Shares of Dine Brands Global Inc. fell more than 5 percent Wednesday after the company reported earnings and revenue that missed estimates.

The Glendale franchiser of Applebee’s and IHOP restaurants on Wednesday reported net income of $20.7 million and adjusted earnings of $1.71 per share on revenue of $228 million for the quarter ending June 30. Zacks Consensus Estimate predicted earnings of $1.85 a share and revenue of $237 million.

The second-quarter results were well up from the same quarter last year, when the company reported net income of $12.3 million ($1.03 per share) on revenue of $184 million.

“Our performance reflects the strength and stability of our highly franchised business model,” Chief Executive Stephen Joyce said in a statement. “We successfully completed a $1.3 billion refinancing of our securitized debt, replacing our 2014 fixed rate senior secured notes. We are also pleased to announce that Applebee’s franchisees agreed to extend the increase in the advertising contribution rate to 4.25 percent through the end of next year.”

He added that “while comparable same-restaurant sales at Applebee’s were lower than expected, these results are not indicative of a shift in Applebee’s fundamentals or brand relevance.”

Shares of Dine Brands (DIN) closed Wednesday down $4.38, or 5.1 percent, to $82.09 on the New York Stock Exchange. The company’s stock has dropped nearly $10, or 11 percent, since July 25.