DineEquity Inc., parent to the IHOP and Applebee’s chains, reported on Wednesday a 34-percent drop in fourth-quarter profit as the company completed its move to a 99-percent franchised model, saying the focus this year will be on reversing declining traffic and sales for both brands. In a call with analysts following the report Julia Stewart, chair and chief executive of Glendale, Calif.-based DineEquity, brought to rest speculation that the company might be poised to bring on a ...

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