Denny’s Corporation Releases Preliminary Financial Results for Fourth Quarter and Fiscal Year 2024
Denny's (NASDAQ: DENN) has released preliminary results for Q4 and fiscal year 2024. In Q4, Denny's domestic system-wide same-restaurant sales increased by 1.1%, while Keke's saw a 3.0% rise. The company closed 30 Denny's restaurants as part of planned lower-volume location closures and completed six Diner 2.0 remodels.
For fiscal year 2024, Denny's domestic system-wide same-restaurant sales decreased by 0.2%, and Keke's saw a 1.7% decline. The company opened 14 franchised Denny's restaurants and achieved a record 12 Keke's openings, expanding to six different states. Keke's notably entered four new states including California, Colorado, Nevada, and Texas. The company ended 2024 with $261.3 million in borrowings and expects to achieve the low end of its previously communicated Adjusted EBITDA guidance range of $81-84 million.
Denny's (NASDAQ: DENN) ha pubblicato i risultati preliminari per il quarto trimestre e l'anno fiscale 2024. Nel quarto trimestre, le vendite same-restaurant per il sistema domestico di Denny's sono aumentate dell'1,1%, mentre Keke's ha registrato un aumento del 3,0%. L'azienda ha chiuso 30 ristoranti Denny's come parte della pianificazione per la chiusura dei locali a basso volume e ha completato sei ristrutturazioni del Diner 2.0.
Per l'anno fiscale 2024, le vendite same-restaurant per il sistema domestico di Denny's sono diminuite dello 0,2%, mentre Keke's ha visto una diminuzione dell'1,7%. L'azienda ha aperto 14 ristoranti Denny's in franchising e ha realizzato un record di 12 aperture di Keke's, espandendosi in sei diversi stati. Keke's è entrata in quattro nuovi stati, tra cui California, Colorado, Nevada e Texas. L'azienda ha concluso il 2024 con 261,3 milioni di dollari in prestiti e si aspetta di raggiungere il limite inferiore del range di guida Adjusted EBITDA precedentemente comunicato di 81-84 milioni di dollari.
Denny's (NASDAQ: DENN) ha publicado resultados preliminares para el cuarto trimestre y el año fiscal 2024. En el cuarto trimestre, las ventas en restaurantes comparables a nivel nacional de Denny's aumentaron un 1,1%, mientras que Keke's vio un aumento del 3,0%. La empresa cerró 30 restaurantes Denny's como parte de la planificación de cierre de locales de bajo volumen y completó seis remodelaciones del Diner 2.0.
Para el año fiscal 2024, las ventas en restaurantes comparables a nivel nacional de Denny's disminuyeron un 0,2%, y Keke's experimentó una caída del 1,7%. La compañía abrió 14 restaurantes Denny's en franquicia y alcanzó un récord de 12 aperturas de Keke's, expandiéndose a seis estados diferentes. Keke's ingresó a cuatro nuevos estados, incluidos California, Colorado, Nevada y Texas. La compañía terminó 2024 con 261,3 millones de dólares en préstamos y espera alcanzar el límite inferior de su rango previamente comunicado de guía de EBITDA ajustado de 81-84 millones de dólares.
Denny's (NASDAQ: DENN)는 2024 회계연도 4분기와 연간 예비 결과를 발표했습니다. 4분기 동안 Denny's의 국내 체계 전체 매장 판매는 1.1% 증가했으며, Keke's는 3.0% 상승했습니다. 회사는 계획된 저수익 매장 폐쇄의 일환으로 30개의 Denny's 식당을 폐쇄했으며, Diner 2.0 리모델링을 6곳 완료했습니다.
2024 회계연도에 Denny's의 국내 체계 전체 매장 판매는 0.2% 감소했으며, Keke's는 1.7% 하락했습니다. 회사는 14개의 프랜차이즈 Denny's 식당을 열었고, 12개의 Keke's 오픈을 기록하며 6개 주로 확장했습니다. Keke's는 특히 캘리포니아, 콜로라도, 네바다, 텍사스를 포함해 4개의 새로운 주에 진출했습니다. 회사는 2024년을 2억 6,130만 달러의 차입금으로 마감했으며, 이전에 전달된 조정 EBITDA 가이드라인 범위의 하한선인 8,100만 ~ 8,400만 달러를 달성할 것으로 기대하고 있습니다.
Denny's (NASDAQ: DENN) a publié les résultats préliminaires pour le quatrième trimestre et l'exercice fiscal 2024. Au quatrième trimestre, les ventes de restaurants à même enseigne dans le système national de Denny's ont augmenté de 1,1%, tandis que Keke's a enregistré une hausse de 3,0%. L'entreprise a fermé 30 restaurants Denny's dans le cadre de fermetures planifiées de lieux à faible volume et a complété six rénovations du Diner 2.0.
