5


DARDEN RESTAURANTS, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
February 27,
2022
May 30,
2021
 (Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$555.3 $1,214.7 
Receivables, net52.6 68.2 
Inventories243.7 190.8 
Prepaid income taxes298.1 337.2 
Prepaid expenses and other current assets130.4 60.2 
Total current assets$1,280.1 $1,871.1 
Land, buildings and equipment, net of accumulated depreciation and amortization of $3,057.8 and $2,843.8, respectively
3,253.9 2,869.2 
Operating lease right-of-use assets3,531.0 3,776.4 
Goodwill1,037.4 1,037.4 
Trademarks806.3 806.3 
Other assets296.7 295.7 
Total assets$10,205.4 $10,656.1 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$350.0 $304.5 
Accrued payroll177.5 177.4 
Accrued income taxes4.8 35.9 
Other accrued taxes59.7 60.5 
Unearned revenues537.3 474.2 
Other current liabilities686.6 795.8 
Total current liabilities$1,815.9 $1,848.3 
Long-term debt916.4 929.8 
Deferred income taxes232.0 221.6 
Operating lease liabilities - non-current3,832.2 4,088.5 
Other liabilities1,123.1 754.8 
Total liabilities$7,919.6 $7,843.0 
Stockholders’ equity:
Common stock and surplus$2,249.8 $2,286.6 
Retained earnings34.0 522.3 
Accumulated other comprehensive income (loss)2.0 4.2 
Total stockholders’ equity$2,285.8 $2,813.1 
Total liabilities and stockholders’ equity$10,205.4 $10,656.1 


See accompanying notes to our unaudited consolidated financial statements.
6

DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Three And Nine Months Ended February 27, 2022 and February 28, 2021
(In millions)
(Unaudited)
 
Common Stock
And Surplus
SharesAmountRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
Balance at November 28, 2021128.3 $2,280.6 $261.8 $0.6 $2,543.0 
Net earnings— — 247.0 247.0 
Other comprehensive income (loss)— — — 1.4 1.4 
Dividends declared ($1.10 per share)
— — (140.7)— (140.7)
Stock option exercises0.1 8.1 — — 8.1 
Stock-based compensation— 6.1 — — 6.1 
Repurchases of common stock(2.7)(47.7)(334.1)— (381.8)
Issuance of stock under Employee Stock Purchase Plan and other plans— 2.6 — — 2.6 
Other— 0.1 — — 0.1 
Balance at February 27, 2022125.7$2,249.8 $34.0 $2.0 $2,285.8 
Balance at May 30, 2021130.8$2,286.6 $522.3 $4.2 $2,813.1 
Net earnings— 671.1 — 671.1 
Other comprehensive income (loss)— — (2.2)(2.2)
Dividends declared ($3.30 per share)
— (427.9)— (427.9)
Stock option exercises0.5 28.7 — — 28.7 
Stock-based compensation28.0 — — 28.0 
Repurchases of common stock(5.8)(102.6)(731.5)— (834.1)
Issuance of stock under Employee Stock Purchase Plan and other plans0.2 7.7 — — 7.7 
Other1.4 — — 1.4 
Balance at February 27, 2022125.7$2,249.8 $34.0 $2.0 $2,285.8 
Balance at November 29, 2020130.3$2,239.0 $223.2 $(7.1)$2,455.1 
Net earnings— 128.7 — 128.7 
Other comprehensive income— — 7.8 7.8 
Dividends declared ($0.37 per share)
— (48.6)— (48.6)
Stock option exercises0.421.5 — — 21.5 
Stock-based compensation9.2 — — 9.2 
Repurchases of common stock (0.4)— (0.4)
Issuance of stock under Employee Stock Purchase Plan and other plans2.3 — — 2.3 
Other(0.2)0.1 — (0.1)
Balance at February 28, 2021130.7$2,271.8 $303.0 $0.7 $2,575.5 
Balance at May 31, 2020129.9$2,205.3 $143.5 $(17.6)$2,331.2 
Net earnings— 260.8 — 260.8 
Other comprehensive income— — 18.3 18.3 
Dividends declared ($0.67 per share)
— (88.1)— (88.1)
Stock option exercises0.527.1 — — 27.1 
Stock-based compensation32.2 — — 32.2 
Repurchases of common stock(0.1)(1.5)(5.7)— (7.2)
Issuance of stock under Employee Stock Purchase Plan and other plans0.47.1 — — 7.1 
Other1.6 (7.5)— (5.9)
Balance at February 28, 2021130.7$2,271.8 $303.0 $0.7 $2,575.5 
See accompanying notes to our unaudited consolidated financial statements.
7

DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Nine Months Ended
 February 27,
2022
February 28,
2021
Cash flows—operating activities
Net earnings$671.1 $260.8 
Losses from discontinued operations, net of tax1.9 2.6 
Adjustments to reconcile net earnings from continuing operations to cash flows:
Depreciation and amortization275.4 261.8 
Impairments and disposal of assets, net(5.5)1.4 
Stock-based compensation expense49.8 60.0 
Change in current assets and liabilities(83.0)128.2 
Contributions to pension and postretirement plans(1.7)(1.3)
Deferred income taxes10.0 (12.3)
Change in other assets and liabilities(6.0)71.2 
Other, net4.5 (26.4)
Net cash provided by operating activities of continuing operations$916.5 $746.0 
Cash flows—investing activities
Purchases of land, buildings and equipment(275.6)(177.3)
Proceeds from disposal of land, buildings and equipment10.1 5.4 
Purchases of capitalized software and other assets(18.3)(10.6)
Other, net2.9 1.1 
Net cash used in investing activities of continuing operations$(280.9)$(181.4)
Cash flows—financing activities
Proceeds from issuance of common stock36.4 34.2 
Dividends paid(426.2)(87.3)
Repurchases of common stock(834.1)(7.2)
Repayments of short-term debt (270.0)
Principal payments on finance leases(9.0)(5.0)
Payments of debt issuance costs(2.5)(0.2)
Net cash used in financing activities of continuing operations$(1,235.4)$(335.5)
Cash flows—discontinued operations
Net cash (used in) provided by operating activities of discontinued operations(8.1)1.5 
Net cash (used in) provided by discontinued operations$(8.1)$1.5 
(Decrease) increase in cash, cash equivalents, and restricted cash(607.9)230.6 
Cash, cash equivalents, and restricted cash - beginning of period1,214.7 763.3 
Cash, cash equivalents, and restricted cash - end of period$606.8 $993.9 

Reconciliation of cash, cash equivalents, and restricted cash:February 27,
2022
February 28,
2021
Cash and cash equivalents$555.3 $993.9 
Restricted cash included in prepaid expenses and other current assets51.5  
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows$606.8 $993.9 
8

DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
(Unaudited)
Nine Months Ended
February 27,
2022
February 28,
2021
Cash flows from changes in current assets and liabilities
Receivables, net15.6 5.8 
Inventories(52.9)18.7 
Prepaid expenses and other current assets(19.3)3.9 
Accounts payable31.7 (17.5)
Accrued payroll0.1 12.2 
Prepaid/accrued income taxes8.1 3.0 
Other accrued taxes(0.8)3.6 
Unearned revenues63.1 25.8 
Other current liabilities(128.6)72.7 
Change in current assets and liabilities$(83.0)$128.2 

See accompanying notes to our unaudited consolidated financial statements.

9

DARDEN RESTAURANTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1.Basis of Presentation
Darden Restaurants, Inc. (we, our, Darden or the Company) owns and operates full-service dining restaurants in the United States and Canada under the trade names Olive Garden®, LongHorn Steakhouse®, Cheddar’s Scratch Kitchen®, Yard House®, The Capital Grille®, Seasons 52®, Bahama Breeze®, Eddie V’s Prime Seafood® and The Capital Burger®. As of February 27, 2022, through subsidiaries, we own and operate all of our restaurants in the United States and Canada, except for 2 joint venture restaurants managed by us and 34 franchised restaurants. We also have 25 franchised restaurants in operation located in Latin America.
We have prepared these consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. We operate on a 52/53-week fiscal year which ends on the last Sunday in May. Our fiscal year ending May 29, 2022 will contain 52 weeks of operation. Operating results for interim periods presented are not necessarily indicative of results that may be expected for the full fiscal year.
These statements should be read in conjunction with the consolidated financial statements and related notes to consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended May 30, 2021. We prepare our consolidated financial statements in conformity with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and costs and expenses during the reporting period. Actual results could differ from those estimates.
We have reclassified certain amounts in prior-period financial statements to conform to the current period’s presentation.
COVID-19 Pandemic
For much of fiscal 2021, the COVID-19 pandemic resulted in a significant reduction in guest traffic at our restaurants due to changes in consumer behavior as public health officials encouraged social distancing and required personal protective equipment. Also, some state and local governments mandated restrictions including suspension of dine-in operations, reduced restaurant seating capacity, table spacing requirements, bar closures and additional physical barriers. Once COVID-19 vaccines were approved and moved into wider distribution in the United States in early 2021, public health conditions improved and almost all of the COVID-19 restrictions on businesses have eased. During fiscal 2022, increases in the numbers of cases of COVID-19 throughout the United States including the Omicron variant which significantly impacted our restaurants in the third quarter, mostly in January 2022, subjected some of our restaurants to other COVID-19-related restrictions such as mask requirements or vaccine requirements for team members, guests or both. Exclusions and quarantines of restaurant team members or groups thereof disrupt an individual restaurant’s operations and often come with little or no notice to the local restaurant management. We continue to monitor the progression of the COVID-19 pandemic and state, local and federal government regulatory and public health responses thereto. As of the date of this report, most of our restaurants were operating with few, if any, restrictions.
Recently Adopted Accounting Standards
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective upon issuance to modifications made as early as the beginning of the interim period through December 31, 2022. We elected to adopt this guidance during the quarter ended August 29, 2021; adoption did not have a material impact on our consolidated financial statements.



