Ihop Corp. reported a jump in same-store sales Friday, but decreased sales from its newly acquired Applebee’s chain left shares flat.

The Glendale-base chain said that fourth quarter same-store sales at its namesake chains rose 3.7 percent, while the company also saw sales for fiscal 2007 rise 2.2 percent.

During both the quarter and the year, the company said traffic fell but guest check averages rose.

However, at Applebee’s, same-store sales fell 2.8 percent for the fourth quarter and 2.2 percent for the year.

Ihop blamed the results on a drop in traffic between 3 percent and 3.5 percent for the quarter, and a decline between 4 percent and 4.5 percent for the year.

These numbers are not uncommon in the casual dining sector. Virtually all chains nationwide have struggled with cutbacks in consumer spending due to high gasoline and food prices, and a weak housing market.

Ihop bought Applebee’s in November for $1.9 billion and said it wanted to rejuvenate the once popular chain.

Shares in Ihop were down 20 cents to $43 in early trading Friday on the New York Stock Exchange.