Pour l'exercice fiscal 2024, les ventes de restaurants à même enseigne dans le système national de Denny's ont diminué de 0,2%, tandis que Keke's a vu une baisse de 1,7%. L'entreprise a ouvert 14 restaurants Denny's en franchise et a atteint un record de 12 ouvertures de Keke's, s'étendant à six États différents. Keke's a notamment pénétré quatre nouveaux États, dont la Californie, le Colorado, le Nevada et le Texas. L'entreprise a terminé 2024 avec 261,3 millions de dollars d'emprunts et s'attend à atteindre le bas de sa fourchette de prévision de l'EBITDA ajusté précédemment communiqué de 81 à 84 millions de dollars.
Denny's (NASDAQ: DENN) hat vorläufige Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 veröffentlicht. Im 4. Quartal stiegen die gleichen Restaurantverkäufe im gesamten Denny's-System um 1,1%, während Keke's ein Plus von 3,0% verzeichnete. Das Unternehmen schloss 30 Denny's-Restaurants als Teil geplanter Schließungen von Standorten mit geringem Umsatz und vollendete sechs Renovierungen des Diner 2.0.
Im Geschäftsjahr 2024 sanken die gleichen Restaurantverkäufe im Denny's-System um 0,2%, und Keke's verzeichnete einen Rückgang von 1,7%. Das Unternehmen eröffnete 14 franchisierte Denny's-Restaurants und erreichte einen Rekord von 12 Keke's-Eröffnungen, wodurch es sich auf sechs verschiedene Bundesstaaten ausdehnte. Keke's trat bemerkenswert in vier neue Staaten ein, darunter Kalifornien, Colorado, Nevada und Texas. Das Unternehmen schloss das Jahr 2024 mit 261,3 Millionen Dollar an Krediten ab und erwartet, das untere Ende seiner zuvor kommunizierten Adjusted EBITDA-Prognose von 81-84 Millionen Dollar zu erreichen.
- Q4 same-restaurant sales growth: Denny's +1.1%, Keke's +3.0%
- Record expansion of Keke's with 12 new openings in 2024
- Strategic expansion into 4 new states for Keke's
- Completion of 23 Diner 2.0 remodels in 2024
- Full-year 2024 same-restaurant sales decline: Denny's -0.2%, Keke's -1.7%
- Closure of 88 Denny's restaurants in 2024
- Company expects to hit only the low end of EBITDA guidance
- $261.3 million in credit facility borrowings
Insights
Company to Host Fireside Chat at the 27th Annual ICR Conference on January 14 at 10:30 A.M. Eastern Time
SPARTANBURG, S.C., Jan. 13, 2025 (GLOBE NEWSWIRE) -- Denny’s Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's") today reported selected preliminary and unaudited results for its fourth quarter and fiscal year ended December 25, 2024.
Kelli Valade, Chief Executive Officer, stated, "We continued our positive momentum through the fourth quarter by delivering solid domestic system-wide same-restaurant sales* and outpacing both Denny’s and Keke’s respective BBI indices. Keke’s development also accelerated, as we opened eight new cafes and entered four new states. These results reflect our teams’ and franchise partners’ steadfast commitment to executing our strategy. We close 2024 proud of these and other accomplishments, and recognize there is still more to do. As we look ahead, we remain focused and diligent in driving incremental traffic, improving operational efficiency and creating value for shareholders.”
Fourth Quarter Preliminary Results
- Denny’s domestic system-wide same-restaurant sales* were
1.1% . - Keke’s domestic system-wide same-restaurant sales* were
3.0% . - Denny’s opened four franchised restaurants.
- Closed 30 Denny’s restaurants as part of the planned acceleration of lower volume restaurant closures.
- Reignited Denny’s Diner 2.0 remodel program and completed six remodels.
- Keke’s opened eight new cafes during the fourth quarter and entered four new states including California, Colorado, Nevada, and Texas.
- Keke’s expanded its first ever remodel test program to two additional cafes.
Fiscal Year 2024 Preliminary Results
- Denny’s domestic system-wide same-restaurant sales* were (0.2)%.
- Keke’s domestic system-wide same-restaurant sales* were (1.7)%.
- Denny’s opened 14 franchised restaurants.
- Closed 88 Denny’s restaurants as part of the planned acceleration of lower volume restaurant closures.
- Reignited Denny’s Diner 2.0 remodel program and completed 23 remodels, including 7 company restaurants.
- Record 12 Keke’s openings in a single year, while growing to six different states.
- Completed three Keke’s remodels at company cafes.
- Ended 2024 with
$261.3 million of borrowings under credit facility. - Based on preliminary results, the Company anticipates achieving the low end of its previously communicated Adjusted EBITDA** guidance range of
$81 million to$84 million .
