Denny's Corporation (DENN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Denny's Corporation, una querida cadena de comensales estadounidenses que ha creado magistralmente un modelo de negocio que combina comida reconfortante, conveniencia e innovación centrada en el cliente. Desde su expansiva red de restaurantes hasta plataformas digitales de vanguardia, Denny's ha transformado el paisaje comedor informal al ofrecer comidas asequibles y las 24 horas que resuenan con las familias, los viajeros y los comensales conscientes del presupuesto. Descubra las intrincadas capas del lienzo de modelo de negocio de Denny que alimentan su notable éxito en una industria competitiva de restaurantes, revelando cómo esta marca icónica continúa sirviendo más que simplemente comidas deliciosas; ofrece una estrategia integral para un crecimiento sostenible.

Denny's Corporation (Denn) - Modelo de negocios: asociaciones clave

Asociaciones de la cadena de suministro de alimentos

Denny's Corporation mantiene asociaciones críticas con los principales distribuidores de alimentos:

Pareja	Valor de contrato	Volumen de suministro anual
Sysco Corporation	$ 87.3 millones	42% del suministro total de restaurantes
Alimentos estadounidenses	$ 63.5 millones	33% del suministro total de restaurantes

Red de asociación de franquicias

Estructura de asociación de franquicia de Denny:

• Ubicaciones de franquicia total: 1.640
• Conteo de franquiciados: 451 operadores independientes
• Duración del acuerdo de franquicia: 10-15 años

Asociaciones de proveedores de tecnología

Socio tecnológico	Servicio proporcionado	Inversión anual
Olo	Plataforma de pedidos digitales	$ 2.4 millones
Tostadas	Sistemas de punto de venta	$ 1.7 millones

Asociaciones de marketing y publicidad

• Agencia de Publicis Groupe
• Gasto de marketing anual: $ 12.6 millones
• Asignación de marketing digital: 38%

Asociaciones de desarrollo inmobiliario

Pareja	Nuevos desarrollos de ubicación	Inversión
Grupo CBRE	27 nuevas ubicaciones de restaurantes	$ 43.2 millones
JLL Real Estate	19 nuevas ubicaciones de restaurantes	$ 31.5 millones

Denny's Corporation (Denn) - Modelo de negocios: actividades clave

Servicio de comida y operaciones de restaurantes

A partir de 2024, Denny's opera 1.640 restaurantes en los Estados Unidos, con 1,444 ubicaciones franquiciadas y 196 restaurantes propiedad de la compañía.

Métrica operacional	Valor
Restaurantes totales	1,640
Ubicaciones franquiciadas	1,444
Restaurantes propiedad de la empresa	196

Gestión y apoyo de franquicias

El sistema de apoyo a la franquicia de Denny incluye programas integrales de capacitación y asistencia operativa.

• La tarifa de franquicia inicial varía de $ 40,000 a $ 90,000
• La tasa de regalías en curso es del 5.5% de las ventas brutas
• Equipo de apoyo de desarrollo de franquicias de 47 profesionales

Desarrollo e innovación del menú

Presupuesto de innovación de menú anual de aproximadamente $ 2.3 millones dedicado al desarrollo de nuevos productos e investigación culinaria.

Métrica de innovación de menú	Valor
Presupuesto anual de innovación	$ 2.3 millones
Nuevos elementos de menú introducidos anualmente	12-15

Mejora de pedidos digitales y experiencia del cliente

Las inversiones en plataforma digital han dado como resultado que el 38% de los pedidos fuera de las instalaciones se realicen a través de canales digitales en 2023.

• Descargas de aplicaciones móviles: 1.2 millones
• Ingresos de pedidos digitales: $ 187 millones
• Valor de pedido digital promedio: $ 24.50

Marketing de marca y compromiso del cliente

El gasto de marketing para 2023 fue de $ 45.7 millones, centrado en canales de comercialización digital y tradicional.

