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
RELATED:
• DineEquity 'maniacally' focused on sales, traffic turnaround
• DineEquity 1Q profit declines nearly 42%
• More restaurant finance news
Contact Lisa Jennings at [email protected].
Follow her on Twitter: @livetodineout
