Applebee’s parent company reports a bigger profit
07/29/2014 4:53 PM
07/29/2014 5:23 PM
Dine Equity on Tuesday reported an increase in second-quarter profits thanks to stronger sales at its Applebee’s and IHOP restaurant chains.
The Glendale, Calif.-based company earned $19.1 million in the second quarter that ended June 30, up from $16.9 million in the same quarter a year ago. Revenue grew to $160.5 million from $158.1 million in the previous year’s quarter.
The company cited improvements at both of its restaurant businesses. Applebee’s, which is based in Kansas City, reported a 0.6 percent increase in same-restaurant sales, a key measure of operations that have been open at least one year. IHOP reported a 3.2 percent increase in same-restaurant sales.
Julia Stewart, Dine Equity’s chairwoman and chief executive, said both restaurant chains “outperformed their respective categories based on industry sales data” during the quarter.
| The Star
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