Métrico de marketing	Valor
Gasto total de marketing	$ 45.7 millones
Seguidores de redes sociales	1.3 millones
Suscriptores de marketing por correo electrónico	2.4 millones

Denny's Corporation (Denn) - Modelo de negocios: recursos clave

Red de restaurantes extensa

A partir del cuarto trimestre de 2023, Denny's opera 1.640 restaurantes totales, con un desglose de la siguiente manera:

Restaurantes totales	1,640
Restaurantes de franquicia	1,563
Restaurantes propiedad de la empresa	77
Cobertura geográfica	50 estados de EE. UU. Y 11 países extranjeros

Reconocimiento de marca y posición de mercado

Indicadores de desempeño financiero para 2023:

• Ingresos anuales: $ 518.7 millones
• Ingresos netos: $ 57.3 millones
• Capitalización de mercado: aproximadamente $ 800 millones

Sistemas de gestión de restaurantes patentados

Inversiones clave de infraestructura tecnológica:

• Plataformas de pedidos digitales
• Sistemas integrados de punto de venta
• Software de gestión de inventario

Fuerza laboral y capital humano

Total de empleados	Aproximadamente 6.800
Promedio de la tenencia del empleado	5.2 años
Inversión de capacitación anual	$ 2.1 millones

Infraestructura de franquicia

Métricas del modelo de franquicia:

• Restaurantes de franquicia: 95.3% de las ubicaciones totales
• Tasa de regalías de la franquicia: 4-5% de las ventas brutas
• Tarifa de franquicia inicial: $ 40,000 - $ 90,000

Denny's Corporation (Denn) - Modelo de negocio: propuestas de valor

Desayuno asequible durante todo el día y comida reconfortante

Denny's ofrece un rango promedio de precios de elemento del menú de desayuno de $ 6.99 a $ 12.99. El desayuno de Grand Slam, un artículo de firma, cuesta aproximadamente $ 8.49. En 2023, los artículos de desayuno representaban el 42% de las ventas totales de restaurantes.

Categoría de menú	Gama de precios	Porcentaje de ventas
Artículos para el desayuno	$6.99 - $12.99	42%
Artículos para el almuerzo	$7.50 - $13.50	31%
Artículos para la cena	$9.99 - $16.99	27%

Experiencia gastronómica familiar

Denny's opera 1,640 restaurantes, con un 87% ubicado en los Estados Unidos. El segmento de comidas familiares representa el 65% de su base de clientes.

• Tamaño promedio de la fiesta familiar: 3.2 personas
• Elementos del menú para niños: 12 opciones diferentes
• Precio promedio del artículo del menú infantil: $ 5.49

Ofertas consistentes de calidad y menú familiares

Denny's mantiene un menú consistente en las ubicaciones, con el 78% de los elementos del menú restantes sin cambios año tras año. La estandarización del menú admite el reconocimiento de marca.

Métrica de consistencia del menú	Porcentaje
Elementos de menú sin cambios	78%
Modificaciones de menú anual	22%

Ubicaciones convenientes y horas de operación extendidas

Denny's opera 24/7 en 1,246 ubicaciones, que representan el 76% del total de restaurantes. Plazo de restaurante promedio de restaurantes: 4,200 pies cuadrados.

• Restaurantes totales: 1.640
• Restaurantes operativos 24/7: 1,246
• Capacidad promedio del restaurante: 120 asientos

Opciones de comida económica para diversos segmentos de clientes

El costo promedio de la comida varía de $ 8.99 a $ 15.99. Programas de descuento y elementos de menú Value Dirigir a los clientes sensibles al precio.

Segmento de clientes	Costo promedio de comida	Disponibilidad de descuento
Consciente del presupuesto	$8.99 - $10.99	Descuentos de estudiante para personas mayores
Gastronomía estándar	$11.99 - $15.99	Programa de fidelización

Denny's Corporation (Denn) - Modelo de negocios: relaciones con los clientes

Membresía del programa de fidelización

El programa de recompensas de Denny, Denny's Rewards, ofrece miembros:

• 10% de puntos en cada compra
• Comida de cumpleaños gratis
• Promociones exclusivas

Métrico de programa	2023 datos
Miembros de lealtad total	4.2 millones
Tasa de inscripción digital	62%
Gasto promedio de miembros	$ 24.50 por visita

Aplicación móvil y compromiso digital

La aplicación móvil de Denny proporciona:

