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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) appointed John Dillon as President of Denny's Inc. and David Schmidt as President of Keke's Breakfast Café. Effective September 1, 2022 and September 12, 2022 respectively, these leaders bring extensive restaurant industry experience to their new roles. Dillon previously served as Chief Brand Officer, enhancing shareholder value through initiatives like Denny's on Demand. Schmidt aims to expand Keke's presence beyond Florida, emphasizing talent development and operational excellence.
Denny's hosted its inaugural Denny's Surprise and Delight Weekend on July 30-31, 2022, to ease the financial burden on guests facing rising inflation. Select locations offered complimentary meals to customers, showcasing the brand's commitment to customer support amid economic challenges. Denny's aims to foster community connections while promoting affordable dining options with its extensive menu. The company, a leading full-service restaurant chain, continues its philanthropic efforts, supporting initiatives like No Kid Hungry and providing disaster relief through its mobile dining service.
Denny’s Corporation (NASDAQ: DENN) reported strong performance despite inflationary pressures, with Q2 2022 total operating revenue rising 8.3% to $115.0 million. Same-store sales increased 2.5%, and net income reached $23.0 million or $0.37 per diluted share. The company successfully repurchased $37.4 million of its stock, maintaining a focus on shareholder value. Denny’s also expanded its portfolio by acquiring Keke’s Breakfast Café, which is expected to enhance growth opportunities. However, challenges such as rising costs impacted profit margins.
Denny’s Corporation (NASDAQ: DENN) has successfully acquired Keke’s Breakfast Café for $82.5 million, utilizing cash and revolving credit. This acquisition includes certain assets and liabilities of Keke’s, which operates 52 restaurants in Florida. Denny’s aims to enhance shareholder value through this strategic expansion into the fast-growing A.M. Eatery segment. Keke’s will maintain its independent operations with its own leadership and marketing strategies. The acquisition is expected to provide significant growth opportunities for Denny's.
Denny's Corporation (NASDAQ: DENN) will release its financial results for the second quarter ended June 29, 2022, on August 2, 2022, after market close. Following this, management will hold a conference call at 4:30 p.m. ET to discuss the results and address questions. As of March 30, 2022, Denny’s operates 1,634 restaurants internationally, including locations in Canada, Puerto Rico, and several other countries. Investors can access the conference call live through Denny's Investor Relations website.
Denny's has joined the Pathways to Black Franchise Ownership program, partnering with the Multicultural Foodservice & Hospitality Alliance (MFHA). This initiative aims to create 100 Black-owned franchises by 2023, addressing the current discrepancy where only 8% of franchise owners are African American. Denny's has a long commitment to diversity, having invested over $2 billion in underrepresented suppliers since 1993. This partnership will provide training and support to aspiring Black entrepreneurs, promoting equity and inclusion in the restaurant industry.
Denny's Board Chair, Brenda Lauderback, is set to receive the President's Lifetime Achievement Award from the White House on May 9, 2022, at the Gibbes Museum of Art in Charleston, South Carolina. This prestigious award honors individuals who have dedicated over 4,000 hours of volunteer service to their communities. Presenting the award will be Congressman James E. Clyburn and Charleston Mayor John Tecklenburg. Lauderback has been recognized for her significant contributions to community service, underscoring her influence in both corporate and civic arenas.
Denny’s Corporation (NASDAQ: DENN) reported a strong first quarter with total operating revenue rising by 28.0% to $103.1 million, driven by recovery post-COVID-19. The company announced a definitive agreement to acquire Keke's Breakfast Cafe for $82.5 million, aiming to expand its presence in the fast-growing A.M. eatery segment. Net income stood at $21.9 million, or $0.34 per diluted share, while Adjusted EBITDA reached $17.7 million. Despite challenges, same-store sales grew 23.3% compared to last year, reflecting improved consumer sentiment.
Denny’s Corporation (NASDAQ: DENN) has appointed Kelli Valade as Chief Executive Officer and President, effective June 13, 2022. She succeeds John Miller, who is retiring on August 3, 2022, along with President Mark Wolfinger, effective June 1, 2022. Valade, a seasoned restaurant industry leader, has extensive experience in operational efficiency and strategic growth from her previous roles at Brinker International and Red Lobster. The Board expressed confidence in her ability to enhance the Denny’s brand and drive long-term shareholder growth.
Denny's Corporation (NASDAQ: DENN) will announce its financial results for Q1 2022 on May 3, 2022, after market close. The announcement will be followed by a conference call at 4:30 p.m. Eastern Time to discuss the results. Denny's, a leading full-service restaurant chain, operates 1,640 franchised and company restaurants worldwide, with a presence in multiple countries including Canada, Mexico, and the Philippines. Investors can access the live call through the Investor Relations section of Denny's website.
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