Denny's announced same-store sales for its company-owned restaurants during the five-week month ended December 27, 2006 compared with the related period in fiscal year 2005.
Denny's opened two new corporately owned restaurants in
December, one in Fresno, California and the other in Orlando,
Florida. Also as part of this long-term strategy, Denny's closed 16
underperforming corporately owned restaurants in Q4.
In 2006, Denny's reduced its outstanding debt by approximately $100
million, or 18%, including $16 million in prepayments in the fourth
quarter through a combination of asset sale proceeds and operating
cash flow.
The Company plans to release same-store sales information on a
quarterly basis only. Denny's expects to release same-store sales
results for the first quarter of 2007 in early April.
Executive Vice President, Growth Initiatives and Chief Financial
Officer, F. Mark Wolfinger, said: 'Based on Denny's positive same
store sales results over the last four years, the Company's
strengthened balance sheet and improved cash flow, we believe the
prudent decision is to discontinue the reporting of monthly
same-store sales at this time. We do not believe that monthly sales
results truly assess the ongoing progress Denny's is making in its
efforts to increase shareholder value over the long-term.'
On Thursday, February 15, 2007, Denny's plans to release results
for its fourth quarter and year ended December 27, 2006 as well as
provide its strategic and operational outlook for 2007.
Denny's is the United States’ largest full-service family
restaurant chain, consisting of 521 company-owned units and 1,024
franchised and licensed units, with operations in the United
States, Canada, Costa Rica, Guam, Mexico, New Zealand and Puerto
Rico.