• Pedidos en línea
• Reservas de tabla
• Actualizaciones de menú en tiempo real

Rendimiento digital	2023 métricas
Descargas de aplicaciones móviles	1.8 millones
Porcentaje de pedido digital	22%

Interacción en las redes sociales

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	375,000	3.2%
Facebook	1.2 millones	2.7%

Comentarios de los clientes y mejora continua

Métrico de retroalimentación	2023 datos
Encuestas totales de clientes	215,000
Calificación de satisfacción	4.3/5

Comunicaciones de marketing personalizadas

Canal de marketing	Tasa de personalización	Tasa de conversión
Marketing por correo electrónico	78%	14.5%
Notificaciones de push móviles	65%	11.2%

Denny's Corporation (Denn) - Modelo de negocios: canales

Ubicaciones de restaurantes físicos

A partir del cuarto trimestre de 2023, Denny's opera 1.640 restaurantes en los Estados Unidos. El desglose de la propiedad del restaurante es el siguiente:

Tipo de restaurante	Número de ubicaciones
Restaurantes propiedad de la empresa	335
Restaurantes operados por franquicia	1,305

Aplicación de pedidos móviles

Características de la aplicación móvil:

• Capacidades de pedido digital
• Integración del programa de fidelización
• Acceso al menú en tiempo real

En 2023, las descargas de aplicaciones móviles aumentaron en un 18% en comparación con el año anterior, con aproximadamente 2.3 millones de usuarios activos.

Pedidos en el sitio web en línea

La plataforma de pedidos en línea de Denny generó $ 127.4 millones en ingresos por ventas digitales en 2023, lo que representa el 12.5% ​​de las ventas totales de restaurantes.

Plataformas de entrega de terceros

Plataforma de entrega	Porcentaje de pedidos digitales
Doordash	45%
Uber come	32%
Grubhub	23%

Marketing directo y campañas promocionales

Gasto de marketing en 2023: $ 42.6 millones

• Presupuesto de marketing en redes sociales: $ 8.3 millones
• Publicidad tradicional: $ 22.1 millones
• Publicidad digital: $ 12.2 millones

Base de datos de marketing por correo electrónico: 4.7 millones de suscriptores con una tasa de apertura promedio del 22% en 2023.

Denny's Corporation (Denn) - Modelo de negocios: segmentos de clientes

Familias que buscan cenas asequibles

Según el informe anual de Denny 2022, Family Dining representa el 35.7% de su base total de clientes. Tamaño promedio de cheque familiar: $ 42.50.

Grupo de edad	Porcentaje de clientes familiares	Gasto promedio
25-45 años	48%	$47.20
45-65 años	37%	$39.80

Consumidores conscientes del presupuesto

Los elementos del menú Grand Slam de Denny tienen un precio de entre $ 6.99 y $ 9.99. El segmento de comidas de presupuesto representa el 28.5% del tráfico total de clientes.

• Costo promedio de comida: $ 8.75
• Los programas de descuento alcanzan el 22% de los clientes conscientes del presupuesto
• Descuentos para personas mayores disponibles para un grupo de edad de más de 55 años

Comensales nocturnos

Ubicaciones de 24 horas: 1,547 restaurantes. La cena nocturna (10 pm - 4 am) comprende el 19.2% de las ventas totales.

Segmento de tiempo	Porcentaje del cliente	Boleto promedio
10 pm - 2 am	12.4%	$15.60
2 am - 4 am	6.8%	$12.40

Viajeros y clientes de viaje por carretera

Ubicaciones cerca de las carreteras: 742 restaurantes. La comida relacionada con los viajes representa el 16.3% de los ingresos totales.

• Proximidad interestatal: 68% de ubicaciones
• Gasto promedio de viajero: $ 24.30
• Participación del programa de lealtad: 17% de los clientes de viaje por carretera

Desayuno y entusiastas de la comida reconfortante

Ventas del menú de desayuno: $ 487.6 millones en 2022. El segmento de desayuno representa el 22% de la base total de clientes.

