Spartanburg-based Denny’s Corp. announced recently its earnings decreased about 4 percent during the third quarter.
But the family-dining chain’s net income for the year has increased more than twofold so far this year to almost $26.5 million, compared with more than $8.1 million during the same period of 2016.
Denny’s net income for the quarter was more than $9.3 million, compared with about $9.7 million during the same quarter of the previous year.
The company reported its same-store sales during the quarter, or sales at stores open during the same span of the previous year, increased .6 percent at its company-owned, domestic franchised, and domestic system-wide stores. Same-store sales at its system-wide restaurants increased .9 percent.
For the year, same-store sales increased .6 percent at company-owned stores, .7 percent at domestic franchised and domestic system-wide restaurants, and .8 percent at its system-wide locations.
“We once again achieved positive system same-store sales and continued to perform well against key industry benchmarks during the third quarter despite persistent challenges within the full-service dining environment,” said John Miller, president and CEO of Denny’s, in a statement.
“The disciplined execution of our brand revitalization strategy, which delivers an enhanced guest experience across food, service and atmosphere, coupled with our highly franchised business model, continues to generate growth in revenue and cash flows,” Miller added. “We remain committed to effectively reinvesting capital in the business along with returning capital to our shareholders. While the industry outlook remains uncertain, we are focused on further elevating the guest experience, growing sales, and expanding Denny’s global reach to ensure long-term success.”
Denny’s said it opened nine restaurants during the quarter, including eight franchised and one company store.
As of Sept. 27, the company said it had 1,725 franchised, licensed, and company stores in the U.S., Canada, Puerto Rico, Mexico, New Zealand, Honduras, the Philippines, Costa Rica, Dominican Republic, the United Arab Emirates, Guam, Curacao, and El Salvador.
The company’s total debt has increased almost 19 percent since the start of the year to more than $291 million.
Denny’s said it allocated $29.7 million towards its share repurchase program and completed 58 restaurant remodels during the quarter.