10

DARDEN RESTAURANTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 2.Revenue Recognition  
Deferred revenue liabilities from contracts with customers included on our accompanying consolidated balance sheets is comprised of the following:
(in millions)February 27, 2022May 30, 2021
Unearned revenues
Deferred gift card revenue$564.3 $494.3 
Deferred gift card discounts(27.4)(20.5)
Other0.4 0.4 
Total$537.3 $474.2 
Other liabilities
Deferred franchise fees - non-current$2.5 $2.2 
The following table presents a rollforward of deferred gift card revenue.
Three Months EndedNine Months Ended
(in millions)February 27, 2022February 28, 2021February 27, 2022February 28, 2021
Beginning balance$476.9 $469.3 $494.3 $494.6 
Activations318.6 230.2 552.9 400.6 
Redemptions and breakage(231.2)(176.9)(482.9)(372.6)
Ending balance$564.3 $522.6 $564.3 $522.6 

11

DARDEN RESTAURANTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 3.Additional Financial Information

Supplemental Balance Sheet Information
The components of lease assets and liabilities on the consolidated balance sheet are as follows:
(in millions)Balance Sheet ClassificationFebruary 27, 2022May 30, 2021
Operating lease right-of-use assetsOperating lease right-of-use assets$3,531.0 $3,776.4 
Finance lease right-of-use assetsLand, buildings and equipment, net747.9 405.6 
Total lease assets, net$4,278.9 $4,182.0 
Operating lease liabilities - currentOther current liabilities$181.0 $176.8 
Finance lease liabilities - currentOther current liabilities14.2 7.3 
Operating lease liabilities - non-currentOperating lease liabilities - non-current3,832.2 4,088.5 
Finance lease liabilities - non-currentOther liabilities918.7 555.3 
Total lease liabilities$4,946.1 $4,827.9 
Supplemental Cash Flow Information
Cash paid for interest and income taxes are as follows:
Nine Months Ended
(in millions)February 27, 2022February 28, 2021
Interest, net of amounts capitalized$49.9 $45.7 
Income taxes, net of refunds79.3 12.4 
Non-cash investing and financing activities are as follows:
Nine Months Ended
(in millions)February 27, 2022February 28, 2021
Increase in land, buildings and equipment through accrued purchases$42.9 $29.8 
Right-of-use assets obtained in exchange for new operating lease liabilities13.9 20.2 
Right-of-use assets obtained in exchange for new finance lease liabilities147.2 44.1 
Net change in right-of-use assets mainly due to lease modifications resulting in reclassification of leases from operating to finance137.3 93.9 
We have restricted cash of $51.5 million and $0 as of February 27, 2022 and May 30, 2021, respectively, which represents cash held as security for a standby letter of credit. Restricted cash is included in Prepaid Expenses and Other Current Assets on the balance sheet. See Note 11, Commitments and Contingencies.
Note 4.Income Taxes
The effective income tax rate for continuing operations for the quarter ended February 27, 2022 was 12.5 percent, reflecting income tax expense of $35.4 million compared to an effective income tax rate for the quarter ended February 28, 2021 of 2.3 percent, reflecting income tax expense of $3.1 million. The effective income tax rate for continuing operations for the nine months ended February 27, 2022 was 13.1 percent, reflecting income tax expense $101.2 million compared to an effective income tax rate of 2.6 percent for the nine months ended February 28, 2021, reflecting income tax expense $7.1 million. The change was primarily driven by higher net earnings from continuing operations in the quarter and nine months ended February 27, 2022 compared to the quarter and nine months ended February 28, 2021 and the impact of certain tax credits on earnings before income taxes.
Included in our remaining balance of unrecognized tax benefits is $4.8 million related to tax positions for which it is reasonably possible that the total amounts could change within the next twelve months based on the outcome of examinations or as a result of the expiration of the statute of limitations for specific jurisdictions.
12

DARDEN RESTAURANTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 5.Net Earnings per Share
Outstanding stock options, restricted stock and equity-settled performance stock units granted by us represent the only dilutive effect reflected in diluted weighted average shares outstanding, none of which impact the numerator of the diluted net earnings per share computation. Stock options, restricted stock and equity-settled performance stock units excluded from the calculation of diluted net earnings per share because the effect would have been anti-dilutive, are as follows: 
Three Months EndedNine Months Ended
(in millions)February 27,
2022
February 28,
2021
February 27,
2022
February 28,
2021
Anti-dilutive stock-based compensation awards0.2 0.3 0.1 0.7 

Note 6.Segment Information
We manage our restaurant brands, Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V’s and The Capital Burger in North America as operating segments. The brands operate principally in the U.S. within full-service dining. We aggregate our operating segments into reportable segments based on a combination of the size, economic characteristics and sub-segment of full-service dining within which each brand operates. We have four reportable segments: (1) Olive Garden, (2) LongHorn Steakhouse, (3) Fine Dining and (4) Other Business.
The Olive Garden segment includes the results of our company-owned Olive Garden restaurants in the U.S. and Canada. The LongHorn Steakhouse segment includes the results of our company-owned LongHorn Steakhouse restaurants in the U.S. The Fine Dining segment aggregates our premium brands that operate within the fine-dining sub-segment of full-service dining and includes the results of our company-owned The Capital Grille and Eddie V’s restaurants in the U.S. The Other Business segment aggregates our remaining brands and includes the results of our company-owned Cheddar’s Scratch Kitchen, Yard House, Seasons 52, Bahama Breeze and The Capital Burger restaurants in the U.S and results from our franchise operations.
External sales are derived principally from food and beverage sales. We do not rely on any major customers as a source of sales, and the customers and long-lived assets of our reportable segments are predominantly in the U.S. There were no material transactions among reportable segments.
Our management uses segment profit as the measure for assessing performance of our segments. Segment profit includes revenues and expenses directly attributable to restaurant-level results of operations (sometimes referred to as restaurant-level earnings). These expenses include food and beverage costs, restaurant labor costs, restaurant expenses and marketing expenses (collectively “restaurant and marketing expenses”). Non-cash lease-related expenses included in restaurant expenses (which is a component of segment profit) and lease-related depreciation and amortization are reported at the corporate level as these are expenses for which our operating segments are not being evaluated. Additionally, our lease-related right-of-use assets are not managed or evaluated at the operating segment level, but rather at the corporate level.
In the first quarter of fiscal 2022, we changed our internal management reporting to include The Capital Burger in the Other Business segment. Previously, The Capital Burger was included in the Fine Dining segment due to its adjacency with The Capital Grille brand and overall immateriality. Fiscal 2021 figures have been restated for comparability.
13

DARDEN RESTAURANTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP.
(in millions)Olive GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
For the three months ended February 27, 2022
Sales$1,142.6 $612.7 $208.2 $485.4 $ $2,448.9 
Restaurant and marketing expenses902.6 501.2 160.5 418.2 (8.2)1,974.3 
Segment profit$240.0 $111.5 $47.7 $67.2 $8.2 $474.6 
Depreciation and amortization$34.9 $16.0 $8.5 $24.8 $10.1 $94.3 
Impairments and disposal of assets, net(0.1)0.1   (3.8)(3.8)
(in millions)Olive GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
For the nine months ended February 27, 2022
Sales$3,310.2 $1,727.0 $565.7 $1,424.2 $ $7,027.1 
Restaurant and marketing expenses2,581.8 1,424.4 444.7 1,209.9 (17.3)5,643.5 
Segment profit$728.4 $302.6 $121.0 $214.3 $17.3 $1,383.6 
Depreciation and amortization$106.2 $48.3 $25.2 $73.4 $22.3 $275.4 
Impairments and disposal of assets, net1.0 0.1   (6.6)(5.5)
Purchases of land, buildings and equipment116.1 65.9 31.4 60.6 1.6 275.6 
(in millions)Olive GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
For the three months ended February 28, 2021
Sales$872.0 $454.3 $103.7 $303.0 $ $1,733.0 
Restaurant and marketing expenses669.7 372.2 87.1 271.4 14.4 1,414.8 
Segment profit$202.3 $82.1 $16.6 $31.6 $(14.4)$318.2 
Depreciation and amortization$35.7 $16.3 $7.6 $24.8 $3.8 $88.2 
Impairments and disposal of assets, net   3.3 (0.2)3.1 
(in millions)Olive GardenLongHorn SteakhouseFine DiningOther BusinessCorporateConsolidated
For the nine months ended February 28, 2021
Sales$2,489.7 $1,238.4 $293.6 $895.2 $ $4,916.9 
Restaurant and marketing expenses1,938.5 1,033.0 246.5 788.9 22.7 4,029.6 
Segment profit$551.2 $205.4 $47.1 $106.3 $(22.7)$887.3 
Depreciation and amortization$106.0 $49.7 $22.9 $73.1 $10.1 $261.8 
Impairments and disposal of assets, net   3.3 (1.9)1.4 
Purchases of land, buildings and equipment69.8 27.3 31.6