IHOP Corp. Reports Positive First Quarter 2008 Same-Store Sales Results for Its IHOP and Applebee's Businesses
10 Aprile 2008 - 10:00PM
Marketwired
GLENDALE, CA ("the Company") today reported same-store sales
results for the first quarter ended March 31, 2008 for its wholly
owned IHOP and Applebee's business units. For the first quarter
2008, IHOP's system-wide same-store sales increased 3.7%, and
Applebee's system-wide domestic same-store sales increased
0.5%.
Julia A. Stewart, IHOP Corp.'s chairman and chief executive
officer, said, "We are pleased to report IHOP's 21st consecutive
quarter of same-store sales growth to kick off the celebration of
IHOP's 50th birthday this year. IHOP had a strong first quarter
2008, primarily supported by our appealing limited-time offers of
All You Can Eat Pancakes and Shortcake Pancakes, a record-breaking
National Pancake Day, and our promotional tie-in with the animated
film from Twentieth Century Fox Animation, 'Dr. Seuss' Horton Hears
a Who!.'
"During the quarter, we also made substantive progress toward
re-energizing the Applebee's brand, producing the business's first
quarter of positive same-store sales growth since the first quarter
2006. The primary drivers of Applebee's results included an
approximate 3% increase in pricing at company-operated restaurants,
a holiday gift card program that resulted in a strong level of
redemptions in the first few months of the year, and the successful
promotion of Applebee's Three-Course Classics and Ultimate Trios
menu items. Additionally, at the beginning of March, we launched
Applebee's new advertising campaign -- 'It's a Whole New
Neighborhood' -- which is resonating well with consumers and
setting the stage for further improvements to our marketing efforts
throughout 2008," Stewart said.
IHOP's system-wide same-store sales increase of 3.7% for the
first quarter 2008 reflected a higher average guest check and flat
guest traffic as IHOP reversed negative traffic trends experienced
over the past year. As of March 31, 2008, there were 1,353 IHOP
restaurants operating system-wide in 49 states, Canada, Mexico and
the U.S. Virgin Islands, 10 of which were company-operated in
IHOP's dedicated research and development market of Cincinnati,
Ohio.
Applebee's system-wide domestic same-store sales for the first
quarter 2008 increased 0.5%. Domestic franchise restaurant
same-store sales were flat for the first quarter 2008. Company
restaurant same-store sales increased 2.1% for the first quarter
2008, which reflected a higher average guest check and declines in
guest traffic. As of March 31, 2008, there were 1,986 Applebee's
restaurants operating system-wide in 49 states, 17 international
countries, and one U.S. territory, of which 511 were
company-owned.
IHOP Corp. reiterated its expectations of producing system-wide
same-store sales growth at IHOP in the range of 2% to 4% for fiscal
2008, and system-wide same-store sales growth at Applebee's in the
range of 1% to 2% for fiscal 2008.
IHOP Corp. will release full first quarter 2008 results on
Monday, April 28, 2008 before the market opens. The Company will
host an investor conference call to discuss its financial results
on the same day, April 28, 2008 at 11:00 a.m. Eastern Time (8:00
a.m. Pacific Time). To participate on the call, please dial (888)
680-0878 and reference pass code 21919378.
About IHOP Corp.
Based in Glendale, California, IHOP Corp. franchises and
operates restaurants under the International House of Pancakes, or
IHOP, and the Applebee's Neighborhood Grill & Bar brands. With
more than 3,300 restaurants combined, IHOP Corp. is the largest
full-service restaurant company in the world. IHOP Corp.'s common
stock is listed on the NYSE under the symbol "IHP." For more
information on IHOP Corp., visit the Investor Relations section of
the Company's Web site located at www.ihop.com.
Forward-Looking Statements
There are forward-looking statements contained in this news
release. They use such words as "may," "will," "expect," "believe,"
"plan," or other similar terminology, and include statements
regarding the strategic and financial benefits of the acquisition
of Applebee's International, Inc., expectations regarding
integration and cost savings, and other financial guidance. These
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results to be materially
different than those expressed or implied in such statements. These
factors include, but are not limited to: the implementation of the
Company's strategic growth plan; the availability of suitable
locations and terms for the sites designated for development; the
ability of franchise developers to fulfill their commitments to
build new restaurants in the numbers and time frames covered by
their development agreements; legislation and government regulation
including the ability to obtain satisfactory regulatory approvals;
risks associated with executing the Company's strategic plan for
Applebee's; risks associated with the Company's incurrence of
significant indebtedness to finance the acquisition; the failure to
realize the synergies and other perceived advantages resulting from
the acquisition; costs and potential litigation associated with the
acquisition; the ability to retain key personnel after the
acquisition; conditions beyond the Company's control such as
weather, natural disasters, disease outbreaks, epidemics or
pandemics impacting the Company's customers or food supplies or
acts of war or terrorism; availability and cost of materials and
labor; cost and availability of capital; competition; continuing
acceptance of the IHOP, International House of Pancakes and
Applebee's brands and concepts by guests and franchisees; the
Company's overall marketing, operational and financial performance;
economic and political conditions; adoption of new, or changes in,
accounting policies and practices; and other factors discussed from
time to time in the Company's news releases, public statements
and/or filings with the Securities and Exchange Commission,
especially the "Risk Factors" sections of Annual and Quarterly
Reports on Forms 10-K and 10-Q, as well as releases, statements and
SEC filings by Applebee's International, Inc. prior to its
acquisition by the Company. Forward-looking information is provided
by IHOP Corp. pursuant to the safe harbor established under the
Private Securities Litigation Reform Act of 1995 and should be
evaluated in the context of these factors. In addition, the Company
disclaims any intent or obligation to update these forward-looking
statements.
Stacy Roughan Director, Investor Relations IHOP Corp.
818-637-3632
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