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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dine Brands Global Inc | NYSE:DIN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.48 | 1.11% | 43.67 | 43.88 | 43.0589 | 43.66 | 238,248 | 22:30:00 |
Meaningful Improvement in Domestic System-Wide Comparable Same-Restaurant Sales
99% of Domestic Restaurants Open
Ten New Domestic Restaurants Opened by Franchisees
Robust Recovery Continued in the First Quarter
Cash Position Remains Strong
Repaid $220 Million Drawn Against Revolving Credit Facility
Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee's Neighborhood Grill + Bar® and IHOP® restaurants, today announced financial results for the first quarter of 2021.
“Dine Brands first-quarter 2021 results demonstrate positive momentum across our company. Thanks to the strength of our brands, and the resilience and collaboration of our franchisees and team members, we have a sharper focus on digital and marketing capabilities, operational basics and a steadfast dedication to the safety of our people, guests and the communities we serve,” said John Peyton, chief executive officer of Dine Brands Global, Inc.
Mr. Peyton continued, “The restaurant renaissance is here. As we transition to a post-pandemic environment, we see continued opportunity to invest in innovation and strategic platforms, building on the strong foundation we’ve established to drive market share gains and deliver profitable growth for years to come.”
Allison Hall, interim chief financial officer and vice president, controller, added, “Dine Brands started the year in a position of strength. Our cash position remained strong, enabling us to repay the $220 million drawn against our revolving credit facility. Maintaining our financial flexibility will be a top priority as our business continues to improve.”
Domestic System-Wide Comparable Same-Restaurant Sales Performance Relative to Fiscal 2020
Domestic Same-Restaurant Sales (Fiscal Month) January February March Q1 2021 Applebee's(17.9%)
(16.9%)
103.3%
11.9%
IHOP
(26.8%)
(27.5%)
81.2%
(0.9%)
Domestic Same-Restaurant Sales (Through Week Ending 5/2/21) April 2021 - Preliminary Sales Applebee's237.4%
IHOP297.4%
Domestic System-Wide Comparable Same-Restaurant Sales Performance Relative to Fiscal 2019
Domestic Same-Restaurant Sales (Fiscal Month) January February March Q1 2021 Applebee's(15.1%)
(13.7%)
6.1%
(6.2%)
IHOP
(27.1%)
(27.9%)
(12.0%)
(21.2%)
Domestic Same-Restaurant Sales (Through Week Ending 5/2/21) April 2021 - Preliminary Sales Applebee's11.4%
IHOP(4.7%)
Off-Premise and Dine-In Sales Growth Comparison
First Quarter of 2021 Summary
Cash Position
On March 5, 2021, the Company repaid the entire $220 million drawn from its revolving credit facility. As of March 31, 2021, $3.3 million was pledged against the revolving credit facility for outstanding letters of credit.
As of March 31, 2021, the Company had $272.4 million of total cash and cash equivalents, of which $179.6 million was unrestricted cash. Excluding the $220 million the Company drew from its revolving credit facility, the Company had total cash of $236.1 million as of December 31, 2020, of which $163.4 million was unrestricted cash. The Company believes that its asset-light business model and cash position will continue to provide strong liquidity as the recovery from the pandemic continues.
As of March 31, 2021, the Company’s leverage ratio was 7.02x.
GAAP Effective Tax Rate
Our effective tax rate for the first quarter of 2021 was -6.6% compared to 23.2% for the first quarter of 2020. The effective tax rate for the first quarter of 2021 was significantly different than the rate of the prior comparable period and the statutory federal tax rate of 21% primarily due to the recognition of excess tax benefits on stock-based compensation primarily associated with the departure of our previous chief executive officer.
Financial Performance Guidance for 2021
The Company believes that its consolidated financial results for 2021 could continue to be materially impacted by the global impact from COVID-19. Considering the uncertainty and timing of a reversal in consumer behavior due to the pandemic, the Company currently cannot provide a complete business outlook for fiscal 2021.
