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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "The slide uses a 'fully-leased' adjustment to normalize real estate costs between the two companies.",
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      "text": "Adjusting for differences in owned real estate and franchised stores highlights Darden's dramatic underperformance versus Brinker",
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      "text": "Darden trails Brinker by ~350bps in SG&A as a % of sales, and the EBITDA margin gap on a fully-leased basis is ~425bps, even after adjusting for Brinker's franchised stores.",
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      "text": "Source: Company filings. Note: Data is for the Fiscal Year Ended May '14 for DRI and June '14 for EAT.",
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