Denny’s reports preliminary Q4 domestic same-restaurant sales up 1.3%

Denny’s reported selected preliminary and unaudited results for its fourth quarter and fiscal year ended December 27, 2023. Kelli Valade, Chief Executive Officer, stated, “We were pleased to deliver solid Denny’s domestic system-wide same-restaurant sales in the fourth quarter, reflecting sequential improvement throughout the quarter, while also achieving results at the high-end of our previously guided range for the full year. Despite a persistently challenging operating environment, we enter 2024 with growing momentum towards our key strategies and the accelerated development of the Keke’s brand.” 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 $16.2M to share repurchases, resulting in $52.1M allocated to share repurchases for the full year. As of December 27, 2023, the company had approximately $100M remaining under its existing repurchase authorization. The company expects to release financial and operating results for its fourth quarter and fiscal year ended December 27, 2023, along with financial guidance for 2024, after the market closes on Tuesday, February 13, 2024.