The projections are as of this date. The Company assumes no obligation to update or supplement this information.
Domestic System Reopening Update
As of March 31, 2021, out of 3,256 domestic restaurants, 3,224, or 99%, were open for either dine-in service or off-premise service comprised of take-out and delivery, and 32 were temporarily closed. This compares to as of December 31, 2020, when out 3,270 domestic restaurants, 3,211, or 98%, were open for either dine-in service or off-premise service comprised of take-out and delivery, and 59 were temporarily closed.
Applebee’s Reopening Update
As of March 31, 2021, out of 1,596 domestic Applebee’s franchise and company-operated restaurants, 1,590, or approximately 100%, were open for either dine-in service or off-premise service comprised of take-out and delivery, and 6 were temporarily closed. This compares to as December 31, 2020, when out of 1,600 domestic Applebee’s franchise and company-operated restaurants, 1,591 were open for either dine-in service or off-premise service comprised of take-out and delivery, and 9 were temporarily closed.
IHOP Reopening Update
As of March 31, 2021, out of 1,660 domestic IHOP franchise and area license restaurants, 1,634, or 98%, were open for either dine-in service or off-premise service comprised of take-out and delivery, and 26 were temporarily closed. This compares to as of December 31, 2020, when out of 1,670 domestic IHOP franchise and area license restaurants, 1,620 were open for either dine-in service or off-premise service comprised of take-out and delivery, and 50 were temporarily closed.
First Quarter of 2021 Earnings Conference Call Details
Dine Brands will host a conference call to discuss its results on May 5, 2021 at 9:00 a.m. Pacific Time. To participate on the call, please dial (833) 528-0602 and enter the conference identification number 7382556. International callers, please dial (830) 221-9708 and enter the conference identification number 7382556.
A live webcast of the call will be available on www.dinebrands.com and may be accessed by visiting Events and Presentations under the site’s Investors section. Participants should allow approximately ten minutes prior to the call’s start time to visit the site and download any streaming media software needed to listen to the webcast. A telephonic replay of the call may be accessed from 12:00 p.m. Pacific time on May 5, 2021 through 12:00 p.m. Pacific time on May 12, 2021 by dialing (855) 859-2056 and entering the conference identification number 7382556. International callers, please dial (404) 537-3406 and enter the conference identification number 7382556. An online archive of the webcast will also be available on Events and Presentations under the Investors section of the Company’s website.
About Dine Brands Global, Inc.
Based in Glendale, California, Dine Brands Global, Inc. (NYSE: DIN), through its subsidiaries, franchises restaurants under both the Applebee's Neighborhood Grill + Bar and IHOP brands. With approximately 3,500 restaurants combined in 17 countries and approximately 350 franchisees, Dine Brands is one of the largest full-service restaurant companies in the world. For more information on Dine Brands, visit the Company’s website located at www.dinebrands.com.
Forward-Looking Statements
Statements contained in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “goal” and other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. These factors include, but are not limited to: uncertainty regarding the duration and severity of the ongoing COVID-19 pandemic and its ultimate impact on the Company; the effectiveness of related containment measures; general economic conditions; our level of indebtedness; compliance with the terms of our securitized debt; our ability to refinance our current indebtedness or obtain additional financing; our dependence on information technology; potential cyber incidents; the implementation of restaurant development plans; our dependence on our franchisees; the concentration of our Applebee’s franchised restaurants in a limited number of franchisees; the financial health of our franchisees; our franchisees’ and other licensees’ compliance with our quality standards and trademark usage; general risks associated with the restaurant industry; potential harm to our brands’ reputation; possible future impairment charges; the effects of tax reform; trading volatility and fluctuations in the price of our stock; our ability to achieve the financial guidance we provide to investors; successful implementation of our business strategy; the availability of suitable locations for new restaurants; shortages or interruptions in the supply or delivery of products from third parties or availability of utilities; the management and forecasting of appropriate inventory levels; development and implementation of innovative marketing and use of social media; changing health or dietary preference of consumers; risks associated with doing business in international markets; the results of litigation and other legal proceedings; third-party claims with respect to intellectual property assets; our ability to attract and retain management and other key employees; compliance with federal, state and local governmental regulations; risks associated with our self-insurance; natural disasters, pandemics, epidemics, or other serious incidents; our success with development initiatives outside of our core business; the adequacy of our internal controls over financial reporting and future changes in accounting standards; and other factors discussed from time to time in the Corporation’s Annual and Quarterly Reports on Forms 10-K and 10-Q and in the Corporation’s other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances.