Artículo del desayuno	Volumen de ventas	Preferencia del cliente
Desayuno de Grand Slam	$ 124.3 millones	38%
Platos de panqueques	$ 89.7 millones	27%

Denny's Corporation (Denn) - Modelo de negocio: Estructura de costos

Adquisición de alimentos e ingredientes

Los costos totales de alimentos y bebidas de Denny para el año fiscal 2022 fueron de $ 404.8 millones. La compañía obtiene ingredientes de múltiples proveedores con un enfoque en la costumbre.

Categoría de costos	Gasto anual	Porcentaje de ingresos
Adquisición de alimentos	$ 404.8 millones	28.3%
Abastecimiento de ingredientes	$ 87.2 millones	6.1%

Salarios del personal del restaurante

Los costos laborales de Denny para el año fiscal 2022 totalizaron $ 291.6 millones.

• Salario promedio por hora para el personal del restaurante: $ 14.25
• Total de empleados: aproximadamente 6.800
• Costos laborales como porcentaje de ingresos: 20.4%

Soporte operativo de franquicia

Los gastos de apoyo a la franquicia en 2022 fueron de $ 42.3 millones.

Servicios de soporte de franquicia	Costo anual
Programas de capacitación	$ 8.7 millones
Consultoría operacional	$ 15.6 millones
Soporte tecnológico	$ 18 millones

Gastos de marketing y publicidad

El gasto de marketing para 2022 fue de $ 53.4 millones.

• Marketing digital: $ 22.1 millones
• Publicidad tradicional: $ 31.3 millones

Tecnología y mantenimiento de la plataforma digital

Los costos de infraestructura tecnológica en 2022 alcanzaron los $ 34.6 millones.

Categoría de gastos tecnológicos	Inversión anual
Desarrollo de plataforma digital	$ 18.2 millones
Ciberseguridad	$ 6.4 millones
Infraestructura	$ 10 millones

Denny's Corporation (Denn) - Modelo de negocios: flujos de ingresos

Ventas de restaurantes de cena

En el año fiscal 2022, Denny reportó ingresos totales de $ 522.1 millones. Las ventas de restaurantes de cena representaron una parte significativa de este ingreso.

Categoría de ingresos	Cantidad (2022)	Porcentaje
Ventas de restaurantes propiedad de la empresa	$ 216.3 millones	41.4%
Tarifas de regalías de franquicia	$ 128.7 millones	24.7%

Tarifas de regalías de franquicia

A partir de 2022, Denny's tenía 1,640 restaurantes, con 1,478 ubicaciones franquiciadas que generan importantes ingresos por regalías.

• Tasa de regalías de franquicia promedio: 4-5% de las ventas brutas
• Tarifas de regalías de franquicia en 2022: $ 128.7 millones

Servicios de entrega y comida para llevar

Los canales de ventas digitales contribuyeron aproximadamente al 25% de las ventas totales en 2022.

Canal de ventas digital	Contribución de ingresos
Plataformas de entrega de terceros	15.3% de las ventas totales
Pedidos directos en línea	9.7% de las ventas totales

Avenidos de catering e eventos especiales

Los ingresos de catering representaron aproximadamente el 3-4% de las ventas totales de restaurantes en 2022.

Venta de productos y productos de marca y marca

La mercancía de marca y las ventas de productos generaron aproximadamente $ 5.2 millones en ingresos adicionales para 2022.

• Categorías de mercancías de marca:
  • Vestir
  • Utensilios de cocina de marca
  • Tarjetas de regalo

Denny's Corporation (DENN) - Canvas Business Model: Value Propositions

Denny's Corporation (DENN) Value Propositions as of late 2025:

All-Day, Everyday Dining: Traditional 24/7 service, though moderated in some locations.

• About 25% of the system opted not to operate through the night as of the end of 2024.

Compelling Value: Re-launched $2-$4-$6-$8 menu to combat consumer inflation.

• The relaunched $2-$4-$6-$8 Value Menu now offers hearty $10 options.
• The Say It Three Times Slam® was available for only $8.99 nationwide.
• The September 2024 relaunch saw a 5% traffic change delta from pre- to post-launch.
• The value menu provided a 2.0-2.5% sales lift since its Q3 2024 launch with minimal impact to check size.

