IHOP Expects Sales to Grow 2% to 4% in ’06
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Restaurant chain IHOP Corp. said it expected same-store sales growth of 2% to 4% in 2006, and anticipates adding 64 to 69 new restaurants.
The Glendale-based company also said it expected 2006 earnings per share of $2.25 to $2.35, including the effect of $2.5 million to $3.5 million of stock option expense. Excluding stock option expense, IHOP expects earnings per share of $2.35 to $2.45.
Wall Street expects the company to earn $2.42 a share for the year on sales of $360.3 million.
IHOP shares fell $4.33, or 8.1%, to $49.17.
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