Non-GAAP Financial Measures
This press release includes references to the Company's non-GAAP financial measure “adjusted net income available to common stockholders”, “adjusted earnings per diluted share (Adjusted EPS)”, “Adjusted EBITDA” and “Adjusted free cash flow.” Adjusted EPS is computed for a given period by deducting from net income or loss available to common stockholders for such period the effect of any closure and impairment charges, any intangible asset amortization, any non-cash interest expense, any gain or loss related to the disposition of assets, and other items deemed not reflective of current operations. This is presented on an aggregate basis and a per share (diluted) basis. Adjusted EBITDA is computed for a given period by deducting from net income or loss for such period the effect of any closure and impairment charges, any interest charges, any income tax provision or benefit, any non-cash stock-based compensation, any depreciation and amortization, any gain or loss related to the disposition of assets and other items deemed not reflective of current operations. “Adjusted free cash flow” for a given period is defined as cash provided by operating activities, plus receipts from notes and equipment contracts receivable, less capital expenditures. Management may use certain of these non-GAAP financial measures along with the corresponding U.S. GAAP measures to evaluate the performance of the business and to make certain business decisions. Management uses adjusted free cash flow in its periodic assessments of, among other things, the amount of cash dividends per share of common stock and repurchases of common stock and we believe it is important for investors to have the same measure used by management for that purpose. Adjusted free cash flow does not represent residual cash flow available for discretionary purposes. Additionally, adjusted EPS is one of the metrics used in determining payouts under the Company’s annual cash incentive plan. Management believes that these non-GAAP financial measures provide additional meaningful information that should be considered when assessing the business and the Company’s performance compared to prior periods and the marketplace. Adjusted EPS and adjusted free cash flow are supplemental non-GAAP financial measures and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP.
Dine Brands Global, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2021
2020
Revenues:
Franchise revenues:
Royalties, franchise fees and other
$
80,091
$
83,314
Advertising revenues
60,885
61,723
Total franchise revenues
140,976
145,037
Company restaurant sales
35,949
31,300
Rental revenues
26,142
29,009
Financing revenues
1,132
1,538
Total revenues
204,199
206,884
Cost of revenues:
Franchise expenses:
Advertising expenses
60,885
61,723
Bad debt (credit) expense
(1,993
)
518
Other franchise expenses
6,051
7,209
Total franchise expenses
64,943
69,450
Company restaurant expenses
32,884
30,332
Rental expenses:
Interest expense from finance leases
962
1,210
Other rental expenses
19,996
21,323
Total rental expenses
20,958
22,533
Financing expenses
128
142
Total cost of revenues
118,913
122,457
Gross profit
85,286
84,427
General and administrative expenses
39,911
37,608
Interest expense, net
16,496
15,172
Closure and impairment charges (credit)
2,010
(12
)
Amortization of intangible assets
2,688
2,826
Loss (gain) on disposition of assets
167
(233
)
Income before income taxes
24,014
29,066
Income tax benefit (provision)
1,589
(6,738
)
Net income
$
25,603
$
22,328
Net income available to common stockholders:
Net income
$
25,603
$
22,328
Less: Net income allocated to unvested participating restricted stock
(548
)
(748
)
Net income available to common stockholders
$
25,055
$
21,580
Net income available to common stockholders per share:
