On this page of StockholderLetter.com we present the 8/7/2023 shareholder letter from DARDEN RESTAURANTS INC — ticker symbol DRI. Reading current and past DRI letters to shareholders can bring important insights into the investment thesis.

01234155678923196513
4 25 72 2 36 123 2 6 3 13 63 2 19 95 9 911 1 1 1 6 6 3 32 1 2
71 3 1 6 3 6 6 1 2 255 1 5 936 9 312 16 51 6 1 5 15 13
6 2 66 3 2 13 1 2 2 6 9131 2 1 13 1 56 25
2 6 66 3 2 ! 6!2 " 132 #9566 9 3 36 1$1 6 6 331 2 32
0231 %46 3&6 1 1' 2 2 1 6 8 2 8 251 ($ 1 102 2) 9 * 636
8 32 1 #52 2 2*1 5 !"31 1 & 5 311 2 51 6 3 32 6 6 1 1 6311 1 15
2 36 11 1 312 13 25 1 66 3 1
+,-./0121345-607-
01 12 6 91 36 1 71 2 5 6 13 63 1 91 3 2 1!31 2 32 251
2 32 2 1 631$ 111 91 2 256 566 71 9231 2 91 1 6 91 25 123
86 25251 3179 :; 6<= > 556 3 1 2 1!31 2 32 251 367 96 ? 9;2 251
36 @A 1 1731 2 32 89 23 1 91 3 25 123 0231 %9 63 = 3 2 <=
556 251 2 9 36 6 !5 1 13 63 2 1 36 1<= ? 556 ( 80' 36 6
6 132 6 891131 5 1 2 51 62 91 1 5 1 1 123 139231 367 96 9 =; 6
<9
" 3 36 6 132 615 6 1 6 1 132 1 2 25 29 567 79 9255671 6
1 6 3 1 2 2 2 6 39 63 6 31 3 2 29 66 3923196513
B131 3 1 631 92 <= 556 6 923196513 91 63 6 1 2 923131 3 921
891 23 1 31 6 1 6 15 66 3 13 63 2 1 512 62 6 2592319651331 3 6
?; 63 91 25 123 B192 1 6 1 5 15 131 36 56 ! 13 92319651331 3 2
71 6 1 6 151 1 92 6 13 1 6 3= ;C=>; 23 1 63 6 2592319651331 3 D88*E
31 2 2 36 32 1 2 791 71566 2 6 3 13 63 2 16 13 9152 1 123 7192 1
11 2 51 62 91 12 25F1 88*6 => 9; ' 6 255 10231 72 6 36
G1 1325H 55 9 1232 6 91 6 2 92 2 91 1 2 2 25F1 88*6 = ;63 312 136 13
2 = 25! 123 136
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891 6 2 6 636 3 1 366 1 6 3 32 1 " 331 2 32 12 2312 51 61$1 1
2 29 951 15 31 2 6 1 6 6 3P/.QR7SRP/-,.-IT5J/7,LMUV,0S-STVO2 9631 66
13 12 2 6 91312 36 9 65 1 936 9 1 32 1 23 1
=*1 311 2W6 !G''# 12 31 '31 6 52 6 6 G''# 6W6 !G''# 13 2 1 6 2 911 6 9 51 13

