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Darden Restaurants, Incorporated
Type	Public (NYSE: DRI)
Founded	1968
Headquarters	5900 Lake Ellenor Dr. Orlando, FL 32809
Key people	Clarence Otis, Jr., Chairman and CEO Andrew H. (Drew) Madsen COO Valerie K. (Val) Collins CIO/SVP
Industry	Restaurant
Revenue	$5.567 billion USD (2007)[1]
Operating income	$570.9 million USD (2007)[1]
Net income	$201.4 million USD (2007)[1]
Employees	157,300 (2007)[1]
Website	Darden.com

Darden Restaurants, Inc. is a multi-brand restaurant operator. The firm owns several casual dining restaurant chains, most notably Red Lobster and Olive Garden. Darden owns and operates more than 1,700 restaurant locations throughout North America and has more than 157,000 employees, making it the world's largest restaurant operator in terms of revenue. Darden does not franchise its restaurants in the United States, but many of its international locations are not under corporate control.^[2][1]

Contents 1 History 1.1 Diversification 1.2 Acquisitions 1.3 Divesture 2 References 3 See also 4 External links

[edit] History

What would become to be known as Darden Restaurants began when William (Bill) Darden founded the Red Lobster Inns of America and opened the first Red Lobster restaurant in Lakeland, Florida in 1968.^[3] Mr. Darden chose Lakeland because he wished to see how the concept would fare in a non-coastal region, and Lakeland was the innermost city in Florida. The store became hugely successful and by 1970 had expanded to three locations in the state with two more under construction. While the locations were profitable, the company lacked the resources to expand further, so Mr. Darden sold the company to food giant General Mills that year. General Mills upgraded the chain to a more casual dining/family fare oriented format, opened a new corporate headquarters in Orlando, Florida and installed Darden as company president. In 1975, when Darden was promoted to the position of Vice President of operations for the restaurant unit, Joseph (Joe) R. Lee, the companies first restaurant manger, was made President of Red Lobster.^[4]

Under General Mills, Red lobster grew into a successful chain of almost 400 locations by 1985. The company underwent several restructurings and transformed itself from a inexpensive fast food seller into a chain of casual dining seafood restaurants by 1988.^[4]

[edit] Diversification

One of the companies first venture into the diversification of its portfolio was the York Steak House chain of English themed steak and chop restaurants in the 1970s. The franchised steak and potatoes restaurant was a cafeteria style affair with salad bar and hot station. By the end of the 1980s the chain had been mostly closed down, however some independent locations still exist.^[5][6]

In 1982, opened the first Olive Garden concept store in Orlando. The chain took off and by 1989 the General Mills had open over 145 stores, making the chain fasted growing unit in the companies restaurant holdings. While the company did not meet critical success it was popular and its per store sales soon grew to match those of Red Lobster. The company eventually became the largest chain of Italian themed full-service restaurants in the US. The company helped bolster its Italian bona fides opening the Culinary Institute of Tuscany in Tuscany, Italy, a training facility designed to allow its chefs to become fluent in Italian cuisine in an authentic Italian setting.^[4]

China Coast was an attempt to create a (US) national casual dining restaurant that featured Chinese Cuisine. While the chain eventually expanded to some fifty restaurants, its sale were lack luster and lost an estimated $20 million USD. By the end of 1995, the company was shuttered and the remain location either converted to Red Lobsters and Olive Gardens or out right closed.^[4][7]

Bahama Breeze features a Caribbean theme, food and drinks found in the islands of the Caribbean Sea. Created in 1996.^[3]

Smokey Bones is a sports bar concept featuring barbecue and related foodstuffs in an Appalachian mountain-lodge setting. Created in 2000.^[3]

Seasons 52 created in 2003

Rocky River Grill House (2006 - 2007)

[edit] Acquisitions

LongHorn Steakhouse (2007)

The Capital Grille (2007)

[edit] Divesture

By the end of its fiscal year in 1995, Red Lobster was operating 1,250 stores in 49 states and Canada.

Darden Restaurants was spun off from General Mills beginning on May 9, 1995 when it began trading on when-issue basis at $9.75 a share.^[8] The company became a fully separate entity on May 31, 1995 when its shares went on sale on the NYSE. The shares opened at $10.75, 17% below expectations, but climbed to $11.125 by the close of trading.^[9]

[edit] References

• Darden Restaurants NYT

[edit] See also

• Applebee's
• Brinker International (operator of Chili's)
• OSI Restaurant Partners (operator of Outback Steakhouse)

[edit] External links

• Darden Restaurants, Inc. web site

v • d • e Darden Restaurants
People	William (Bill) Darden (founder)  · Joseph (Joe) R. Lee  · Clarence Otis, Jr. (CEO)  · Andrew H. (Drew) Madsen (COO)  · Valerie K. (Val) Collins (CIO)
Related companies	Darden Reataurants (Parent Company)  · Bahama Breeze  · The Capital Grille  · Olive Garden  · Red Lobster  · Seasons 52
Websites	Darden  · Bahama Breeze  · Capital Grille  · Olive Garden  · Red Lobster  · Seasons 52
Annual Revenue: $0.00 (Currency measured in) (2007)  · Employees: 0 (Year of quote)  · Stock Symbol: NYSE: DRI  · Website: Darden.com