Shares in Ihop Corp. retreated Monday as expenses associated with the company’s purchase of Applebee’s last year cut into rising sales during the first quarter.

Ihop reported net income of $8.6 million (50 cents per share), down 24 percent on a per share basis from $11.3 million (63 cents) the same period a year earlier. The decline was mainly due to higher expenses from financing its Applebee’s acquisition, as well as higher general and administrative expenses related to running the new chain.

Sales for the Glendale-based restaurant company chain jumped nearly fivefold to $443 million as Ihop completed its first full quarter incorporating Applebee’s results. Same store sales for the quarter increased 3.7 percent at Ihop restaurants and 0.5 percent at Applebee’s restaurants.

Ihop maintained its forecast for same-store sales growth of 2 percent to 4 percent this year at its namesake locations while Applebee’s same-store sales may expand by up to 2 percent, the company said.

But the chain warned the planned sale of 190 Applebee’s-owned restaurant locations “has been challenged by weakening credit-market conditions,” and the company still has to see if a deal would be in the “best economic interests of the company.”

Ihop said franchisees may open 65 to 70 Ihop restaurants and 50 to 65 Applebee’s locations in 2008.

Shares in Ihop were down 5.2 percent to $48.90 in early trading Monday.