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Jun 30, 2021
Denny's Q2 2021 Earnings Report
Denny's reported an increase in total operating revenue and progress in recovery from the COVID-19 pandemic.
Key Takeaways
Denny's Corporation reported a significant increase in total operating revenue for Q2 2021, driven by the easing of COVID-19 restrictions and the rollout of new virtual brands. Domestic system-wide same-store sales are trending towards pre-pandemic levels, with June and July surpassing 2019 sales levels. The company is focused on overcoming staffing challenges and returning to 24/7 operations.
Total operating revenue increased by 164.3% to $106.2 million due to COVID-19 recovery.
Domestic system-wide same-store sales decreased 1.2% compared to 2019, but increased 117.0% compared to 2020.
Operating income was $18.3 million, a significant improvement compared to a loss of $13.5 million in the prior year quarter.
Net loss was $0.8 million, or $0.01 per diluted share, compared to a net loss of $23.0 million, or $0.41 per diluted share, in the prior year quarter.
Revenue by Segment
Forward Guidance
The following expectations for the fiscal third quarter ending September 29, 2021 reflect management's expectations that the current economic environment will not change materially.
Positive Outlook
- Domestic system-wide same-store sales growth between 2% and 4% compared to the equivalent fiscal period in 2019.
Challenges Ahead
- Total general and administrative expenses between $17 million and $18 million, including approximately $3.5 million related to share-based compensation.
- Adjusted EBITDA between $22 million and $24 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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