Value Menu Tier	Example Item	Reported Price (Late 2024)
$2	Stack of two signature buttermilk pancakes	Starting at $2
$4	Slice of New York York-style cheesecake	Starting at $4
$8	Say It Three Times Slam®	$8.99

Convenience and Off-Premises: Takeout, delivery, and virtual brands like Banda Burrito.

• Digital ordering and takeout represented approximately 21% of total sales during Denny's Corporation Q2 2025.
• Digital ordering and takeout accounted for 22% of Denny's sales in Q1 2025.
• Virtual brands, including Banda Burrito, increased same-restaurant sales by 70 basis points in both Q3 and Q4 2024.

Modernized Experience: Enhanced dining environment via the 'Diner 2.0' remodel program.

• Denny's Corporation completed 10 remodels in Q3 2025.
• In 2024, 23 remodels were completed across the system.
• The average investment per remodel was approximately $250,000.
• Testing showed remodels resulted in a 6.5% traffic lift.
• The long-term goal for the Denny's brand Average Annual Unit Volume (AUV) is $2.2 million.

Premium Breakfast/Lunch: The higher-end, daytime-focused experience of Keke's Breakfast Cafe.

• Keke's domestic system-wide same-restaurant sales increased 1.1% in Q3 2025.
• Keke's domestic system-wide same-restaurant sales increased 4.0% in Q2 2025.
• Keke's had 69 open locations in the U.S. as of late 2025.
• Keke's projected unit growth CAGR is 25-30%.
• A franchised Keke's Breakfast Cafe location made an average of $2,089,000 in revenue (AUV) per year in 2024.
• Keke's off-premises sales accounted for 16% of its sales in Q1 2025.

Denny's Corporation (DENN) - Canvas Business Model: Customer Relationships

The relationships Denny's Corporation cultivates with its patrons are increasingly leaning into digital channels to foster repeat business and gather actionable insights from its customer base.

Loyalty Program: New digital loyalty program to drive repeat visits and data collection

Denny's Corporation is rolling out a new points-based loyalty CRM program in the second half of 2025. This initiative is designed to move away from broad-based discounts toward a one-to-one marketing model. Executives project the new loyalty program will deliver between 50 to 100 basis points in traffic over time. This effort builds upon an existing digital guest database of 5.5 million individuals. Prior to the new system, the older Denny's Rewards program had approximately 5 million active members, who contributed to $44 million in system sales and visited 1.4 times more per year than the average customer. The company is investing in technology to make this program accessible across its digital ecosystem, including the website and mobile app.

Transactional: High volume, low-touch service model typical of family dining

The core transactional relationship remains rooted in the family dining segment, though traffic has been challenged. Denny's Corporation's domestic system-wide same-restaurant sales for the second quarter of 2025 were negative 1.3%, which represented a 170 basis point sequential improvement from the first quarter of 2025. To streamline the portfolio, Denny's Corporation plans to close between 70 to 90 underperforming Denny's locations in 2025, following 88 closures in 2024, aiming to complete the planned closure of 150 total locations by the end of 2025. Following these adjustments, Denny's will still operate more than 1,300 locations. The family dining category, where Denny's competes, has seen customer traffic decline by about 20% since 2020.

The off-premises business, which often involves a lower-touch digital transaction, remains a key driver. Digital ordering and takeout represented approximately 21 percent of total sales during the second quarter of 2025.

Community Engagement: Local partnerships and the Mobile Relief Diner for disaster support

Specific financial or statistical data regarding Denny's Corporation's 2025 local partnerships or the Mobile Relief Diner program is not available in the latest reports. However, the company is focused on operational health and system strength, which indirectly supports community stability. The strategic closure of underperforming restaurants is intended to optimize the franchise system, with the goal of returning to net flat to positive growth by 2026.

The company is also leveraging its kitchen capacity for community-adjacent initiatives through its virtual brands. For example, the virtual brand Banda Burrito boosted same-restaurant sales by 70 basis points in the third and fourth quarters of 2024.

