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Denny's Corporation (DENN)
MarK Kalinowski

DENN: Denny’s Virtual NDR Updates Investors on Virtual Brands, 24/7 Operation

Yesterday, Kalinowski Equity Research hosted Denny’s for a virtual non-deal roadshow (NDR). We thank our buyside participants, as well as the participants from Denny’s: (1) President Mark Wolfinger, (2) EVP and CFO Robert Verostek, (3) VP – Investor Relations and FP&A Curt Nichols, and (4) Director – Investor Relations and FP&A Kayla Money. This report details some of the highlights from the virtual NDR. We maintain our Neutral rating on Denny’s (DENN; Neutral, $17.75) and

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Restaurant Industry
MarK Kalinowski

Restaurants: BlackBox Index Rises on a Two-Year Basis for May 2021

Earlier today (Thursday, June 10th), we learned that the BlackBox Index of samestore sales for May 2021 — importantly, these data points are on a two-year basis — was up by +5.4%, with two-year traffic off by -5.3%. The +5.4% figure is about -140 basis points sequentially worse than the +6.8% twoyear number from April 2021. Since the May 2020 BlackBox Index was down by -39.5%, the two-year figure for May 2021 of +5.4% implies

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Denny's Corporation (DENN)
MarK Kalinowski

DENN: Tomorrow! Virtual NDR Featuring Denny’s on Wednesday, June 9th

*** On Wednesday, June 9th, Kalinowski Equity Research will host a virtual non-deal roadshow (NDR) featuring Denny’s. Anticipated participants from Denny’s include: (1) President Mark Wolfinger, (2) EVP and CFO Robert Verostek, (3) VP – Investor Relations and FP&A Curt Nichols, and (4) Director – Investor Relations and FP&A Kayla Money. Institutional investors interested in participating in this virtual NDR are encouraged to contact Caroline at caroline@analysthub.com,or your sales contact. ***

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Restaurant Industry
MarK Kalinowski

Updating our Q2E Kalinowski Fast-Casual Same-Store Sales Index

With this report, we update our data-driven Kalinowski Fast-Casual Index for Q2E to +32.6%. This is the one-year figure, lapping the -10.7% number from Q2 2020. On a two-year basis, the Kalinowski Fast-Casual Index for Q2E is at +18.3%. These numbers are based on our latest proprietary checks/data as regards same-store sales performance for this segment during April, May, and early June. One reason for the very good one-year and two-year performance from the FastCasual

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Restaurant Industry
MarK Kalinowski

Quick-Service/Fast-Casual: 2-Year Average Check Gain Holds Mostly Steady in May

May 2021 was the second full month in the U.S. to lap a year-ago month that was affected by the pandemic and related issues. How is average check changing in the U.S. quick-service and fast-casual segments given these recent dynamics? Our bottom line: average check is holding in better than expected for fast-casual and quick-service. To the extent two-year trends in average check don’t deteriorate all that much over the remainder of 2021, this could

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Restaurant Industry
MarK Kalinowski

Looking to Popeyes to Learn about Domino’s and Papa John’s

Over the last six months, have published multiple reports suggesting that to learn how Domino’s and Papa John’s might lap very challenging same-store sales comparisons over Q2 2021-Q1 2022, keep an eye on Popeyes — and how Popeyes is lapping its highly challenging same-store sales comparisons during Q4 2020-Q3 2021. Our bottom line remains that Domino’s and Papa John’s could end up lapping these tough numbers better than the Street anticipates. This report updates our

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