Denny's Corp (DENN) Tops Q3 EPS by 2c, provides outlook

Denny's Corp (NASDAQ: DENN) reported Q3 EPS of $0.17, $0.02 better than the analyst estimate of $0.15. Revenue for the quarter came in at $114.2 million versus the consensus estimate of $116.86 million.

Business Outlook

The Company updated its full year 2023 guidance reflecting management's expectations that the current consumer and economic environment will not change materially:

Denny's domestic system-wide same-restaurant sales** between 2.75% and 3.50% (vs. between 3% and 6%).
Consolidated restaurant openings of 35 to 45, including 4 to 6 new Keke's restaurants (vs. 8 to 12), with a consolidated net decline of 10 to 20 (vs. a consolidated net decline of 15 to 25).
Commodity inflation between 1% and 2% (vs. between 1% and 3%).
Labor inflation of approximately 4%.
Consolidated total general and administrative expenses between $75 million and $77 million (vs. between $78 million and $80 million), including approximately $11 million (vs. approximately $12 million) related to share-based compensation expense which does not impact Consolidated Adjusted EBITDA*.
Consolidated Adjusted EBITDA* between $85 million and $87 million (vs. between $86 million and $90 million).

For earnings history and earnings-related data on Denny's Corp (DENN) click here.

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