Denny’s Corporation Releases Preliminary Financial Results for Fourth Quarter and Fiscal Year 2017
09 January 2018 - 12:15AM
Denny’s Corporation (NASDAQ:DENN), franchisor and operator of one
of America's largest franchised full-service restaurant chains,
today reported preliminary results for domestic same-store sales
and restaurant openings and closings for its fourth quarter and
fiscal year ended December 27, 2017.
Denny’s fourth quarter domestic system-wide
same-store sales increased 2.2%, including a 2.2% increase at
domestic franchised restaurants and a 2.1% increase at company
restaurants. Fiscal year domestic system-wide same-store
sales grew 1.1%, including 1.1% growth at domestic franchised
restaurants and 1.0% growth at company restaurants. On a
two-year basis, this represents 1.9% domestic system growth,
comprised of 1.9% growth at domestic franchised restaurants and
2.1% growth at company restaurants.
In 2017, Denny’s opened 39 restaurants,
including 7 international locations, bringing the total restaurant
count to 1,735. This is the ninth consecutive year of
positive net system growth for the brand. In addition, 250
remodels were completed during fiscal year 2017, including 3 at
company restaurants.
Based on preliminary results, Denny’s is
reiterating its full year 2017 guidance expectations for Adjusted
EBITDA* of between $101 and $103 million and Adjusted Free Cash
Flow* of between $48 and $50 million provided with the Company’s
third quarter 2017 results announced on November 1, 2017.
Denny’s expects to release financial and operating results for its
fourth quarter and fiscal year ended December 27, 2017 along with
annual guidance for 2018 after the market closes on Tuesday,
February 13, 2018.
Preliminary Results |
Quarter Ended 12/27/17 |
Year Ended 12/27/17 |
|
|
|
Domestic Same-Store Sales |
|
|
System-Wide |
2.2 |
% |
1.1 |
% |
Franchised |
2.2 |
% |
1.1 |
% |
Company |
2.1 |
% |
1.0 |
% |
|
|
|
Restaurants Opened** |
|
|
Franchised & Licensed |
13 |
|
36 |
|
Company |
1 |
|
3 |
|
|
|
|
Restaurants Closed** |
|
|
Franchised & Licensed |
4 |
|
37 |
|
Company |
0 |
|
0 |
|
*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.**Excludes 10
franchised restaurants acquired by the Company and 4 company
restaurants acquired by franchisees.
Upcoming Investor Conference Presentation
Denny’s will be participating in the 20th Annual
ICR Conference taking place at the JW Marriott Orlando Grande Lakes
in Orlando, Florida. Denny’s presentation will take place on
Tuesday, January 9, 2018, at 10:00 a.m. Eastern Time.
Investors and interested parties may listen to a live audio webcast
of the presentation which will be available online in the Investor
Relations section of Denny's website at investor.dennys.com with a
replay of the event webcast available following the live
event. Investors and interested parties may access a copy of
the presentation in the Events and Presentations section of Denny's
website at investor.dennys.com.
About Denny’s
Denny's Corporation is the franchisor and
operator of one of America's largest franchised full-service
restaurant chains, based on the number of restaurants. As of
December 27, 2017, Denny’s had 1,735 franchised, licensed, and
company restaurants around the world including 128 restaurants in
Canada, Puerto Rico, Mexico, New Zealand, Honduras, the
Philippines, Costa Rica, Dominican Republic, the United Arab
Emirates, Guam, Curaçao, El Salvador, Guatemala, and the United
Kingdom. For further information on Denny's, including news
releases, links to SEC filings, and other financial information,
please visit the Denny's investor relations website at
investor.dennys.com.
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 its 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”, 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: competitive pressures from within the restaurant
industry; the level of success of our operating initiatives and
advertising and promotional efforts; adverse publicity; health
concerns arising from food-related pandemics, outbreaks of flu
viruses, such as avian flu, 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 (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 28,
2016 (and in the Company’s subsequent quarterly reports on Form
10-Q).
Investor Contact:
Curt Nichols
877-784-7167
Media Contact:
Jessica Liddell, ICR
203-682-8208
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