Denny's drops after projecting little or no same-store sales growth in 2019
Denny’s Corp (NASDAQ:DENN) dropped after projecting little or no same-store sales growth for 2019.
The company reported fourth-quarter results that were in line with the projections of analysts.
Shares were down 3.1% to $17.66 in Wednesday’s Nasdaq trading.
READ: Tim Hortons to tap into Britain’s growing coffee culture
The Spartanburg, South Carolina, company posted net income of $0.18 per share on revenue of $159.5 million, which was up almost 18% primarily because of revenue recognition changes The average forecast of analysts was for earnings per share of $0.18 on expected revenue of $158.23 million.
The restaurant chain projected same-store sales growth of zero to 2% for 2019.
“We look forward to further evolving into a franchisor of choice that provides more focused support services while yielding a higher-quality, more asset-light business model,” CEO John Miller said in a statement.”
–This story has been updated to give the latest stock price–
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/214492/denny-s-drops-after-projecting-little-or-no-same-store-sales-growth-in-2019-214492.html
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