Basic
$
1.52
$
1.33
Diluted
$
1.51
$
1.31
Weighted average shares outstanding:
Basic
16,460
16,263
Diluted
16,630
16,470
Dividends declared per common share
$
—
$
0.76
Dividends paid per common share
$
—
$
0.69
Dine Brands Global, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
March 31, 2021
December 31, 2020
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
179,567
$
383,369
Receivables, net of allowance of $11,854 (2021) and $15,057 (2020)
107,387
121,897
Restricted cash
60,063
39,884
Prepaid gift card costs
22,581
29,080
Prepaid income taxes
6,940
6,178
Other current assets
9,171
6,098
Total current assets
385,709
586,506
Other intangible assets, net
547,098
549,671
Operating lease right-of-use assets
338,572
346,086
Goodwill
251,628
251,628
Property and equipment, net
182,661
187,977
Long-term receivables, net of allowance of $6,455 (2021) and $7,999 (2020)
51,605
54,512
Deferred rent receivable
54,713
56,449
Non-current restricted cash
32,800
32,800
Other non-current assets, net
11,503
9,316
Total assets
$
1,856,289
$
2,074,945
Liabilities and Stockholders’ Deficit
Current liabilities:
Current maturities of long-term debt
$
13,000
$
13,000
Accounts payable
33,522
37,424
Gift card liability
121,814
144,159
Current maturities of operating lease obligations
70,270
69,672
Current maturities of finance lease and financing obligations
11,052
11,293
Accrued employee compensation and benefits
14,554
21,237
Accrued advertising
44,477
21,641
Deferred franchise revenue, short-term
8,990
7,682
Other accrued expenses
17,417
22,460
Total current liabilities
335,096
348,568
Long-term debt, net, less current maturities
1,271,438
1,491,996
Operating lease obligations, less current maturities
334,361
345,163
Finance lease obligations, less current maturities
66,234
69,012
Financing obligations, less current maturities
32,598
32,797
Deferred income taxes, net
70,006
78,293
Deferred franchise revenue, long-term
49,364
52,237
Other non-current liabilities
14,594
11,530
Total liabilities
2,173,691
2,429,596
Commitments and contingencies
Stockholders’ deficit:
Preferred stock, $1 par value, 10,000,000 shares authorized, no shares issued or outstanding
—
—
Common stock, $0.01 par value; shares: 40,000,000 authorized; March 31, 2021 - 25,033,181 issued, 17,142,367 outstanding; December 31, 2020 - 24,882,122 issued, 16,452,174 outstanding
250
249
Additional paid-in-capital
247,498
257,625
Accumulated deficit
(29,950
)
(55,553
)
Accumulated other comprehensive loss
(56
)
(55
)
Treasury stock, at cost; shares: March 31, 2021 - 7,890,814; December 31, 2020 - 8,429,948
(535,144
)
(556,917
)
Total stockholders’ deficit
(317,402
)
(354,651
)
Total liabilities and stockholders’ deficit
$
1,856,289
$
2,074,945
Dine Brands Global, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2021
2020
Cash flows from operating activities:
Net income
$
25,603
$
22,328
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash closure and impairment charges (credit)
1,959
(12
)
Depreciation and amortization
9,995
10,641
Non-cash stock-based compensation expense
3,094
4,038
Non-cash interest expense
712
655
Deferred income taxes
(8,267
)
(10,491
)
Deferred revenue
(1,565
)
(1,417
)
Loss (gain) on disposition of assets
167
(227
)
Other
(1,580
)
(1,293
)
Changes in operating assets and liabilities:
Accounts receivable, net
(4,323
)
12,077
Current income tax receivables and payables
(552
)
6,443
Gift card receivables and payables
(3,246
)
11,693
Other current assets
(3,072
)
(2,347
)
Accounts payable
809
(12,748
)
Accrued employee compensation and benefits
(6,968
)
(12,190
)
Accrued advertising expenses
22,836
(4,719
)
Other current liabilities
(5,037
)
7,214
Cash flows provided by operating activities
30,565
29,645
Cash flows from investing activities:
