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.