{"id":464896,"date":"2021-03-25T07:03:38","date_gmt":"2021-03-25T11:03:38","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=464896"},"modified":"2021-03-25T07:03:38","modified_gmt":"2021-03-25T11:03:38","slug":"darden-restaurants-reports-fiscal-2021-third-quarter-results-announces-team-member-investments-declares-quarterly-dividend-authorizes-new-500-million-share-repurchase-program-and-provides-fiscal","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/darden-restaurants-reports-fiscal-2021-third-quarter-results-announces-team-member-investments-declares-quarterly-dividend-authorizes-new-500-million-share-repurchase-program-and-provides-fiscal\/","title":{"rendered":"Darden Restaurants Reports Fiscal 2021 Third Quarter Results; Announces Team Member Investments; Declares Quarterly Dividend; Authorizes New $500 Million Share Repurchase Program; And Provides Fiscal 2021 Fourth Quarter Outlook"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n ORLANDO, Fla.<\/span>, March 25, 2021<\/span> \/PRNewswire\/ — Darden Restaurants, Inc., (NYSE: DRI) today reported its financial results for the third quarter ended February\u00a028, 2021. <\/p>\n

Statement from Gene Lee<\/span>, Chairman and CEO.<\/p>\n

It is hard to believe that it has been a year since the pandemic began to significantly impact our business. The strategy we developed six years ago \u2014 focused on executing our Back-to-Basics operating philosophy and strengthening our competitive advantages \u2014 has provided a strong foundation to help us navigate this period of unprecedented change and uncertainty. <\/p>\n

Our people are our greatest competitive advantage, which is why we have invested approximately $200 million<\/span> since March 2020<\/span> in programs benefiting our team members including Paid Sick Leave, Emergency Pay, and paid time off to receive the COVID-19 vaccine. And today, I am proud to announce two additional investments. First, we are investing approximately $17 million<\/span> to provide a one-time bonus for our hourly restaurant team members in recognition of their hard work and dedication. <\/p>\n

Second, while we are proud that, on average, our hourly restaurant team members earn more than $17<\/span> per hour today, starting Monday, every hourly restaurant team member will earn at least $10<\/span> per hour, which includes tip income \u2014 increasing to $11<\/span> an hour in January 2022<\/span> and $12<\/span> an hour in January 2023<\/span>. Continuing to attract and retain the best talent in the industry will be critical to our success, and this commitment further solidifies our position as the employer of choice in full-service dining.<\/p>\n

After all we have been through, our winning strategy, combined with our team members’ resilience and passion, has allowed Darden and our brands to emerge stronger as evidenced by our solid performance this quarter. Once again we were able to deliver strong profitability in a constantly changing environment while keeping our guests and team members safe.<\/p>\n

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\n Third Quarter 2021 Financial Highlights, Comparisons to Third Quarter Last Year<\/u>
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