Principal receipts from notes, equipment contracts and other long-term receivables
4,651
5,544
Net additions to property and equipment
(2,357
)
(5,084
)
Proceeds from sale of property and equipment
946
6
Additions to long-term receivables
—
(1,511
)
Other
(110
)
(195
)
Cash flows provided by (used in) investing activities
3,130
(1,240
)
Cash flows from financing activities:
Repayment of long-term debt
(3,250
)
—
Borrowing from revolving credit facility
—
220,000
Repayment of revolving credit facility
(220,000
)
—
Dividends paid on common stock
—
(11,451
)
Repurchase of common stock
—
(29,853
)
Principal payments on finance lease obligations
(2,621
)
(2,981
)
Proceeds from stock options exercised
19,484
20,524
Tax payments for restricted stock upon vesting
(1,220
)
(2,000
)
Tax payments for share settlement of restricted stock units
(9,711
)
—
Cash flows (used in) provided by financing activities
(217,318
)
194,239
Net change in cash, cash equivalents and restricted cash
(183,623
)
222,644
Cash, cash equivalents and restricted cash at beginning of period
456,053
172,475
Cash, cash equivalents and restricted cash at end of period
$
272,430
$
395,119
Dine Brands Global, Inc. and Subsidiaries Non-GAAP Financial Measures (In thousands, except per share amounts) (Unaudited)
Reconciliation of net income available to common stockholders to net income available to common stockholders, as adjusted for the following items: Closure and impairment charges; amortization of intangible assets; non-cash interest expense; gain or loss on disposition of assets; and the combined tax effect of the preceding adjustments, as well as related per share data:
Three Months Ended
March 31,
2021
2020
Net income available to common stockholders, as reported
$
25,055
$
21,580
Closure and impairment charges (credit)
2,010
(12
)
Amortization of intangible assets
2,688
2,826
Non-cash interest expense
712
655
Loss (gain) on disposition of assets
167
(233
)
Net income tax provision for above adjustments
(1,506
)
(809
)
Net income allocated to unvested participating restricted stock
(88
)
(83
)
Net income available to common stockholders, as adjusted
$
29,038
$
23,924
Diluted net income available to common stockholders per share:
Net income available to common stockholders per share, as reported
$
1.51
$
1.31
Closure and impairment charges (credit)
0.09
(0.00
)
Amortization of intangible assets
0.12
0.13
Non-cash interest expense
0.03
0.03
Loss (gain) on disposition of assets
0.01
(0.01
)
Net income allocated to unvested participating restricted stock
(0.01
)
(0.01
)
Diluted net income available to common stockholders per share, as adjusted
$
1.75
$
1.45
Numerator for basic EPS - income available to common stockholders, as adjusted
$
29,038
$
23,924
Effect of unvested participating restricted stock using the two-class method
7
5
Numerator for diluted EPS - income available to common stockholders, as adjusted
$
29,045
$
23,929
Denominator for basic EPS - weighted-average shares
16,460
16,263
Dilutive effect of stock options
170
207
Denominator for diluted EPS - weighted-average shares
16,630
16,470
Dine Brands Global, Inc. and Subsidiaries Non-GAAP Financial Measures (Unaudited)
Reconciliation of the Company's cash provided by operating activities to “adjusted free cash flow” (cash provided by operating activities, plus receipts from notes and equipment contracts receivable, less additions to property and equipment). Management uses this liquidity measure in its periodic assessments of, among other things, the amount of cash dividends per share of common stock and repurchases of common stock. We believe it is important for investors to have the same measure used by management for that purpose. Adjusted free cash flow does not represent residual cash flow available for discretionary purposes.
