Blaming a “lumpy and bumpy” economic environment and aggressive value promotions by competitors, the parent to the IHOP and Applebee’s chains reported a nearly 42-percent decline in first-quarter net income. The decline for Glendale, Calif.-based DineEquity Inc. was partly based on the company’s shift to an almost all-franchised operation. During the first quarter, DineEquity owned significantly fewer Applebee’s restaurants, most of which have been ...

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