IHOP and Applebee’s parent DineEquity Inc. on Tuesday reported a 5.5-percent increase in profit for the first quarter, saying revitalization efforts for both brands are on track, but more work needs to be done. The company also disclosed an asset purchase agreement for the sale of 39 company-operated Applebee’s locations in Virginia to Potomac Family Dining Group LLC, as part of the chain’s ongoing refranchising effort. The deal, which is expected to close in the third ...

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