The Company expects to release financial and operating results for its fourth quarter and fiscal year ended December 25, 2024, along with financial guidance for 2025, before the market opens on Wednesday, February 12, 2025.
| DENNY’S CORPORATION | ||||||||||||||||||
| Preliminary Results | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Denny's | Keke's | |||||||||||||||||
| Changes in Same-Restaurant Sales (1) | Quarter Ended | Fiscal Year Ended | Quarter Ended | Fiscal Year Ended | ||||||||||||||
| (Increase (decrease) vs. prior year) | 12/25/24 | 12/27/23 | 12/25/24 | 12/27/23 | 12/25/24 | 12/27/23 | 12/25/24 | 12/27/23 | ||||||||||
| Company Restaurants | (1.2)% | (1.5)% | (3.7)% | (2.7)% | (1.1)% | |||||||||||||
| Domestic Franchise Restaurants | (0.1)% | (3.8)% | (1.6)% | (4.4)% | ||||||||||||||
| Domestic System-wide Restaurants | (0.2)% | (3.1)% | (1.7)% | (3.9)% | ||||||||||||||
| Average Unit Sales | ||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||
| Company Restaurants | ||||||||||||||||||
| Franchised Restaurants | ||||||||||||||||||
| (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, 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. | |||||||||||||||||
| Denny's | Keke's | ||||||||||||||||||
| Franchised | Franchised | ||||||||||||||||||
| Restaurant Unit Activity | Company | & Licensed | Total | Company | & Licensed | Total | |||||||||||||
| Ending Units September 25, 2024 | 61 | 1,464 | 1,525 | 11 | 50 | 61 | |||||||||||||
| Units Opened | — | 4 | 4 | 3 | 5 | 8 | |||||||||||||
| Units Closed | — | (30 | ) | (30 | ) | — | — | — | |||||||||||
| Net Change | — | (26 | ) | (26 | ) | 3 | 5 | 8 | |||||||||||
| Ending Units December 25, 2024 | 61 | 1,438 | 1,499 | 14 | 55 | 69 | |||||||||||||
| Denny's | Keke's | ||||||||||||||||||
| Franchised | Franchised | ||||||||||||||||||
| Restaurant Unit Activity | Company | & Licensed | Total | Company | & Licensed | Total | |||||||||||||
| Ending Units December 27, 2023 | 65 | 1,508 | 1,573 | 8 | 50 | 58 | |||||||||||||
| Units Opened | — | 14 | 14 | 7 | 5 | 12 | |||||||||||||
| Units Refranchised | (3 | ) | 3 | — | (1 | ) | 1 | — | |||||||||||
| Units Closed | (1 | ) | (87 | ) | (88 | ) | — | (1 | ) | (1 | ) | ||||||||
| Net Change | (4 | ) | (70 | ) | (74 | ) | 6 | 5 | 11 | ||||||||||
| Ending Units December 25, 2024 | 61 | 1,438 | 1,499 | 14 | 55 | 69 | |||||||||||||
*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.
**The Company is not able to reconcile the forward-looking non-GAAP estimates set forth above to their most directly comparable GAAP estimates without unreasonable efforts because it is unable to predict, forecast or determine the probable significance of the items impacting these estimates, including gains, losses and other charges, with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP estimates are not provided.
Upcoming Investor Conference Presentation
The Company is attending the 27th Annual ICR Conference taking place in Orlando, FL. Kelli Valade, Chief Executive Officer, will participate in a fireside chat on Tuesday, January 14, 2025 at 10:30 a.m. Eastern Time. Investors and interested parties may listen to a live audio webcast of the event which will be available online in the Investor Relations section of the Company’s website at investor.dennys.com with a replay of the webcast available following the live event. Investors and interested parties may access a copy of the presentation in the Events and Presentations section of the Company’s website at investor.dennys.com.
About Denny’s Corporation
Denny’s Corporation is one of America’s largest full-service restaurant chains based on number of restaurants. As of December 25, 2024, the Company consisted of 1,568 restaurants, 1,493 of which were franchised and licensed restaurants and 75 of which were company operated.
Denny's Corporation consists of the Denny’s brand and the Keke’s brand. As of December 25, 2024, the Denny's brand consisted of 1,499 global restaurants, 1,438 of which were franchised and licensed restaurants and 61 of which were company operated. As of December 25, 2024, the Keke's brand consisted of 69 restaurants, 55 of which were franchised restaurants and 14 of which were company operated.
For further information on Denny's Corporation, including news releases, links to SEC filings, and other financial information, please visit investor.dennys.com.
Cautionary Language Regarding Forward-Looking Statements
The Company urges caution in considering its current trends and any outlook on its operations and financial results 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 Keke's Breakfast Cafe; the level of success of the Company’s operating initiatives and advertising and promotional efforts; adverse publicity; health concerns arising from food-related pandemics, outbreaks of flu viruses or other diseases; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy (including with regard to energy costs), particularly at the retail level; political environment and geopolitical events (including acts of war and terrorism); and other factors from time to time set forth in the Company’s SEC reports and other filings, including but not limited to the discussion in Management’s Discussion and Analysis and the risks identified in Item 1A. Risk Factors contained in the Company’s Annual Report on Form 10-K for the year ended December 27, 2023 (and in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K).
FAQ
What were Denny's (DENN) same-restaurant sales results for Q4 2024?
How many Denny's (DENN) restaurants were closed in fiscal year 2024?
How many new Keke's locations did Denny's (DENN) open in 2024?
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Which new states did Keke's expand into during Q4 2024?
