Applebee's Stops Sales Decline, IHOP Continues Strong Growth
DineEquity, Inc., the parent company of Applebee's Neighborhood Grill & Bar and IHOP restaurants, today announced financial results for the second quarter of fiscal 2014.
“We delivered successful results for the second quarter, driven by the continued focus on our strategic objectives,” says Julia A. Stewart, chairman and CEO of DineEquity, Inc.
“We are very pleased to announce that IHOP and Applebee’s reported positive same-restaurant sales and outperformed their respective categories based on industry sales data. We are doing the work necessary to drive long-term success at both of our brands. In addition, we continue to generate substantial free cash flow, tightly manage our general and administrative expenses, and return significant cash to shareholders. We remain clearly focused on maximizing shareholder value and driving sustainable growth.”
Same-Restaurant Sales Performance
Second Quarter 2014
- Applebee’s domestic system-wide same-restaurant sales increased 0.6 percent for the second quarter of 2014 compared to the second quarter of 2013.
- IHOP’s domestic system-wide same restaurant sales increased 3.2 percent for the second quarter of 2014 compared to the same quarter of 2013.
First Six Months of 2014 Highlights
- Applebee’s domestic system-wide same-restaurant sales remained flat for the first six months of 2014 compared to the same period in 2013.
- IHOP’s domestic system-wide same restaurant sales increased 3.6 percent for the first six months of 2014 compared to the first six months of 2013.
Financial Performance Guidance for Fiscal 2014
DineEquity reiterates its financial performance guidance for fiscal 2014 contained in the press release issued on February 26, 2014, except for IHOP’s domestic system-wide same restaurant sales. The Company revised IHOP’s sales performance guidance to range between positive 1.0 percent and positive 2.5 percent. This reflects an increase from the previous expectations of between positive 0.5 percent and positive 2.0 percent.