$0123245676289 18 5 2 1 78 8 848 5456385 328 845 8 34787 543 85 12 2741245 4 7 24 1745685 17 285 7 )1285 127 56*142 2 0 89 +42652852 61 6 82 7 1 42 8 8 6 8 2 , 92 -5685 .474/ , 5 0 47 874 24 4 12/412 2/47870 2485 . 8 7 04 21 8 4769 6 8 85 24 21 17 94 14 4 2 8 54 4 8980 3827 450 2 8 54 4 89807 1 6 94 32456 *180303285 85 3245647 889 469454 7 8 5 56 87 1 63 78 1 456 854 0 8 8 5 3 446 687 15 , 92 -5685 .474/ 8961 87 24 214561 8 4 0 66 48 57 2 795 178245 6$ "78"#$ 6 # 9 : 5 ; 255 41 17 5 78 245 57 17 285 874 2 0 28 67 41 456 32456 7 24 2685420 5 7 5712 821 85420 4 87328 845 8 34787 58 7 7 417 28 6 22 0 < 12 26289 5787 5 18 5 : 5 ; 252 5 0 6 78 5 41=47 25287> 8245514 28 85 88 5456 248585 2 24 092 127 5 7 174567 1 85420 4 327 4288 4 68547287 88 57 4 7 6 8215 6 4 28 1 85485 8 5 1 8 4 4 8 5? @0 8;4 2 34224 1 <55 < 87 8 0 5 4 85 2 24 62897 : 5 ; 25471 12 456285 2 787*14 807456426742 77 422 2 17 271 85 854 247 41 17 285 2 12 177 ABCDEBCFEGHIJKJKLIMNLOPJOQIR 9 )4265 9 5851 5 524 5725 585 456 924 85 12 12 889 469454 7 STUVTWTXYVZSXY[\ ]^Z\V_T \aYZYbcV_TUdZ_ eTUfgfh_SZgYZ\UTX i[YVVTVU 456 12e\_h[Z_jkggT\VZ\lmmh[Zhg\ 6 n o" $6o"( 01258 58 845 54 24 76 2 48 57 8 7 8 1271 827456 24 7 7469454 7 4 4785 32456 1 65 3 43 4 89 587 5 < 2 1 1 042 87 4785721 54 85 543 85 12 4 7 71 77 1 0 454 2 1 8 015 26843 85 48 5420 5982 5 5 8 585185 1562 28 85 48 5 92 5 2 p$ # q"$"rs # t$# u 729 2 45 5 8 8 5 177464042 77 12 2 8 3245677 45585 1 8 7 57 1 27298 68585 2 98685 17 8 21580 4 12 - 5789 )44v w578 7 /0 4257785 74 4566 87644 45 2 4 124 0 45 2 12 317857730 924 85 4 85 42585 5 0 85 2 74 7 2 4785 43 27 61 85 4568595 20 454 5 u 42 43 3 215627456 12 1777 45261 288 5 85 82 285 456 421 2 89 0 3854 0 42 43 8 8x 12 51745685 2 12 4785 456 2885 6 878 573476 5 178578 7456 87 284 2567$

