DineEquity Inc. reported a nearly 70-percent drop in net income Tuesday for the third quarter ended Sept. 30, as the company completed its shift to a nearly fully franchised structure for Applebee’s Neighborhood Grill & Bar. The prior year’s third quarter included profit resulting from the sale of 137 company-operated Applebee’s to franchisees.
IHOP saw its largest increase in same-store sales since the first quarter of 2008, though traffic declined at both brands. Same-store sales at Applebee’s dropped slightly.
Glendale, Calif.-based DineEquity ended the quarter with 2,009 Applebee’s restaurants and 1,593 IHOP locations in 19 countries.
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