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Denny's Corporation (NASDAQ: DENN), based in Spartanburg, S.C., is one of America's largest franchised full-service restaurant chains. Known for its all-American diner experience, Denny's has been an iconic brand for over 60 years, offering a wide array of hearty meals 24/7, every day of the year. The company operates two key brands: Denny's and Keke's Breakfast Cafe. As of December 27, 2023, Denny's boasts 1,573 global restaurants, with 1,508 franchised and licensed locations and 65 company-operated venues. Keke's, meanwhile, has 58 restaurants, 50 of which are franchised and 8 company-operated.
Denny's generates revenue through food and beverage sales and collects royalties, advertising revenue, initial and other fees from franchised restaurants. The brand is synonymous with comfort food, offering pancakes, appetizers, sandwiches, salads, breakfast melts, and omelets.
In recent news, Denny's reported a 1.3% increase in domestic system-wide same-restaurant sales for the fourth quarter of 2023, despite a challenging operating environment. For the entire fiscal year, domestic system-wide same-restaurant sales grew by 3.5% compared to the previous year.
The company recently entered an expansive agreement with Franklin Junction to accelerate its market presence through the Host Kitchen® platform. This partnership aims to enhance delivery capabilities and extend Denny's reach in the digital-first world.
Denny's financial condition remains robust, with total operating revenue at $110.0 million for the first quarter of 2024. The company ended the quarter with $271.4 million of total debt, including $261.2 million of borrowings under its credit facility. Adjusted net income per share for the quarter was $0.11.
Future initiatives include expanding Keke's outside Florida, launching a third virtual brand, Banda Burrito, and reigniting Denny's remodel program. The company's focus on strategic levers like best-in-class breakfast offerings, unbeatable value propositions, and off-premises convenience is expected to drive further growth.
Denny's Corporation (NASDAQ: DENN) will announce its financial results for Q1 ending March 29, 2023, on May 2, 2023, after market close. Management will host a conference call at 4:30 PM ET to discuss these results. Denny's operates 1,656 restaurants as of December 28, 2022, with 1,582 franchised and licensed. The Denny's brand comprises 1,602 restaurants, while Keke's includes 54 locations. Interested parties can access the live call via the Investor Relations section of the Company's website.
Denny's Corporation (NASDAQ: DENN) has launched a new intelligent customer engagement suite in partnership with Sparkfly and Olo. This initiative, now live across 1,600+ locations, aims to enhance customer loyalty through personalized rewards and seamless user experiences. The engagement suite utilizes advanced data analytics to offer tailored promotions and rewards based on buying behavior. Denny's emphasizes its commitment to customer relationships for future growth, showcasing a data-driven approach amid industry competition.
Denny's has launched a new brand platform, "It's Diner Time," with a significant investment of $25 million aimed at enhancing the dining experience. The initiative includes a redesigned menu featuring both classic favorites and new items, such as the Mac N' Brisket Sizzlin' Skillet and Oven-Baked Lasagna. An augmented reality (AR) experience is also introduced to provide an interactive dining journey. The company emphasizes its commitment to diner culture with new employee uniforms and merchandise. Additionally, a national TV campaign has been rolled out to promote the revamped dining experience.
Denny's Corporation (NASDAQ: DENN) reported fourth quarter results for the year ending December 28, 2022, showing a 12.3% revenue increase to $120.8 million. CEO Kelli Valade highlighted an adjusted EBITDA of $23.4 million, slightly surpassing forecasts amidst challenging market conditions. Key achievements include opening 13 franchised locations and completing seven remodels. However, operating income declined to $17.6 million from $62.6 million year-over-year. For 2022, total revenue reached $456.4 million, aided by the acquisition of Keke's. Looking forward, the company anticipates same-restaurant sales growth of 3% to 6% in 2023, amid inflationary pressures.
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