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Segment Information | 9 Months Ended
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Feb. 23, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information We manage our restaurant brands, Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, Ruth’s Chris, The Capital Grille, Chuy’s, 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 Ruth’s Chris, 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, Chuy’s, 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. 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 February 23, 2025 |
Sales |  | $ | 1,330.3 |  |  | $ | 768.1 |  |  | $ | 385.3 |  |  | $ | 674.3 |  |  | $ | — |  |  | $ | 3,158.0 |
Restaurant and marketing expenses |  | 1,023.7 |  |  | 618.8 |  |  | 299.2 |  |  | 570.3 |  |  | (20.9) |  |  | 2,491.1 |
Segment profit |  | $ | 306.6 |  |  | $ | 149.3 |  |  | $ | 86.1 |  |  | $ | 104.0 |  |  | $ | 20.9 |  |  | $ | 666.9 |
Depreciation and amortization |  | $ | 46.8 |  |  | $ | 21.3 |  |  | $ | 17.6 |  |  | $ | 32.1 |  |  | $ | 14.1 |  |  | $ | 131.9 |
Impairments and disposal of assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
(in millions) |  | Olive Garden |  | LongHorn Steakhouse |  | Fine Dining |  | Other Business 1 |  | Corporate |  | Consolidated
For the nine months ended February 23, 2025 |
Sales |  | $ | 3,831.9 |  |  | $ | 2,191.7 |  |  | $ | 970.2 |  |  | $ | 1,811.2 |  |  | $ | — |  |  | $ | 8,805.0 |
Restaurant and marketing expenses |  | 2,999.2 |  |  | 1,780.6 |  |  | 793.8 |  |  | 1,544.3 |  |  | (61.8) |  |  | 7,056.1 |
Segment profit |  | $ | 832.7 |  |  | $ | 411.1 |  |  | $ | 176.4 |  |  | $ | 266.9 |  |  | $ | 61.8 |  |  | $ | 1,748.9 |
Depreciation and amortization |  | $ | 138.4 |  |  | $ | 62.2 |  |  | $ | 51.8 |  |  | $ | 87.1 |  |  | $ | 41.6 |  |  | $ | 381.1 |
Impairments and disposal of assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.1 |  |  | 1.1 |
Purchases of land, buildings and equipment |  | 187.4 |  |  | 109.2 |  |  | 73.3 |  |  | 102.7 |  |  | — |  |  | 472.6 |
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 February 25, 2024 |
Sales |  | $ | 1,310.2 |  |  | $ | 730.7 |  |  | $ | 372.9 |  |  | $ | 561.0 |  |  | — |  |  | $ | 2,974.8 |
Restaurant and marketing expenses |  | 1,015.5 |  |  | 594.1 |  |  | 291.5 |  |  | 477.3 |  |  | (17.5) |  |  | 2,360.9 |
Segment profit |  | $ | 294.7 |  |  | $ | 136.6 |  |  | $ | 81.4 |  |  | $ | 83.7 |  |  | 17.5 |  |  | $ | 613.9 |
Depreciation and amortization |  | $ | 43.2 |  |  | $ | 19.5 |  |  | $ | 16.9 |  |  | $ | 26.2 |  |  | $ | 12.1 |  |  | $ | 117.9 |
Impairments and disposal of assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.4 |
(in millions) |  | Olive Garden |  | LongHorn Steakhouse |  | Fine Dining 2 |  | Other Business |  | Corporate |  | Consolidated
For the nine months ended February 25, 2024 |
Sales |  | $ | 3,789.5 |  |  | $ | 2,043.5 |  |  | $ | 964.4 |  |  | $ | 1,635.3 |  |  | $ | — |  |  | $ | 8,432.7 |
Restaurant and marketing expenses |  | 2,970.0 |  |  | 1,677.7 |  |  | 786.7 |  |  | 1,400.8 |  |  | (48.8) |  |  | 6,786.4 |
Segment profit |  | $ | 819.5 |  |  | $ | 365.8 |  |  | $ | 177.7 |  |  | $ | 234.5 |  |  | $ | 48.8 |  |  | $ | 1,646.3 |
Depreciation and amortization |  | $ | 123.2 |  |  | $ | 56.0 |  |  | $ | 49.1 |  |  | $ | 76.7 |  |  | $ | 35.2 |  |  | $ | 340.2 |
Impairments and disposal of assets, net |  | 0.2 |  |  | 0.1 |  |  | — |  |  | — |  |  | 10.7 |  |  | 11.0 |
Purchases of land, buildings and equipment |  | 198.6 |  |  | 102.7 |  |  | 80.9 |  |  | 73.2 |  |  | 5.4 |  |  | 460.8 |
2 Includes Ruth’s Chris results from the date of acquisition (June 14, 2023) forward. A reconciliation of segment profit to earnings from continuing operations before income taxes is below.
|  | Three Months Ended |  | Nine Months Ended
(in millions) |  | February 23, 2025 |  | February 25, 2024 |  | February 23, 2025 |  | February 25, 2024
Segment profit |  | $ | 666.9 |  |  | $ | 613.9 |  |  | $ | 1,748.9 |  |  | $ | 1,646.3 |
Less general and administrative expenses |  | (116.7) |  |  | (108.2) |  |  | (387.2) |  |  | (376.3) |
Less depreciation and amortization |  | (131.9) |  |  | (117.9) |  |  | (381.1) |  |  | (340.2) |
Less impairments and disposal of assets, net |  | (0.1) |  |  | (0.4) |  |  | (1.1) |  |  | (11.0) |
Less interest, net |  | (45.5) |  |  | (36.5) |  |  | (128.8) |  |  | (103.3) |
Earnings before income taxes |  | $ | 372.7 |  |  | $ | 350.9 |  |  | $ | 850.7 |  |  | $ | 815.5 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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