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Dec 28, 2022
Denny's Q4 2022 Earnings Report
Reported results for the fourth quarter and full year ended December 28, 2022, with a business update.
Key Takeaways
Denny's Corporation reported a 12.3% increase in total operating revenue to $120.8 million for Q4 2022. Denny's domestic system-wide same-restaurant sales grew by 2.0%. Net income was $12.8 million, or $0.22 per diluted share, while Adjusted EBITDA was $23.4 million.
Total operating revenue grew 12.3% to $120.8 million compared to the prior year quarter.
Denny's domestic system-wide same-restaurant sales grew 2.0% compared to the equivalent fiscal period in 2021, including a 1.7% increase at domestic franchised restaurants and a 6.0% increase at company restaurants.
Operating income was $17.6 million compared to $62.6 million in the prior year quarter.
Net income was $12.8 million, or $0.22 per diluted share.
Revenue by Segment
Forward Guidance
The following full year 2023 expectations reflect management's expectations that the current consumer and economic environment will not change materially.
Positive Outlook
- Denny's domestic system-wide same-restaurant sales between 3% and 6%.
- Consolidated restaurant openings of 35 to 45, including 8 to 12 new Keke's restaurants, with a consolidated net decline of 15 to 25.
- Commodity inflation between 4% and 6%.
- Labor inflation of approximately 5%.
- Consolidated total general and administrative expenses between $79 million and $82 million, including approximately $14 million related to share-based compensation expense which does not impact Consolidated Adjusted EBITDA*.
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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