DineEquity Inc. recorded a nearly 4-percent decline in fourth-quarter income, largely reflecting the completion of its transition to a 99-percent franchised operation. Adjusted net income increased 20 percent to $18.6 million, or 98 cents per share, compared with $15.5 million, or 83 cents per share, a year ago, which includes $1.7 million in fees associated with the sale of units between two existing franchisees.
For fiscal 2014, the Glendale, Calif.-based company is projecting Applebee’s same-store sales will range between negative 2 percent and positive 1 percent. IHOP’s same-store sales for the year are expected to increase between 0.5 percent and 2 percent. DineEquity franchises and operates 2,014 Applebee’s and 1,603 IHOP units in 19 countries.
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