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Denny’s Corporation (NASDAQ:DENN), currently trading at $4.36 and showing a significant 33% decline over the past six months according to InvestingPro data, announced on Thursday, May 14, 2025, that its stockholders approved the adoption of the Denny’s Corporation Amended and Restated 2021 Omnibus Incentive Plan (the "2021 Plan") during its Annual Meeting. This plan is an amendment and restatement of the company’s previous 2021 Omnibus Incentive Plan and became effective upon stockholder approval.
The approval of the 2021 Plan followed its adoption by the company’s Board of Directors, contingent upon the affirmative vote of its shareholders. Despite challenging financial metrics, including a current ratio of 0.37 and substantial debt obligations as revealed by InvestingPro’s analysis, the company maintains profitability with a gross margin of 38.4%. Further details about the 2021 Plan were outlined in the company’s 2025 Proxy Statement, which was filed with the Securities and Exchange Commission on April 3, 2025, under the caption "Approval of the Denny’s Corporation Amended and Restated 2021 Omnibus Incentive Plan."
In addition to the 2021 Plan, stockholders at the Annual Meeting also elected seven director nominees for the upcoming year, ratified KPMG LLP as the company’s independent registered public accounting firm for 2025, approved the compensation of the company’s named executive officers, and voted against a shareholder proposal to allow shareholders with at least 15% of outstanding common stock to call special meetings.
The results of the votes were disclosed in the SEC filing, with the majority of shareholders supporting the board’s recommendations except for the proposal regarding the power to call special meetings, which was not approved.
This information is based on the 8-K filing submitted by Denny’s Corporation to the Securities and Exchange Commission.
In other recent news, Denny’s Corporation reported its first-quarter 2025 earnings, aligning with analysts’ expectations with an earnings per share (EPS) of $0.08 and revenue of $111.6 million. Despite meeting forecasts, the company faced a 3% decline in system-wide same-store sales (SSS), although its Keke’s brand saw a 3.9% increase in SSS. Truist Securities adjusted its outlook on Denny’s, reducing the price target from $8.00 to $7.00 but maintained a Buy rating, citing the company’s initiatives to counteract macroeconomic pressures with value promotions like the Grand Slam $1 Buy One Get One offer. KeyBanc Capital Markets maintained a Sector Weight rating, noting Denny’s commitment to its full-year SSS growth and EBITDA forecasts, although expectations are set at the lower end of the projected ranges due to higher food inflation.
Denny’s plans to enhance competitiveness by closing 70-90 restaurants and focusing on value-driven strategies, including technological enhancements such as a new rewards program. The company also anticipates increased commodity costs, particularly in eggs, and remains cautious about pricing strategies. Despite these challenges, Denny’s is optimistic about the impact of its promotions on customer traffic, with April’s SSS showing improvement to a flat level. Analysts from Truist Securities and KeyBanc Capital Markets acknowledge the company’s proactive measures and strategic focus on value offerings to navigate the current economic landscape.
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