Rising sales lift results for IHOP
IHOP Corp., which owns the biggest U.S. pancake-restaurant chain, reported that first-quarter profit rose 22% as sales advanced.
Net income increased to $13.9 million, or 50 cents a share, from $11.3 million, or 63 cents, a year earlier, Glendale-based IHOP said.
Sales jumped almost fivefold to $442.8 million as the company completed its first full quarter including results from Applebee’s, the casual-dining chain it bought last year. Comparable-store sales at IHOP restaurants rose 3.7%, and grew 0.5% at Applebee’s.
The company maintained its forecast for IHOP same-store sales growth of 2% to 4% this year. Applebee’s same-store sales may expand as much as 2%, the company said.
Shares of IHOP gained 48 cents to $48.93 on Tuesday, a day after the earnings news.
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