Ihop Reports Loss, Shares Dip

0

Ihop Corp. reported a third-quarter loss Tuesday due to expenses associated with its pending acquisition of the Applebee’s Inc. restaurant chain, sending shares down nearly 4 percent.


Ihop reported a quarterly loss of $12 million (-69 cents per share), compared to a profit of $11 million (62 cents), from the same period a year earlier. The results include a $36 million expense from costs related to the pending acquisition.


Sales for the Glendale-based casual dinning chain owner and operator rose 4 percent to $91 million, slightly short of analysts’ expectations of $93 million. The boost in sales was helped by a 2 percent hike in same-store sales as well as higher prices, the company said.


Shares in Ihop dropped 3.8 percent to $61.14 Tuesday in afternoon trading on the New York Stock Exchange.

No posts to display