DineEquity Announced Higher Q4 Restaurant Sales

Sales increased for DineEquity Inc.’s Applebee’s Neighborhood Grill & Bar and IHOP restaurants, the Glendale-based company announced. DineEquity, parent company of the two restaurant chains, made the announcement as a preview of its earnings for the fourth quarter and full 2010 fiscal year ending Dec. 31. Applebee’s domestic system-wide same-restaurant sales increased 2.9 percent for the fourth quarter of 2010 compared to the same period in 2009. The improvement was primarily due to ongoing marketing and operational initiatives, as well as menu enhancements. For the fourth quarter, Applebee’s company-operated restaurants experienced a higher average guest check, partially offset by a decline in guest traffic compared to the same period in 2009. For the full fiscal year, Applebee’s domestic system-wide same-restaurant sales increased 0.3 percent compared to the same period in 2009. IHOP domestic system-wide same-restaurant sales increased 1.1 percent for the fourth quarter of 2010 compared to the same period in 2009. The improvement was primarily due to the limited-time offer Fall Festival, along with the promotion of Trick or Treat All-You-Can-Eat Pancakes. IHOP’s same-restaurant sales results for the fourth quarter also reflected a higher average guest check offset by a decline in guest traffic. For the full fiscal year, IHOP’s domestic system-wide same-restaurant sales were flat compared to the same period in 2009. DineEquity also announced it is proposing a re-pricing its term loan facility in order to take advantage of lower interest rates available in the current senior secured debt market. Jessica Vernabe