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May 4, 2020, 9:16 a.m. EDT

Denny's stock tumbles after first-quarter same-store sales slump 6.3%

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By Tonya Garcia

Shares of Denny's Corp. /zigman2/quotes/206956394/composite DENN -7.82% fell 7.4% in Monday premarket trading after the diner chain said first-quarter same-store sales fell 6.3%. Same-store sales each week for the month of April fell between 72% (week ending April 22) and 79% (week ending April 1). As of May 1, nearly three-quarters of Denny's locations (74%) were operating as largely or entirely for takeout and delivery. Denny's restaurants are a mix of company-owned and franchised. The company has put franchisee relief measures in place, including deferment of royalty and advertising fees. The company has also taken a number of cost-saving steps, including reduced staffing at its restaurants and pay cuts for the board, executives and management. As of May 1, Denny's had $51.1 million of cash and equivalents. The company has $43.6 million left from its $338 million revolving credit facility. Denny's is scheduled to report first-quarter earnings on May 14. Denny's stock has dropped 42.6% over the last year while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -2.59% is down 3.9% for the period.

/zigman2/quotes/206956394/composite
US : U.S.: Nasdaq
$ 9.66
-0.82 -7.82%
Volume: 652,998
Sept. 21, 2020 11:41a
P/E Ratio
11.35
Dividend Yield
N/A
Market Cap
$667.67 million
Rev. per Employee
$70,020
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/zigman2/quotes/210599714/realtime
US : S&P US
3,233.37
-86.10 -2.59%
Volume: 1.14B
Sept. 21, 2020 11:41a
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