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Segment Information (Tables) | 6 Months Ended
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Nov. 24, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP.
(in millions) |  | Olive Garden |  | LongHorn Steakhouse |  | Fine Dining |  | Other Business 1 |  | Corporate |  | Consolidated
For the three months ended November 24, 2024 |
Sales |  | $ | 1,292.5 |  |  | $ | 710.1 |  |  | $ | 306.0 |  |  | $ | 581.4 |  |  | $ | — |  |  | $ | 2,890.0 |
Restaurant and marketing expenses |  | 1,015.4 |  |  | 575.9 |  |  | 253.3 |  |  | 502.2 |  |  | (20.7) |  |  | 2,326.1 |
Segment profit |  | $ | 277.1 |  |  | $ | 134.2 |  |  | $ | 52.7 |  |  | $ | 79.2 |  |  | $ | 20.7 |  |  | $ | 563.9 |
Depreciation and amortization |  | $ | 46.3 |  |  | $ | 20.6 |  |  | $ | 17.4 |  |  | $ | 29.3 |  |  | $ | 14.1 |  |  | $ | 127.7 |
Impairments and disposal of assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(in millions) |  | Olive Garden |  | LongHorn Steakhouse |  | Fine Dining |  | Other Business 1 |  | Corporate |  | Consolidated
For the six months ended November 24, 2024 |
Sales |  | $ | 2,501.6 |  |  | $ | 1,423.6 |  |  | $ | 584.9 |  |  | $ | 1,136.9 |  |  | $ | — |  |  | $ | 5,647.0 |
Restaurant and marketing expenses |  | 1,975.5 |  |  | 1,161.8 |  |  | 494.6 |  |  | 974.0 |  |  | (40.9) |  |  | 4,565.0 |
Segment profit |  | $ | 526.1 |  |  | $ | 261.8 |  |  | $ | 90.3 |  |  | $ | 162.9 |  |  | $ | 40.9 |  |  | $ | 1,082.0 |
Depreciation and amortization |  | $ | 91.6 |  |  | $ | 40.9 |  |  | $ | 34.2 |  |  | $ | 55.0 |  |  | $ | 27.5 |  |  | $ | 249.2 |
Impairments and disposal of assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.0 |  |  | 1.0 |
Purchases of land, buildings and equipment |  | 123.5 |  |  | 77.3 |  |  | 50.8 |  |  | 62.9 |  |  | — |  |  | 314.5 |
1 Includes Chuy’s results from the date of acquisition (October 11, 2024) forward.
(in millions) |  | Olive Garden |  | LongHorn Steakhouse |  | Fine Dining 2 |  | Other Business |  | Corporate |  | Consolidated
For the three months ended November 26, 2023 |
Sales |  | $ | 1,251.4 |  |  | $ | 643.0 |  |  | $ | 318.0 |  |  | $ | 514.9 |  |  | — |  |  | $ | 2,727.3 |
Restaurant and marketing expenses |  | 988.9 |  |  | 531.2 |  |  | 261.4 |  |  | 448.4 |  |  | (15.9) |  |  | 2,214.0 |
Segment profit |  | $ | 262.5 |  |  | $ | 111.8 |  |  | $ | 56.6 |  |  | $ | 66.5 |  |  | 15.9 |  |  | $ | 513.3 |
Depreciation and amortization |  | $ | 40.5 |  |  | $ | 18.3 |  |  | $ | 16.6 |  |  | $ | 25.4 |  |  | $ | 11.7 |  |  | $ | 112.5 |
Impairments and disposal of assets, net |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 7.4 |  |  | 7.5 |
(in millions) |  | Olive Garden |  | LongHorn Steakhouse |  | Fine Dining 2 |  | Other Business |  | Corporate |  | Consolidated
For the six months ended November 26, 2023 |
Sales |  | $ | 2,479.3 |  |  | $ | 1,312.8 |  |  | $ | 591.5 |  |  | $ | 1,074.3 |  |  | $ | — |  |  | $ | 5,457.9 |
Restaurant and marketing expenses |  | 1,954.5 |  |  | 1,083.6 |  |  | 495.2 |  |  | 923.5 |  |  | (31.3) |  |  | 4,425.5 |
Segment profit |  | $ | 524.8 |  |  | $ | 229.2 |  |  | $ | 96.3 |  |  | $ | 150.8 |  |  | $ | 31.3 |  |  | $ | 1,032.4 |
Depreciation and amortization |  | $ | 80.1 |  |  | $ | 36.5 |  |  | $ | 32.2 |  |  | $ | 50.5 |  |  | $ | 23.0 |  |  | $ | 222.3 |
Impairments and disposal of assets, net |  | 0.2 |  |  | 0.1 |  |  | — |  |  | — |  |  | 10.3 |  |  | 10.6 |
Purchases of land, buildings and equipment |  | 135.6 |  |  | 69.9 |  |  | 52.0 |  |  | 52.3 |  |  | 2.6 |  |  | 312.4 |
2 Includes Ruth’s Chris results from the date of acquisition (June 14, 2023) forward.
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of segment profit to earnings from continuing operations before income taxes is below.
|  | Three Months Ended |  | Six Months Ended
(in millions) |  | November 24, 2024 |  | November 26, 2023 |  | November 24, 2024 |  | November 26, 2023
Segment profit |  | $ | 563.9 |  |  | $ | 513.3 |  |  | $ | 1,082.0 |  |  | $ | 1,032.4 |
Less general and administrative expenses |  | (144.1) |  |  | (114.8) |  |  | (270.5) |  |  | (268.1) |
Less depreciation and amortization |  | (127.7) |  |  | (112.5) |  |  | (249.2) |  |  | (222.3) |
Less impairments and disposal of assets, net |  | — |  |  | (7.5) |  |  | (1.0) |  |  | (10.6) |
Less interest, net |  | (46.2) |  |  | (37.1) |  |  | (83.3) |  |  | (66.8) |
Earnings before income taxes |  | $ | 245.9 |  |  | $ | 241.4 |  |  | $ | 478.0 |  |  | $ | 464.6 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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