DENN (Post-Call) Q3 EPS and Same-Store Sales Surpass Sell-Side Consensus

By Mark Kalinowski Published on October 27, 2020 at 12:00 AM

After Tuesday’s market close, Denny’s reported adjusted Q3 EPS of +$0.01, which was ahead of our -$0.03 forecast and sell-side consensus (according to Consensus Metrix) of -$0.03. We attribute the Q3 EPS beat largely to higher-than-anticipated company-owned restaurant margins (1.7% actual — or roughly -3% to -4% excluding an approximate “$1.5 million of favorable reserve adjustments and tax credits related to the CARES Act”) vs. our forecast (-6.5% projected). This more than offset higherthan-anticipated G&A/Revenues (19.1% actual vs. our 17.5% estimate) and D&A/ Revenues (5.7% actual vs. 5.3% estimate).

Restaurants The BlackBox Index for September 2020 Shows More Rebound

By Mark Kalinowski Published on October 8, 2020 at 12:00 AM

Earlier today (Thursday, October 8th), we learned that the BlackBox Index of samestore sales for September 2020 was down by -8.1%, with same-store traffic down by -14.6%. The -8.1% figure is +420 basis points better than the August 2020 number of -12.3%, which itself was +280 basis points better than the July 2020 number of -15.1%.

DENN “Ask the Experts” Call Series Denny’s

By Mark Kalinowski Published on October 6, 2020 at 12:00 AM

Kalinowski Equity Research invites you to participate in our latest “Ask the Experts” conference call, to take place on Tuesday, November 10th starting at 11:00 AM Eastern time. The featured speakers from Denny’s will include: (1) President Mark Wolfinger, (2) Senior Vice President and Chief Financial Officer Robert Verostek, (3) Vice President Investor Relations and Financial Planning & Analysis Curt Nichols, and (4) Director Investor Relations and Financial Planning & Analysis Kayla Money.