Denny’s Corp. reported Monday an 18.7-percent increase in third-quarter net income, as well as its best same-store sales increases in two and a half years.
“Given the strength of our results and the solid start to the fourth quarter, we are positioned to produce our highest annual system-wide same-store sales growth since 2006,” president and chief executive John Miller said in a release, noting that company-owned restaurants saw the highest same-store-sales increases in eight years.
He attributed the results to continued brand revitalization, which included remodels of 35 locations and the opening of nine new franchised restaurants.
Denny’s franchisees closed a total of 13 restaurants during the quarter, for a net loss of four units.
As of the end of the quarter, on Sept. 24, Denny’s Corp. operated 160 restaurants and franchised or licensed 1,529 locations for a total of 1,689 units.
3Q NET INCOME
Result: $8.3 million, or 10 cents per share% Increase: 18.7% (from $7 million, or 8 cents per share)
3Q REVENUE
Result: $117 million% Decrease: 0.2% (from $117.3 million)
3Q SAME-STORE SALES
% Increase U.S. systemwide: 2.4%
% Increase corporate units: 4.1%
% Increase franchised units: 2.1%
Source: Company report
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