Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

Delayed Quote. Delayed  - 09/30 10:02:58 pm
61.32 USD   +1.14%
09/29 DARDEN RESTAURA : Board Declares Regular Quarterly Dividend
09/29 DARDEN RESTAURA : shareholders balk at measure to curb antibiotics i..
09/29DARDEN RESTAURA : quaterly earnings release
News SummaryMost relevantAll newsSector news 

Outback Steakhouse Parent Plans IPO Of Up To $300 Million

share with twitter share with LinkedIn share with facebook
share via e-mail
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 

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; Andrew.FitzGerald@dowjones.com

Stocks mentioned in the article : Darden Restaurants, Inc., DineEquity Inc
share with twitter share with LinkedIn share with facebook
share via e-mail
09/29 DARDEN RESTAURANTS' : Board Declares Regular Quarterly Dividend
09/29 DARDEN RESTAURANTS : shareholders balk at measure to curb antibiotics in meat su..
09/29DARDEN RESTAURANTS, INC. : quaterly earnings release
09/28 DARDEN RESTAURANTS INC : Change in Directors or Principal Officers (form 8-K)
09/14DJCracker Barrel Ends Year on Strong Note
09/13 OLIVE GARDEN : To Sell An Unprecedented 21,000 Never Ending Pasta Passes
09/12 DARDEN RESTAURANTS : To Host Fiscal 2017 First Quarter Earnings Conference Call ..
09/08 STARBUCKS : Is Giving Employees More Health Insurance Options
08/26 DARDEN RESTAURANTS : ‘brilliant with the basics'
More news
Sector news : Restaurants & Bars - NEC
09/30 CHIPOTLE MEXICAN GRILL : Fidelity Contrafund continues to slash stake in struggl..
09/29DJU.S. HOT STOCKS : Hot Stocks to Watch
09/29DJMCDONALD : Raises Quarterly Dividend 6%
09/29DJMCDONALD : Raises Quarterly Dividend 6%
09/26DJYUM BRANDS : Board Approves Spinoff Plan, Raises Dividend 11%
More sector news : Restaurants & Bars - NEC
News from SeekingAlpha
09/29 Darden Restaurants declares $0.56 dividend
09/13 DRI Expected Continued Growth
09/10 Restaurant same-store sales track lower again as indies take a bite
09/09 Ackman's Chipotle Challenge Is Bigger Than Management
08/30 What Makes Darden Different
Financials ($)
Sales 2017 7 112 M
EBIT 2017 710 M
Net income 2017 494 M
Debt 2017 9,77 M
Yield 2017 3,68%
P/E ratio 2017 15,68
P/E ratio 2018 14,24
EV / Sales 2017 1,06x
EV / Sales 2018 0,99x
Capitalization 7 526 M
More Financials
Duration : Period :
Darden Restaurants, Inc. Technical Analysis Chart | DRI | US2371941053 | 4-Traders
Full-screen chart
Technical analysis trends DARDEN RESTAURANT...
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus HOLD
Number of Analysts 29
Average target price 69,2 $
Spread / Average Target 14%
Consensus details
EPS Revisions
More Estimates Revisions
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$)
SODEXO17.32%18 237
WHITBREAD PLC-11.97%9 200
More Results