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Business Description
Darden Restaurants, Inc. is a casual dining restaurant company in the United States. The Company operates 1,131 restaurants in 49 states, including 629 Red Lobster, 472 Olive Garden, 21 Bahama Breeze and nine Smokey Bones BBQ Sports Bar restaurants. Darden has no restaurants in Alaska. In addition, the Company operates 37 restaurants in Canada, including 32 Red Lobster and five Olive Garden restaurants. Darden also operates one Olive Garden Cafe in the United States. The Company operates all of its North American restaurants. In Japan, Red Lobster Japan Partners, a Japanese retailer unaffiliated with Darden, operates 34 Red Lobster restaurants pursuant to an area development and franchise agreement. The Company is the parent company of GMRI Inc. GMRI and other Darden subsidiaries own the operating assets of the restaurants.

Financial Information
Darden Restaurants, Inc. is a full-service restaurant organization. DRI operates 1,131 restaurants under the names: Red Lobster, The Olive Garden, Bahama Breeze and Smokey Bones BBQ Sports Bar. For the fiscal year ended 5/26/02, net sales rose 9% to $4.37 billion. Net income rose 21% to $237.8 million. Results reflect higher same-restaurant sales at Red Lobster and Olive Garden, lower marginal cost due to lower food and marketing costs and labor efficiency.