Three Months Ended
March 31,
2021
2020
(In millions)
Cash flows provided by operating activities
$
30.6
$
29.6
Receipts from notes and equipment contracts receivable
2.5
3.0
Net additions to property and equipment
(2.4
)
(5.1
)
Adjusted free cash flow
30.7
27.5
Dividends paid on common stock
—
(11.5
)
Repurchase of common stock
—
(29.9
)
$
30.7
$
(13.9
)
Dine Brands Global, Inc. and Subsidiaries Non-GAAP Financial Measures (in thousands) (Unaudited)
Reconciliation of the Company's net income to “adjusted EBITDA.” The Company defines adjusted EBITDA as net income, adjusted for the effect of closure and impairment charges, interest charges, income tax provision or benefit, depreciation and amortization, non-cash stock-based compensation, gain or loss on disposition of assets, other non-income based taxes and other items deemed not reflective of current operations. Management may use certain non-GAAP measures along with the corresponding U.S. GAAP measures to evaluate the performance of the Company and to make certain business decisions.
Three Months Ended
March 31,
2021
2020
Net income, as reported
$
25,603
$
22,328
Closure and impairment charges (credit)
2,010
(12
)
Interest charges on finance leases
1,464
1,723
All other interest charges
17,244
16,242
Income tax (benefit) provision
(1,589
)
6,738
Depreciation and amortization
9,987
10,641
Non-cash stock-based compensation
3,097
4,037
Loss (gain) on disposition of assets
167
(233
)
Other
134
219
Adjusted EBITDA
$
58,117
$
61,683
Dine Brands Global, Inc. and Subsidiaries Restaurant Data (Unaudited)
The following table sets forth, for the three months ended March 31, 2021 and 2020, the number of “Effective Restaurants” in the Applebee’s and IHOP systems and information regarding the percentage change in sales at those restaurants compared to the same periods in the prior year and, as such, the percentage change in sales at Effective Restaurants is based on non-GAAP sales data. Sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company. However, we believe that presentation of this information is useful in analyzing our revenues because franchisees and area licensees pay us royalties and advertising fees that are generally based on a percentage of their sales, and, where applicable, rental payments under leases that partially may be based on a percentage of their sales. Management also uses this information to make decisions about future plans for the development of additional restaurants as well as evaluation of current operations.
Three Months Ended
March 31,
2021
2020
Applebee's
Effective Restaurants(a)
Franchise
1,628
1,697
Company
69
69
Total
1,697
1,766
System-wide(b)
Domestic sales percentage change(c)
1.2
%
(12.1
)
%
Domestic same-restaurant sales percentage change(d)
11.9
%
(10.6
)
%
Franchise(b)
Domestic sales percentage change(c)
0.7
%
(12.1
)
%
Domestic same-restaurant sales percentage change(d)
11.5
%
(10.6
)
%
Average weekly domestic unit sales (in thousands)
$
46.8
$
44.6
IHOP
Effective Restaurants(a)
Franchise
1,563
1,660
Area license
157
161
Total
1,720
1,821
System-wide(b)
Sales percentage change(c)
(12.1
)
%
(14.2
)
%
Domestic same-restaurant sales percentage change, including area license restaurants(d)
(0.9
)
%
(14.7
)
%
Franchise(b)
Sales percentage change(c)
(12.9
)
%
(14.3
)
%
Domestic same-restaurant sales percentage change(d)
(1.9
)
%
(14.7
)
%
Average weekly unit sales (in thousands)
$
29.4
$
31.7
Area License (b)
Sales percentage change(c)
(3.7
)
%
(13.8
)
%
Dine Brands Global, Inc. and Subsidiaries
Restaurant Data
(Unaudited)
(a)
“Effective Restaurants” are the weighted average number of restaurants open in a given fiscal period, adjusted to account for restaurants open for only a portion of the period. Information is presented for all Effective Restaurants in the Applebee’s and IHOP systems, which includes restaurants owned by franchisees and area licensees as well as those owned by the Company. Effective Restaurants do not include units operated as ghost kitchens (small kitchens with no store-front presence, used to fill off-premise orders).
