Denny’s stock falls after fourth-quarter same-store sales fell by one-third

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Denny’s Corp. stock fell 3.7% in Monday premarket trading after the South Carolina-based restaurant company said fiscal fourth-quarter same store sales fell by 33%. Same-store sales were down 26% in October, 27% in November and 41% in December. The company had $82 million of total available liquidity as of Dec. 30, 2020, including cash, revolving credit facility, and liquidity covenants. Cash tax refunds of $5 million to $7 million are now expected in 2021, contrary to previous fiscal full-year 2020 guidance. Denny’s plans to launch two virtual restaurant concepts focused on burgers and melts in the first half of fiscal 2021. Denny’s shares have tumbled 28.8% over the past year while the benchmark S&P 500 index is up 17.1% for the period.
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