Darden see Tax Act reducing FY18 tax rate by 600 bps
Additionally, and excluding the deferred tax revaluation benefit mentioned above, the Company estimates that the impact of the lower corporate tax rates under the Tax Act will reduce its fiscal 2018 effective tax rate by 600 basis points. Separately, the Company announced that the anticipated resolution of other tax matters, unrelated to the Tax Act, will reduce its effective tax rate by an additional 100 basis points, resulting in an effective tax rate of approximately 18% for fiscal 2018. The actual impacts of the Tax Act on fiscal 2018 financial results may differ from these estimates due to many factors, including changes in interpretations of the Tax Act, the accuracy of the Company's assumptions and additional actions it may take as a result of the Tax Act. "One of the best investments we can make is in our people," said CEO Gene Lee. "During the remainder of fiscal 2018, we will invest approximately $20 million in initiatives directly benefitting our workforce. This investment will strengthen one of our most important competitive advantages - a results-oriented culture - as we continue to improve on the guest experience, and position Darden and our brands for long-term success."