012343567849821 9 1 2

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$01234556758298 233 3 1 8 12 44 39 83 3 55 8398 1 381 983 9 85 9 34 5 3 1 7 1 94 9 5 3 1 7 1 94 !"39 9 3 5 94 9 # 1 5 9 3 89 5 8349 3 3 3 131579 85 9 34 $ 44 5 83% 9! &'()*+,-./0*1,234/)5'6/7/8/)4/ 0 9983 23 5 3 52586 5 3 38 81 575 8 38 8513: 5;5 8 1 <934 = 38 5 3"3>38 3!019 5 9 9 3 45 1 583 9 ? 39 3 381138 31 583 9 5 3 44 5 31 19 9 9 91831 9 89 1 944 1 9 312383 5 @3 3 9 23 9 963 3543 14 31!A 9 12 231 8 3 5 5 8 1 9 34 5 8 39 3 381 31 19 5 31! 8/)4*61B()C/DEF/EG/)+ H 8 39 3 381 8 5 8 89 1 54 7339 9 !"3983 5 3 5 5 8 1 9 34 3 31 3 81 311 85 9 29 1758 852 9 3 1 8 4 1 3 9 3813258649 31 34 183 9 33 45 3857 5 3 5 8 1 8 ! IJKLMNOJPIJQQRLOSTUVVLMM "35 4 1 33 2 3 5 8 39 3 3811 33 2 12 23 31 3 85 5 3 8 9833819 9983 !A 1 3 12 3 1 8 9 9445 8 39 3 38183 3 3 5 3 3 9 !B6D4/)D1/W,'()052/DEE/EG/)+DX)'++D00'()G)D6Y+/D)6E')/2,D6Z[[D6,'()W *6X0(+*4/'\*6X'E//D)6/Y2,)'(1,1)D2(*2*/+] A5 5 31 83 3 5 83 45 3 8551 5 23 31 85 89 1 9 345 8 39 3 381 39 3 8 31 !A 1 4 319 311 59 98 3 57 394 3 37 11534 43 39 3 381 9 5513785 9 3 575 5 1 9 31 7 3 8 3319 51357 3 879 4 ! A 1 39823*64/+2/YD6DYY*2*'6D0Z^E*00*'6*6+(G+*Y*/+2'0*E*2*6X)/D+/+*6E/Y*XD0_)/E*(E+ 2,D2'()2/DEE/EG/)+_D59 9861 31 5 13 3 39823 9 3 5 315! "39415 5 5 14 2586 5 3 7 29 1 9 345 8 39 3 381 852!`58 9 575 8 39 3 381= 4 1 1 5 3 87 81 49 9 3!A5 34 3 1 33 9 852 3 8 98338123 85 3 9 85 89 9443 aD+2a0(/6X5 557738>9 1 %1396 39 3 381 3 9 3 5 4398 = 4 1 7587833!A 39983 `5 9 5 9415 3 3 3&/b2c'()+/8X,'0D)+,*_ 85 89 51 58 5 8 39 3 381 79 4 31 34 3 8 483 9 3 3 3 83 9 5 94 5941!01 9831 4 3984 483 58 33 3 1579983 39 3 381238392983 51 % 13 5 98 1 54981 1258 $d 39 !A 313 39 3 381838313 583 9 e 77383 831 9 89 19 851113 3 575 8 89 19 d 1 9 31!$
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•

8/7/2023 Letter Continued (Full PDF)
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8/5/2024 DRI Stockholder Letter
•

8/4/2025 DRI Stockholder Letter
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More "Hotels" Category Stockholder Letters
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DRI Benford's Law Stock Score = 85

DRI 8/7/2023 Shareholder/Stockholder Letter Transcript:

01234155678923196513
4  25    72 2  36   123 2  6 3 13 63 2  19 95 9  911  1   1 1 6 6 3 32 1  2
71  3 1 6 3  6  6 1  2  255     1   5 936  9 312  16 51 6   1  5  15 13  
6   2     66 3   2  13  1 2      2  6 9131  2   1 13   1 56 25 
  2  6  66 3 2  ! 6!2  " 132   #9566 9  3     36  1$1   6  6 331 2 32   
0231 %46 3&6  1   1'  2  2 1 6 8    2  8 251 ($ 1   102 2)    9  * 636 
8 32 1  #52    2  2*1 5 !"31  1 & 5  311 2 51 6 3 32   6 6  1 1 6311  1   15 
2   36  11 1  312 13 25 1 66 3  1  
+,-./0121345-607-
01  12 6  91  36  1   71     2  5 6   13 63 1  91   3   2 1!31 2 32  251
2   32    2   1 631$ 111  91  2  256  566 71 9231 2  91 1     6  91  25 123 
86 25251  3179 :; 6<=  > 556  3 1    2 1!31 2 32  251  367 96 ? 9;2  251
 36 @A 1  1731 2 32   89  23 1  91 3   25 123 0231 %9  63 = 3 2   <= 
 556   251 2   9  36   6 !5 1 13 63 2  1 36 1<= ? 556  ( 80'  36  6      
6 132 6  891131 5 1 2 51    62 91 1 5  1  1 123     139231 367 96 9 =; 6
<9    
" 3 36  6 132    615 6    1  6 1 132 1    2  25 29 567  79 9255671    6
  1  6 3    1 2   2  2 6 39  63 6 31  3        2   29 66 3923196513 
B131  3 1  631 92 <= 556  6 923196513   91 63 6    1  2  923131  3 921 
891 23 1 31 6 1  6   15  66 3 13 63 2  1 512    62 6 2592319651331  3 6 
   ?; 63 91  25 123 B192 1 6   1  5  15 131  36   56  ! 13  92319651331  3  2 
71 6    1 6 151 1 92  6 13  1 6 3= ;C=>; 23 1  63 6 2592319651331  3 D88*E
31 2  2  36 32 1    2   791 71566 2 6 3 13 63 2  16 13 9152   1 123 7192 1
 11 2 51 62 91 12   25F1 88*6 => 9; '  6 255     10231 72    6   36 
G1 1325H 55 9 1232 6  91 6  2  92 2 91 1 2 2   25F1 88*6 = ;63 312 136 13
2  =   25! 123 136 
I6JK,LL,LMN7J/75MO
891 6  2 6  636 3   1 366 1  6 3 32 1   " 331 2 32   12  2312 51 61$1   1
2 29 951 15  31 2    6  1 6 6 3P/.QR7SRP/-,.-IT5J/7,LMUV,0S-STVO2  9631   66 
13  12  2  6 91312   36  9  65 1 936  9  1 32 1  23 1    
=*1 311  2W6 !G''# 12 31 '31 6  52 6 6 G''# 6W6 !G''#    13 2  1 6   2  911  6  9 51  13 