Digital Personalization: Targeted marketing through the new technology platform

The shift to a personalized, one-to-one marketing model is central to the new digital strategy. This is supported by investments in technology across the system. The virtual brands, which include The Burger Den, The Melt Down, and Banda Burrito, contribute significantly to off-premises sales, representing 22% of Denny's total sales as of the second quarter of 2025. The company is using first-party data to target guests with offers tailored to their purchase history and visit frequency.

Here is a look at key digital and loyalty metrics as of mid-2025:

Metric Category	Data Point	Value/Amount
Digital Guest Database Size (Existing)	Number of Digital Guests	5.5 million
Prior Loyalty Program Reach	Active Members	Approximately 5 million
Prior Loyalty Program Sales Impact	System Sales Contribution	$44 million
Off-Premises Sales Share (Q2 2025)	Digital Ordering & Takeout Percentage of Total Sales	21 percent
Virtual Brand Sales Share	Contribution to Total Sales	22 percent
Projected Loyalty Traffic Impact	Basis Points Over Time	50 to 100 basis points

The company is also seeing success from value-driven promotions, with the Super Slam reaching a record high incidence of nearly 10% earlier in the year.

Denny's Corporation (DENN) - Canvas Business Model: Channels

You're looking at how Denny's Corporation gets its product to the customer as of late 2025. The channel strategy is clearly multi-pronged, balancing the traditional brick-and-mortar footprint with digital and off-premises growth engines.

Physical Restaurants remain the core delivery mechanism. As of the end of the second quarter of 2025, Denny's Corporation operated a total of 1,558 locations globally. This total is comprised of 1,422 restaurants operating under the Denny's name and 74 locations under the Keke's brand. The company was executing a strategic optimization plan, targeting consolidated restaurant closures between 70 and 90 locations for the full year 2025. The Keke's brand, in contrast, was growing, with eight new cafes opened in Q2 2025 alone.

The focus on Digital Ordering and Third-Party Delivery is evident in management commentary, which highlighted leaning into its off-premises strength. The company also launched its digital loyalty program in the second quarter of 2025, aiming for up to 200 basis points in margin savings. While specific transaction volume for the Denny's on Demand platform isn't broken out, the emphasis on off-premises is a clear channel priority.

For Virtual Brands, the strategy involves leveraging existing kitchen capacity for delivery-only concepts. The virtual brand strategy, which included the launch of Nathan's Famous hot dogs, contributed to an improvement in company system-wide same-restaurant sales (SRS) by approximately 50 basis points during the second quarter of 2025. This shows a measurable, albeit small, financial impact from these delivery-only extensions.

Here is a breakdown of the physical footprint as of the end of Q2 2025:

Brand	Total Locations	Franchised/Licensed Locations	Company Operated Locations
Denny's	1,422	Data not explicitly separated from total in the 1,558 figure, but 1,422 is the total for the brand.	Data not explicitly separated from total in the 1,558 figure.
Keke's	74	52	22
Total System-Wide	1,558	N/A	N/A

The company's full-year 2025 expectation for consolidated restaurant openings was between 25 and 40 new units.

• Virtual Brand Strategy Impact (Q2 2025 SRS Improvement): 50 basis points.
• Digital Loyalty Margin Savings Target: Up to 200 basis points.
• Planned Denny's Closures for 2025: Between 70 and 90 units.

Denny's Corporation (DENN) - Canvas Business Model: Customer Segments

You're looking at the core groups Denny's Corporation targets across its dual-brand portfolio as of late 2025. The strategy clearly splits between defending the core, value-driven diner traffic and aggressively growing the premium breakfast concept.

Value-Conscious Consumers

This segment is critical for the flagship Denny's brand, which is actively fighting for traffic against grocery and other value players. The company is leaning heavily on price architecture to bring these guests in.

The relaunched $2-$4-$6-$8 menu continues to be a staple offering. During a prior promotional push, this value platform resulted in a 5% traffic change delta from pre- to post-launch. The structure includes items starting at $2, $4, $6, and $8, with newer tests incorporating $10 options. For instance, a limited-time offer, the Say It Three Times Slam®, was priced at $8.99 nationwide during a recent collaboration. The company is focused on iterating this platform to ensure it is engineered for the right profitability, aiming for a flat mix GCA impact despite accounting changes for the lower-priced items.

