Denny's stock soars 14% on better-than-expected earnings
Denny's Corp. shares climbed more than 14% in after-hours trading Thursday after the restaurant chain reported fiscal first-quarter earnings that beat Wall Street estimates. Denny's reported net income of $9 million, or 16 cents a share, compared with net income of $15.5 million, or 25 cents a share, in the year-ago quarter. Revenue tumbled 36% to $96.7 million from $151.4 million a year ago. During the crunch of the COVID-19 pandemic, the chain has gone to streamlined menus, "Dine-Thru" curbside service programs, and shareable family meal packs. Analysts surveyed by FactSet had expected net income of 11 cents a share on sales of $98.7 million. Denny's shares are down 55% in the last year. The broader S&P 500 index is down 0.8% in the last year.
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