0123245676289 18 5  2 1  78   8 848 5456385 328  845  8    34787 543 85  12
2741245 4 7  24  1745685  17  285 7 
)1285  127  56*142 2 0 89 +42652852 61 6  82  7   1 42 8 8 6 8     2 , 92
-5685 .474/    ,   5 0 47 874 24 4      12/412 2/47870 2485 . 8  7   04
  21 8 4769   6 8 85    24    21  17   94 14 4   2   8 54 4 8980 3827 450
 2   8 54 4 89807  1 6  94 32456 *180303285 85   3245647    889 469454 7 
 8  5  56 87  1 63 78      1  456  854  0 8 8  5  3 446  687 15 , 92
-5685 .474/    8961     87 24    214561 8 4  0 66   48 57  2  795
  178245 
6$ "78"#$  6    #
9 : 5 ; 255 41  17  5       78   245    57     17  285 874 2   0
 28  67 41 456   32456  7  24 2685420 5  7  5712  821 85420 4 87328  845
 8    34787  58    7 7 417 28  6  22  0 <  12 26289  5787 5 18 5 
: 5 ; 252 5 0      6   78 5 41=47 25287>  8245514  28  85      88 5456
248585  2  24  092   127       5 7   174567  1 85420 4    327
 4288 4 68547287      88 57 4 7 6  8215   6  4    28   1  85485  8 
 5 1 8 4  4  8 5? @0 8;4   2  34224 1 <55 < 87 8   0 5 4 85  2  24 62897
: 5 ; 25471 12 456285  2 787*14 807456426742 77   422  2  17 271 85 854
 247 41  17  285   2 12 177 
ABCDEBCFEGHIJKJKLIMNLOPJOQIR
9   )4265 9     5851    5 524  5725  585 456 924 85  12  12
    889 469454 7  STUVTWTXYVZSXY[\ ]^Z\V_T  \aYZYbcV_TUdZ_ eTUfgfh_SZgYZ\UTX
i[YVVTVU 456 12e\_h[Z_jkggT\VZ\lmmh[Zhg\ 
6   n o" $6o"( 
01258 58 845 54  24 76  2 48 57 8 7 8  1271   827456 24 7 7469454 7 4
4785  32456  1 65  3 43   4 89  587  5 < 2 1   1   042  87 4785721  54 
85 543 85  12 4 7 71 77 1  0 454   2 1      8   015 26843 85  48 5420
5982 5  5   8   585185  1562 28 85  48 5 92    5  2  
 p$  #   q"$"rs # t$#
u 729   2  45 5  8  8 5 177464042 77 12  2   8   3245677 45585  1 8  
7   57   1  27298 68585   2 98685 17 8        21580  4 12 - 5789 )44v
w578  7 /0 4257785   74 4566     87644   45  2 4 124  0  45  2 12
317857730 924 85  4 85  42585   5    0 85  2 74 7  2 4785   43 27 61 85 
4568595 20 454   5 u 42 43   3 215627456 12 1777   45261  288 5
85  82  285 456 421       2    89 0 3854  0   42 43     8 8x  12
  51745685  2  12 4785 456 2885 6 878 573476 5 178578  7456 87 284 2567 

