Denny’s (DENN): Is there hope beyond re-opening?

We singled out Denny’s as a long-term loser in the restaurant industry nearly 2 years ago, so far our thesis has proven correct.

Regardless of the damage caused by COVID, DENN Purchase Intent Mentions and reported revenues were both in decline prior to the outbreak of the pandemic.

Consumer Demand has yet to show any signs of recovery, trending down -37% YoY on the 90-day moving average, an all-time low.

Re-opening optimism has helped the stock regain the majority of its 2020 losses, but re-opening won’t matter if consumers just aren’t interested.