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).

Updating our Q3E Kalinowski Restaurant Industry Same-Store Sales Index

By Mark Kalinowski Published on October 14, 2020 at 12:00 AM

With this report, we update our data-driven Kalinowski Restaurant Industry Index for Q3E to -2.3%. Given all of the upheaval of the last six months, this is a number that should be considered favorably, even though it is in negative territory. It marks substantial sequential improvement from Q2 2020’s -17.5% figure, and is even better than Q1 2020’s -3.3% showing.

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.