Darden Restaurants cuts debt by $750 million in third quarter

By Lisa Kerner

Charlotte, N.C., April 5 – Darden Restaurants, Inc. repurchased about $140 million of its outstanding common stock and retired $750 million of debt in its third quarter ended Feb. 28.

The current portion of long-term debt was about $8 million at quarter-end.

Darden ended the quarter with cash and cash equivalents of about $216 million, compared to about $536 million at May 31, according to the earnings presentation.

The company held its earnings call on Tuesday.

Darden returned more than $200 million to shareholders through dividends and share repurchases during the quarter, according to chief executive officer Gene Lee.

The Orlando, Fla.-based dining operating has about $360 million remaining under its current $500 million repurchase authorization.

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