SUMMARY
This summary is not complete and does not contain all of the information that you should consider before buying the notes in this offering.
You should read carefully the entire prospectus supplement and the accompanying prospectus, including in particular the section entitled Risk Factors beginning on page S-7 of this prospectus
supplement and the more detailed information and financial statements and related notes appearing elsewhere or incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision.
Darden
Darden
Restaurants, Inc. is a full-service restaurant company. As of May 28, 2023, we operated through subsidiaries 1,914 restaurants in the United States and Canada. In the United States, we operated 1,906 restaurants in all 50 states, including 897
Olive Garden®, 562 LongHorn Steakhouse®, 180 Cheddars Scratch Kitchen®,
86 Yard House®, 62 The Capital Grille®, 44 Seasons 52®, 42 Bahama Breeze®, 29 Eddie Vs Prime Seafood® and four The Capital Burger® restaurants. In
Canada, we operated eight Olive Garden restaurants. Through subsidiaries, we own and operate all of our restaurants in the United States and Canada, except for two restaurants that are owned by joint ventures that we manage and 34 franchised
restaurants. Of our 1,914 restaurants in the United States and Canada open on May 28, 2023, 75 were located on owned sites and 1,839 were located on leased sites. As of May 28, 2023, we also had 35 restaurants outside the United States
(including Puerto Rico) and Canada operated by independent third parties pursuant to area development and franchise agreements.
Darden
Restaurants, Inc. is a Florida corporation incorporated in March 1995, and is the parent company of GMRI, Inc., also a Florida corporation. GMRI, Inc. and certain other of our subsidiaries own and operate our restaurants. GMRI, Inc. was originally
incorporated in March 1968 as Red Lobster Inns of America, Inc. We were acquired by General Mills, Inc. in 1970 and became a separate publicly held company in 1995 when General Mills distributed all of our outstanding stock to the stockholders of
General Mills. Our principal executive offices and restaurant support center are located at 1000 Darden Center Drive, Orlando, Florida 32837, telephone (407) 245-4000.
On June 14, 2023, we completed our acquisition of Ruths Hospitality Group, Inc., a Delaware corporation (Ruths),
for $21.50 per share in cash. Ruths is the owner, operator and franchisor of restaurants under the Ruths Chris Steak House® trademark. As the acquisition was subsequent to our
fiscal year ended on May 28, 2023, there was no impact to our consolidated financial statements or operations for our fiscal year 2023. As of the closing, Ruths Chris Steak House had 155 locations around the globe, including 81
company-owned or company-operated restaurants and 74 franchised restaurants.
We have a 52/53 week fiscal year ending the last Sunday in
May. Our fiscal year 2023 ended May 28, 2023 and consisted of 52 weeks, fiscal 2022 ended May 29, 2022 and consisted of 52 weeks, and fiscal 2021 ended May 30, 2021 and consisted of 52 weeks.
Strategy
We believe that
capable operators of strong multi-unit brands have the opportunity to increase their share of the restaurant industrys full-service segment. Generally, the restaurant industry is considered to be comprised of three segments: quick service,
fast casual, and full-service. All of our restaurants fall within the full-service segment, which is highly fragmented and includes many independent operators and small chains. We believe we