Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Darden Restaurants, Inc.    DRI

Delayed Quote. Delayed  - 04/21 10:04:54 pm
84.16 USD   +0.13%
04/18 DARDEN RESTAURA : DRI) Files An 8-K Other Events
04/18 DARDEN RESTAURA : The Parametrica Management Ltd Invests $857,000 in..
04/06 DARDEN RESTAURA : ex-dividend day
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Outback Steakhouse Parent Plans IPO Of Up To $300 Million

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/06/2012 | 10:14pm CEST

--Move to help pay off debt from 2007 private-equity buyout

--Company going public as high input costs and demand headwinds threaten restaurant sector

--Bloomin' owns and operates most locations

(Updates with additional details throughout on the company.)

 
  By Drew FitzGerald 
  Of  
 

Outback Steakhouse parent Bloomin' Brands Inc. filed plans for an initial public offering of up to $300 million in common stock to help pay down debt taken on from its 2007 private-equity buyout.

The casual-dining company, which also owns Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse and Wine Bar and Roy's, has carried a heavy debt load since its predecessor accepted a roughly $3 billion bid from a group led by private-equity firms Bain Capital Partners LLC and Catterton Management Co.

Bloomin's private-equity backers are now preparing to take the company public during a challenging time for the casual-dining sector, which has struggled in recent years under pressure from cost-conscious consumers and high commodity prices.

Such pressures have hurt Olive Garden parent Darden Restaurants Inc. (>> Darden Restaurants, Inc.), which also owns Red Lobster and Outback competitor LongHorn Steakhouse. Darden's business has fluctuated over the past year as it deals with higher food costs and tougher competition.

Meanwhile, DineEquity Inc. (>> DineEquity Inc), which owns the casual Applebee's and IHOP brands, is undertaking a strategy to sell underperforming company-owned locations to franchise operators to improve its margins, also in response to steep food costs and bargain-hunting diners.

With more than 1,200 company-run restaurants and 195 locations operating under franchise or joint-venture arrangements, Bloomin' already represents a sizable competitor against its publicly listed peers. Darden counts nearly 2,000 locations, while DineEquity has more than 3,900 restaurants around the world.

Outback accounts for the lion's share of Bloomin's business, with 967 locations worldwide. The restaurant chain boasted a No. 1 U.S. market position in the full-service steak restaurant category last year and also holds leading positions in Brazil and in South Korea, according to the company's filing with the U.S. Secuturities and Exchange Commission.

Bloomin' has directed its marketing at generating new traffic and emphasized lower-priced menu items as part of a new strategy launched by Chief Executive Elizabeth A. Smith, a former Kraft Foods Inc. (KFT) executive.

The company pointed to its international business model as a strength that separates it from competitors' strategies. Most of its international restaurants are company-owned or operated through a joint venture instead of through franchisees.

While privately held, Bloomin's earnings totaled $100 million in 2011. The company generated $3.8 billion in revenue last year as its four core concepts, excluding Roy's, reported 4.9% same-restaurant sales growth in the U.S.

The company plans to use proceeds from the offering to retire outstanding debt due 2015, as well as for other corporate purposes. The company had about $248.1 million of principal from senior notes outstanding at the end of last year. Its total indebtedness stood at about $2.1 billion.

Bain Capital currently holds a roughly 66% stake in the company, while funds affiliated with Catterton hold about 14%.

The company plans to list on an as-yet undecided exchange under the symbol BLM.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; [email protected]

Stocks mentioned in the article : Darden Restaurants, Inc., DineEquity Inc
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on DARDEN RESTAURANTS, INC.
04/18 DARDEN RESTAURANTS, INC. (NYSE : DRI) Files An 8-K Other Events
04/18 DARDEN RESTAURANTS : Financial Statements and Exhibits (form 8-K/A)
04/18 DARDEN RESTAURANTS : The Parametrica Management Ltd Invests $857,000 in Darden R..
04/11 DARDEN RESTAURANTS INC : Other Events, Financial Statements and Exhibits (form 8..
04/06 DARDEN RESTAURANTS, INC. : ex-dividend day
04/04 DARDEN RESTAURANTS : Management's Discussion and Analysis of Financial Condition..
04/01 DARDEN RESTAURANTS : Cheddar's chain sold to Darden
04/01 INSIDER TRADING ACTIVITY DARDEN REST : DRI) – Insider Sold 98,124 shares o..
03/28 Darden Restaurants and Red Hat climb; McCormick skids
03/28 DARDEN RESTAURANTS : looks at Cheddar's deal with eye on growth
More news
Sector news : Restaurants & Bars - NEC
04/22 Wall Street gears up for busiest earnings week in years
04/21 Restaurant Group finance chief leaves after less than a year
04/18 Omnicom's North America growth slows even as profit, revenue beat
04/17DJSocial Media Outcries Leave Little Damage -- WSJ
04/15DJUnited, Pepsi Outcry Unlikely to Hurt Financial Results
More sector news : Restaurants & Bars - NEC
News from SeekingAlpha
04/18 Cracker Barrel Serves Up Appetizing Results For Investors
04/18 A Reinvesting Method That Has Beaten The Market
04/17 Sluggish trend continues for restaurant sales
04/09 MY K.I.S.S. DIVIDEND PORTFOLIO : 1st Quarter 2017 Update
04/07 Retail Group Still Has Pulse - Cramer's Mad Money (4/6/17)
Advertisement
Financials ($)
Sales 2017 7 086 M
EBIT 2017 708 M
Net income 2017 500 M
Debt 2017 408 M
Yield 2017 2,66%
P/E ratio 2017 21,19
P/E ratio 2018 19,47
EV / Sales 2017 1,53x
EV / Sales 2018 1,45x
Capitalization 10 464 M
More Financials
Chart DARDEN RESTAURANTS, INC.
Duration : Period :
Darden Restaurants, Inc. Technical Analysis Chart | DRI | US2371941053 | 4-Traders
Full-screen chart
Technical analysis trends DARDEN RESTAURANT...
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 83,5 $
Spread / Average Target -0,81%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Eugene I. Lee President, Chief Executive Officer & Director
Charles M. Sonsteby Chairman
Ricardo Cardenas Chief Financial Officer & Senior Vice President
Chris Chang Chief Information Officer & Senior Vice President
Margaret Shân Atkins Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
DARDEN RESTAURANTS, IN..15.73%10 464
STARBUCKS CORPORATION9.17%88 327
COMPASS GROUP PLC0.87%31 877
SODEXO2.84%18 516
RESTAURANT BRANDS INTE..19.03%13 347
WHITBREAD PLC11.73%9 874
More Results