Denny's Corporation reported a total operating revenue of $452.3 million for the fiscal year ending December 25, 2024, a decrease from $463.9 million in the previous year. The company's net income rose to $21.6 million, compared to $19.9 million in 2023, reflecting a net income margin of 4.8%. Company restaurant sales decreased slightly to $211.8 million from $215.5 million, primarily due to a 1.5% decline in same-restaurant sales. Franchise and license revenue also fell to $240.6 million from $248.4 million, driven by a decrease in Denny's equivalent units and same-restaurant sales.
In terms of operational changes, Denny's closed 89 restaurants in 2024 as part of a strategic initiative to accelerate the closure of lower-volume locations. The company plans to continue this trend, expecting to close between 70 and 90 restaurants in 2025. The total number of Denny's restaurants at the end of 2024 was 1,499, with 1,438 being franchised or licensed. The Keke's Breakfast Cafe brand, acquired in July 2022, contributed less than 10% to total consolidated revenues, with 69 locations as of December 25, 2024.
Denny's reported a total employee headcount of approximately 3,800, with about 3,400 working in company-owned restaurants. The company has focused on enhancing employee experience and performance, implementing comprehensive benefits and training programs. The average unit sales for Denny's company restaurants were $3,086, while franchise average unit sales were $1,875. Off-premises sales, including delivery and virtual brands, accounted for approximately 20% of total sales in 2024.
Looking ahead, Denny's expects to leverage its franchising model for growth, particularly in under-penetrated markets. The company has identified 116 potential international franchised locations, with plans to open new restaurants in various regions, including Canada and Central America. Denny's management remains optimistic about future performance, citing ongoing investments in technology and marketing initiatives aimed at enhancing customer engagement and operational efficiency. The company anticipates that its cash flows from operations, combined with available credit, will support its capital expenditure needs in the coming year.
About DENNY'S Corp
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