•
Jun 30, 2023
Dine Brands Q2 2023 Earnings Report
Dine Brands' financial performance reflected resilience amidst market volatility, with IHOP achieving its ninth consecutive quarter of positive comparable restaurant sales while Applebee's experienced a slight decline.
Key Takeaways
Dine Brands Global, Inc. reported its second quarter 2023 results, demonstrating resilience with IHOP posting positive comparable restaurant sales while Applebee's saw a slight decline. The company is focused on investing in its brands, driving growth, and maximizing returns through disciplined value creation and focus on guest demand.
IHOP's year-over-year domestic comparable same-restaurant sales increased 2.1%.
Applebee’s year-over-year comparable same-restaurant sales declined 1.0%.
Net income for the second quarter of 2023 was $18.2 million.
Adjusted earnings per diluted share was $1.82 for the second quarter of 2023.
Dine Brands
Dine Brands
Forward Guidance
Dine Brands provided its fiscal year 2023 guidance.
Positive Outlook
- Domestic development activity by IHOP franchisees and area licensees is expected to be between 45 and 60 net new openings.
- Consolidated adjusted EBITDA is expected to be in the range of between approximately $243 million and $255 million.
- G&A expenses are expected to range between approximately $200 million and $210 million, including non-cash stock-based compensation expense and depreciation of approximately $30 million.
- Gross capital expenditures are expected to range between $33 million and $38 million.
Challenges Ahead
- Our new domestic development activity target for Applebee’s franchisees is between 25 and 35 net fewer restaurants (versus 10 to 20 net fewer restaurants previously).