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.
 

NET INCOME

Result: $18.7 million, or 97 cents per share
% Decrease: 69% (from $60.6 million)

REVENUE

Result: $161.3 million
% Decrease: 25% (from $216.3 million)

SAME-STORE SALES

% Increase at U.S. IHOP units: 3.6%


% Decrease at Applebee’s U.S. units: 0.4%


Source: Company report



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Contact Lisa Jennings at lisa.jennings@penton.com.
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