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Dec 31, 2023
Dine Brands Q4 2023 Earnings Report
Dine Brands reported solid Q4 2023 results, demonstrating progress with positive comp sales growth at IHOP and Applebee's and year-over-year EBITDA growth, while fully integrating Fuzzy's.
Key Takeaways
Dine Brands Global, Inc. announced its Q4 and fiscal year 2023 financial results, with total revenues for the fourth quarter of 2023 were $206.3 million compared to $208.0 million for the fourth quarter of 2022. GAAP net income available to common stockholders was $32.3 million, or earnings per diluted share of $2.14, for the fourth quarter of 2023 compared to net income available to common stockholders of $11.0 million, or earnings per diluted share of $0.72 for the fourth quarter of 2022.
Applebee’s year-over-year comparable same-restaurant sales declined 0.5%.
IHOP’s year-over-year domestic comparable same-restaurant sales increased 1.6%.
Total revenues for the fourth quarter of 2023 were $206.3 million.
Consolidated adjusted EBITDA for the fourth quarter of 2023 was $62.2 million.
Forward Guidance
The Company introduced its fiscal 2024 guidance items:
Positive Outlook
- Applebee’s domestic system-wide comparable same-restaurant sales performance is expected to range between 0% and 2%.
- IHOP’s domestic system-wide comparable same-restaurant sales performance is expected to range between 1% and 3%.
- Domestic development activity by IHOP franchisees and area licensees is expected to be between 15 and 25 net new openings.
- Consolidated adjusted EBITDA is expected to range between approximately $255 million and $265 million.
- Gross capital expenditures are expected to range between approximately $15 million and $20 million.
Challenges Ahead
- Domestic development activity for Applebee’s franchisees is between 25 and 35 net fewer restaurants.
- G&A expenses are expected to range between approximately $200 million and $210 million. This total includes non-cash stock-based compensation expense and depreciation of approximately $35 million.
- Dine Brands does not provide forward-looking guidance for GAAP net income because it is unable to predict certain items contained in the GAAP measure without unreasonable efforts.
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