Broad Family Dining Audience

This is the traditional core demographic for the Denny's brand, seeking comfort food and all-day dining options. However, this segment is showing significant strain in the current economic climate.

Performance metrics for the core brand reflect this pressure:

• Denny's domestic system-wide same-restaurant sales were -3.0% in Q1 2025.
• Denny's domestic system-wide same-restaurant sales were -1.3% in Q2 2025.
• Denny's domestic system-wide same-restaurant sales were -2.9% in Q3 2025.
• Full-year 2025 guidance projects domestic system-wide same-restaurant sales between -2.0% and 1.0%.

As of September 24, 2025, Denny's operated 1,397 franchised/licensed restaurants and 62 company restaurants globally, totaling 1,459 units under the core brand.

Denny's Revenue Component (Q3 2025)	Amount (in millions)	Contribution to Total Revenue
Co. Restaurant Sales	$47.6	42.0%
Franchise & License Revenue	$54.0	47.7%

Younger/Digital-Native Guests

Denny's Corporation targets younger, digitally-engaged customers through its off-premises channels and technology investments. This group is crucial for driving incremental revenue outside of traditional dine-in traffic.

Digital ordering and takeout accounted for approximately 21% of total sales during the second quarter of 2025. Investments in the digital guest experience paid off, with reported conversion rate increases of over 16% in Q1 2025. The company is building on an existing database of 5.5 million digital guests to personalize offers at scale using a new loyalty program expected to launch in the second half of 2025.

• Digital ordering/takeout sales mix (Q2 2025): 21% of total sales.
• Digital guest experience conversion rate lift (Q1 2025): Over 16%.
• Digital guest database size: 5.5 million.

Breakfast/Brunch Enthusiasts

This segment is primarily targeted through the high-growth Keke's Breakfast Cafe brand, which is positioned as a premium, fresh alternative in the breakfast space.

Keke's has consistently outperformed the core brand and the BBI Family Dining Florida Index. Its domestic system-wide same-restaurant sales were 3.9% in Q1 2025 and 1.1% in Q3 2025. The brand is seeing strong unit-level economics, posting an average AUV of $2,089,007 in 2024 for franchised restaurants. The long-range unit growth CAGR target for Keke's is a robust 25-30%, significantly higher than the core Denny's brand's 0-1% target.

As of September 24, 2025, Keke's operated 23 company restaurants and 55 franchised restaurants, contributing $9.8 million in company restaurant sales and $1.9 million in franchise/license revenue in Q3 2025.

Keke's Performance Metric (2025 Data)	Value
Domestic Same-Store Sales (Q3 2025)	1.1% increase
Company Restaurants (as of 9/24/2025)	23 units
Franchised Restaurants (as of 9/24/2025)	55 units

Denny's Corporation (DENN) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Denny's Corporation's expenses as they navigate a complex market. Here's the breakdown of their cost structure based on late 2025 projections and recent quarterly results.

Food and Beverage Costs: Primary cost driver for the company-operated segment.

Commodity inflation is a major factor, projected to be between 3.0% and 5.0% for the full year 2025. To give you a sense of the impact, product costs represented 25.5% of sales for the third quarter of 2025. This category saw significant pressure earlier in the year, for instance, egg prices in Q1 2025 were up 3-4x versus prior pricing, causing a roughly 100bps impact to the adjusted company restaurant operating margin. The company is actively managing this, though, as evidenced by the Q3 2025 adjusted company restaurant operating margin expanding to 13.5% (up from 11.5% year-over-year for that quarter).

Here's a quick look at the inflation outlook:

• Commodity Inflation Projection (FY 2025): 3.0% to 5.0%
• Labor Inflation Projection (FY 2025): 2.5% to 3.5%

Labor Costs: Expected labor inflation of 2.5% to 3.5% for the full year 2025.

Labor costs remain a significant operating expense, with management projecting inflation in this area to settle between 2.5% and 3.5% for the full year 2025. This is a key area for margin management, especially as the company works to staff its locations effectively.