(b)
“System-wide” sales are retail sales at domestic Applebee’s restaurants operated by franchisees and IHOP restaurants operated by franchisees and area licensees, as reported to the Company, in addition to retail sales at company-operated restaurants. System-wide sales do not include retail sales of ghost kitchens. Sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company. An increase or decrease in franchisees' reported sales will result in a corresponding increase or decrease in our royalty revenue. Unaudited reported sales for Applebee's domestic franchise restaurants, IHOP franchise restaurants and IHOP area license restaurants for the three months ended March 31, 2021 and 2020 and sales by company-operated restaurants were as follows:
Three Months Ended
March 31,
2021
2020
(In millions)
Reported sales
Applebee's domestic franchise restaurant sales
$
924.7
$
918.2
Applebee's company-operated restaurants
35.9
31.3
IHOP franchise restaurant sales
596.7
684.8
IHOP area license restaurant sales
61.7
64.0
Total
$
1,619.0
$
1,698.3
(c)
“Sales percentage change” reflects, for each category of restaurants, the percentage change in sales in any given fiscal period compared to the prior fiscal period for all restaurants in that category.
(d)
“Domestic same-restaurant sales percentage change” reflects the percentage change in sales, in any given fiscal period, compared to the same weeks in the prior year for domestic restaurants that have been operated throughout both fiscal periods that are being compared and have been open for at least 18 months. Because of new unit openings and restaurant closures, the domestic restaurants open throughout both fiscal periods being compared may be different from period to period.
Dine Brands Global, Inc. and Subsidiaries
Restaurant Data
(Unaudited)
Three Months Ended
March 31,
2021
2020
Applebee's Restaurant Development Activity
Summary - beginning of period:
Franchise
1,640
1,718
Company restaurants
69
69
Total Applebee's restaurants, beginning of period
1,709
1,787
Franchise restaurants opened:
Domestic
2
—
Total franchise restaurants opened
2
—
Franchise restaurants permanently closed:
Domestic
(4
)
(8
)
International
(2
)
(4
)
Total franchise restaurants permanently closed
(6
)
(12
)
Net franchise restaurant reduction
(4
)
(12
)
Summary - end of period:
Franchise
1,636
1,706
Company
69
69
Total Applebee's restaurants, end of period
1,705
1,775
Domestic
1,596
1,657
International
109
118
IHOP Restaurant Development Activity
Summary - beginning of period:
Franchise
1,611
1,680
Area license
158
161
Company
3
—
Total IHOP restaurants, beginning of period
1,772
1,841
Franchise/area license restaurants opened:
Domestic franchise
8
6
Domestic area license
—
1
International franchise
—
2
Total franchise/area license restaurants opened
8
9
Franchise/area license restaurants permanently closed:
Domestic franchise
(16
)
(6
)
Domestic area license
(2
)
(2
)
International franchise
(9
)
(2
)
Total franchise/area license restaurants permanently closed
(27
)
(10
)
Net franchise/area license restaurant (reduction) addition
(19
)
(1
)
Franchise restaurants reacquired by the Company
(1
)
—
Net franchise/area license restaurant decrease
(20
)
(1
)
Summary - end of period
Franchise
1,593
1,680
Area license
156
160
Company
4
—
Total IHOP restaurants, end of period
1,753
1,840
Domestic
1,660
1,709
International
93
131
The restaurant counts and activity presented above do not include three domestic Applebee's ghost kitchens (small kitchens with no store-front presence, used to fill off-premise orders) and two international IHOP ghost kitchens.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210505005397/en/
Investor Contact Ken Diptee Executive Director, Investor Relations Dine Brands Global, Inc. 818-637-3632 Ken.Diptee@dinebrands.com
Media Contact Susan Nelson Vice President, Global Communications and Public Affairs Dine Brands Global, Inc. Susan.Nelson@dinebrands.com
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