2023-08-03 07:16:16 ET
- Dine Brands Global press release ( NYSE: DIN ): Q2 Non-GAAP EPS of $1.82 beats by $0.27 .
- Revenue of $208.4M (-12.4% Y/Y) misses by $1.2M .
- Applebee’s year-over-year comparable same-restaurant sales declined 1.0% for the second quarter of 2023. Off-premise sales accounted for 22.6% of sales mix, representing per restaurant average weekly sales of approximately $12,300.
- IHOP’s year-over-year domestic comparable same-restaurant sales increased 2.1% for the second quarter of 2023. Off-premise sales accounted for 20.7% of sales mix, representing per restaurant average weekly sales of approximately $8,000.
- FY2023 Outlook : Reduced: 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). Reiterated : 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.
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Dine Brands Global Non-GAAP EPS of $1.82 beats by $0.27, revenue of $208.4M misses by $1.2M