General and Administrative (G&A): Projected full-year 2025 G&A expenses between $80 million and $85 million.

Denny's Corporation has a clear projection for its overhead. Total General and Administrative expenses are expected to land between $80 million and $85 million for the full year 2025. This figure includes several components, which you can see itemized here:

G&A Component	Projected Amount (Full Year 2025)
Corporate and Administrative Expenses	$60 million to $62 million
Incentive Compensation	$6 million to $9 million
Share-Based Compensation Expense (Non-Adjusting)	Approximately $14 million

The Q3 2025 G&A expenses specifically were $22.57 million, up from $19.83 million in the prior year quarter, driven by incentive compensation and transaction costs related to the pending acquisition.

Franchise Optimization Costs: Costs associated with closing 70 to 90 underperforming Denny's units in 2025.

A significant part of the cost management strategy involves portfolio optimization. Denny's Corporation plans to close between 70 and 90 underperforming Denny's restaurants throughout 2025. This action is intended to improve franchisee cash flow and overall system health, though it carries associated closure costs. For context, the chain closed 88 locations in 2024 as part of this multi-year optimization plan.

Capital Expenditures: Investment in remodels and new Keke's cafe development.

Capital spending is focused on revitalization and expansion. Cash capital expenditures in the first quarter of 2025 totaled $9.1 million, which covered Keke's new cafe development and Denny's company restaurant remodels. In the third quarter of 2025, cash capital expenditures were $9.3 million for similar activities. The company is accelerating its Diner 2.0 remodel program, which has shown a 6.5% sales lift in testing.

Denny's Corporation (DENN) - Canvas Business Model: Revenue Streams

You're looking at the Denny's Corporation (DENN) revenue profile as of late 2025, and the story is one of near parity between direct operations and the franchise model, though the latter drives the higher margins you'd expect from a mature brand. For the third quarter of 2025, Denny's Corporation reported total operating revenue of $113.2 million.

The core revenue streams are clearly delineated between company-owned units and the vast network of franchised and licensed locations. Honestly, the split is almost 50/50, which is a significant shift from the heavily franchised model of the past, driven by the growth of Keke's Breakfast Cafe company-operated units.

Here is the quick math on the primary revenue components for Q3 2025:

Revenue Stream Category	Q3 2025 Amount (USD)	Percentage of Total Revenue (Approx.)
Company Restaurant Sales	$57.4 million	50.6%
Franchise and License Revenue	$55.9 million	49.4%

The Franchise and License Revenue stream, totaling $55.9 million in Q3 2025, is the high-margin engine of the Denny's Corporation business. This revenue is comprised of several key components that flow directly to the corporate entity without the direct cost of goods sold associated with running a restaurant.

The components feeding into this high-margin bucket include:

• Franchise Royalties: A percentage of gross sales from franchised restaurants.
• Rental Income: Revenue derived from properties owned or master-leased and subsequently subleased to franchisees.
• Initial Franchise Fees: One-time payments upon signing new franchise agreements for both the Denny's and Keke's brands.

For traditional Denny's franchise agreements, the contractual royalty payment is up to 4.50% of gross sales, with franchisees also contributing up to 3.25% of gross sales for marketing, which can be a source of additional revenue or cost recovery for the corporation. The adjusted franchise operating margin for this segment was reported at 52.0% of franchise and license revenue in Q3 2025, showing its inherent profitability.

The Company Restaurant Sales, which brought in $57.4 million in Q3 2025, reflect the direct sales from the 85 company-operated restaurants as of September 24, 2025. While this stream carries direct operating costs, the adjusted company restaurant operating margin improved to 13.5% of company restaurant sales for the quarter.

Regarding one-time fees, the initial franchise fee for a traditional Denny's agreement is up to $30,000. This fee is a distinct, upfront cash infusion separate from the ongoing royalty and advertising fees.

The high-margin nature of the franchise segment is evident in the following:

• Adjusted Franchise Operating Margin: 52.0% in Q3 2025.
• Traditional Royalty Fee: Up to 4.50% of gross sales.
• Initial Franchise Fee: Up to $30,000 per agreement.

Finance: draft 13-week cash view by Friday.