Preliminary Results
Denny's fourth quarter domestic system-wide same-restaurant sales* were 1.3% compared to the equivalent fiscal period in 2022, including 1.5% at domestic franchised restaurants and (1.2)% at company restaurants.
Denny's fiscal year domestic system-wide same-restaurant sales* were 3.5% compared to the equivalent fiscal period in 2022, including 3.6% at domestic franchised restaurants and 2.7% at company restaurants.
In 2023, the Company opened 32 restaurants, including 11 international locations, and closed 57 restaurants, bringing the year-end total restaurant count to 1,631.
In the fourth quarter, the Company allocated
The Company expects to release financial and operating results for its fourth quarter and fiscal year ended
DENNY’S CORPORATION | ||||||||||||||||||
Preliminary Results | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Denny's | Keke's (2) | |||||||||||||||||
Changes in Same-Restaurant Sales (1) vs. Prior Year | Quarter Ended | Fiscal Year Ended | Quarter Ended | Fiscal Year Ended | ||||||||||||||
(Increase (decrease)) | ||||||||||||||||||
(1.2)% | 6.0% | 2.7% | 10.4% | 0.7% | N/A | (1.1)% | N/A | |||||||||||
1.5% | 1.7% | 3.6% | 6.0% | (3.8)% | N/A | (4.4)% | N/A | |||||||||||
1.3% | 2.0% | 3.5% | 6.3% | (3.1)% | N/A | (3.9)% | N/A | |||||||||||
(1 | ) | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | ||||||||||||||||
(2 | ) | Effective |
Denny's | Keke's | |||||||||||||||
Franchised | Franchised | |||||||||||||||
Restaurant Unit Activity | Company | & Licensed | Total | Company | & Licensed | Total | ||||||||||
Ending Units | 66 | 1,522 | 1,588 | 8 | 48 | 56 | ||||||||||
Units Opened | — | 7 | 7 | — | 2 | 2 | ||||||||||
Units Closed | (1 | ) | (21 | ) | (22 | ) | — | — | — | |||||||
Net Change | (1 | ) | (14 | ) | (15 | ) | — | 2 | 2 | |||||||
Ending Units | 65 | 1,508 | 1,573 | 8 | 50 | 58 | ||||||||||
Denny's | Keke's | |||||||||||||||
Franchised | Franchised | |||||||||||||||
Restaurant Unit Activity | Company | & Licensed | Total | Company | & Licensed | Total | ||||||||||
Ending Units | 66 | 1,536 | 1,602 | 8 | 46 | 54 | ||||||||||
Units Opened | — | 28 | 28 | — | 4 | 4 | ||||||||||
Units Closed | (1 | ) | (56 | ) | (57 | ) | — | — | — | |||||||
Net Change | (1 | ) | (28 | ) | (29 | ) | — | 4 | 4 | |||||||
Ending Units | 65 | 1,508 | 1,573 | 8 | 50 | 58 | ||||||||||
*Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP.
Upcoming Investor Conference Presentation
The Company will be participating in the 2024 Annual
About Denny’s Corporation
Denny’s Corporation is one of America’s largest full-service restaurant chains based on number of restaurants. As of
consisted of 58 restaurants, 50 of which were franchised restaurants and 8 of which were company operated.
For further information on
Cautionary Language Regarding Forward-Looking Statements
The Company urges caution in considering its current trends and any outlook on earnings disclosed in this press release. In addition, certain matters discussed in this release may constitute forward-looking statements. These forward-looking statements, which reflect management's best judgment based on factors currently known, are intended to speak only as of the date such statements are made and involve risks, uncertainties, and other factors that may cause the actual performance of Denny’s Corporation, its subsidiaries, and underlying restaurants to be materially different from the performance indicated or implied by such statements. Words such as “expect”, “anticipate”, “believe”, “intend”, “plan”, “hope”, "will", and variations of such words and similar expressions are intended to identify such forward-looking statements. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Factors that could cause actual performance to differ materially from the performance indicated by these forward-looking statements include, among others: economic, public health and political conditions that impact consumer confidence and spending, commodity and labor inflation; the ability to effectively staff restaurants and support personnel; the Company's ability to maintain adequate levels of liquidity for its cash needs, including debt obligations, payment of dividends, planned share repurchases and capital expenditures as well as the ability of its customers, suppliers, franchisees and lenders to access sources of liquidity to provide for their own cash needs; competitive pressures from within the restaurant industry; the Company's ability to integrate and derive the expected benefits from its acquisition of
Investor Contact: 877-784-7167 Media Contact: 864-597-8005
Source:
2024 GlobeNewswire, Inc., source