012343567849821 9  1 2


06586./41 8015854
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  9 5 3  44 5   31 19 9 9   91831 9 89  1  944 1 9 312383 5   @3  3   9  23 9 
 963   3543 14  31!A 9  12  231 8  3 5 5 8 1 9  34    5 8 39  3  381  31 19 
 5       31!
8/)4*61B()C/DEF/EG/)+
H 8 39  3  381 8   5 8 89 1 54 7339   9 !"3983 5     3  5 5 8 1    9 
34         3      31        3 81   311 85      9  29 1758 852  9  3 1 8      4 1  3
9    3813258649 31 34    183 9    33  45 3857  5  3  5 8   1 8 !
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"35 4 1   33 2 3 5 8 39  3  3811   33 2     12  23   31     3   85   5  
  3 8 9833819 9983 !A  1 3   12   3 1 8     9 9445 8 39  3  38183 3  3 5  3     3
9 !B6D4/)D1/W,'()052/DEE/EG/)+DX)'++D00'()G)D6Y+/D)6E')/2,D6Z[[D6,'()W
*6X0(+*4/'\*6X'E//D)6/Y2,)'(1,1)D2(*2*/+]
A5 5     31 83    3    5 83  45  3   8551   5 23   31    85 89 1  9  345 8 39 
 3  381 39   3 8 31 !A  1   4 319  311 59 98 3  57 394   3 37  11534    43 39 
 3  381 9   5513785 9 3  575  5 1  9  31 7    3 8 3319    51357  3 879  4 !
A  1 39823*64/+2/YD6DYY*2*'6D0Z^E*00*'6*6+(G+*Y*/+2'0*E*2*6X)/D+/+*6E/Y*XD0_)/E*(E+
2,D2'()2/DEE/EG/)+_D59     9861  31    5 13     3 39823 9 3 5 315!
"39415 5     5 14 2586 5 3   7 29 1  9  345 8 39  3  381 852!`58 9  575 8
 39  3  381=  4 1  1 5   3 87 81 49   9 3!A5 34  3 1   33 9   852  3 8 98338123
   85  3 9 85 89  9443 aD+2a0(/6X5 557738>9  1 %1396    39  3  381  3  9  3 5
4398 =  4 1 7587833!A 39983 `5  9  5 9415 3   3   3&/b2c'()+/8X,'0D)+,*_ 85 89 
 51  58 5 8 39  3  381 79  4 31   34     3 8   483 9   3 3  3 83  9  5 94 5941!01
9831 4  3984       483 58 33 3  1579983  39  3  381238392983 51 %
13 5 98 1  54981  1258  $d   39  !A 313 39  3  381838313   583  9 e   77383  
831 9 89  19 851113 3 575 8 89 19  d 1 9 31!

0123415627897423
                                Y

$    #   #     %  #               Y

        $            [ Yk7B<9]6;
'(')*+,-./0/1,2'*(3)4,916\.671
56768,.9*)'(:,7,.6;56768,.9/.
56768<78=6.17,.9672>?@@<.,]1/.9/B
A-,.61

 8/7/2023 Letter Continued (Full PDF)

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DRI 8/7/2023 Shareholder/Stockholder Letter Transcript:

DRI Stockholder/Shareholder Letter (DARDEN RESTAURANTS INC) 8/7/2023 | www.StockholderLetter.com Copyright © 2023 - 2026, All Rights Reserved

DRI Stockholder/Shareholder Letter (DARDEN RESTAURANTS INC) 8/7/2023 | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved