Operator  Welcome to the Second Quarter Dine Brands Global, Inc. My name is Sofia, and I will be your operator for today's call. Operator Instructions Please note that this conference is being recorded. I will now turn the call over to Ken Diptee.
Diptee, you may begin. Before I turn the call over to Steve, please remember our safe harbor regarding forward-looking information. During the call, management may discuss information that are forward-looking and involves known and unknown risks, uncertainties and other factors which may cause the actual results to be different than those expressed or implied.
Please evaluate the forward-looking information in the context of these factors, which are detailed in today's press release and Q filing. The forward-looking statements are as of today and assumes no obligation to update or supplement these statements.
We may also refer to certain non-GAAP financial measures, which are described in our press release and also available on Dine Brands' website.
With that, I'll turn the call over to Steve. Joyce, Dine Brands Global, Inc. So positive sales momentum for both brands continued into the second quarter as Applebee's and IHOP's comp sales outperformed their respective categories by a wider margin in the second quarter compared to the first quarter.
Applebee's reported strong comp sales growth of 5. This underscores the affinity that our guests have nationwide for Applebee's, the leader in its category for the last 10 consecutive years. The brand's performance was also supported by a sharp increase in second quarter to-go comp sales, which was primarily driven by traffic.
Additionally, IHOP posted a 0. Also, the lunch and dinner day parts experienced a significant lift in both sales and traffic immediately following the very successful launch on June 11 of IHOP's all-new Ultimate Steakburgers platform.
I'd like to point out that each brand's strong off-premise business is highly incremental and a direct result of several enhancements made over the last year.
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This include upgrading our guest-facing technology, improvements to our websites and developing to-go packaging to ensure that our food is easily portable and remains warm.
John and Darren will provide you with more details on the specific performance drivers of their respective brands a little later. Story Continues Our broad-based growth plans to drive sustainable positive performance have gained solid traction.
While we are pleased with the results, we know that there is more work ahead of us as we execute on several initiatives and improve our strong adjusted free cash flow profile.
Turning briefly to Applebee's franchisees financial health. We are also very pleased with the overall condition of the system.
We are currently working on solutions for the remaining franchisees that need assistance and expect to have this result within the next couple of months.
Please note that we will not comment on individual franchisees. Now as part of the resolution process, we do have the ability to selectively take back and manage restaurants on an interim basis until these units have re-franchised.
By doing so, we often see opportunities to deliver attractive returns and improve unit level performance. Due to the improvement in both the health of our Applebee's franchisees and the impressive growth in comp sales, we believe that the issues related to the collectability of advertising and royalty fees have been largely resolved.
With that, I'm going to turn the call over to Tom and discuss the financial results. Song, Dine Brands Global, Inc. Let me start by saying that I'm very pleased to join the Dine Executive team during.
Since joining the company 2 months ago, I've become even more impressed with the talented team and capabilities that we have for our guests and franchisees.
I'd like to also thank my colleagues here at Dine for the warm welcome I've received. With that, I'll begin with a summary of our results for the second quarter of This decrease was partially offset by IHOP restaurant development and openings over the past 12 months, an improvement in both brands' domestic same-restaurant sales.
I've seen significant improvement in the brand's performance. To provide some color on franchise operations, IHOP's same-restaurant sales of 0. Applebee's same-restaurant sales of 5.
I will provide an update on our guidance a bit later.
l. EXECUTIVE SUMMARY Des* HOP's environment emÞyees feel eml"ers. ABOUT IHOP Description of the business or organization: IHOP, which stands for "International House of pancakes," is a restaurant. Executive Summary: Julia Stewart. A nearly year veteran of the restaurant industry, Julia A. Stewart serves as Chairman and CEO of DineEquity, Inc, one of the world’s largest full-service. The ’s witnessed the official “adoption” of IHOP for International House of Pancakes when in a new marketing program was undertaken utilizing the acronym IHOP for the first time. In , IHOP Corporation became the successor company to International Industries, Inc. which had changed its name to International House of Pancakes, Inc.
The decrease was primarily due to the refranchising of 9 IHOP company-operated restaurants in June The marginal increase was mainly due to an increase in personnel expenses related to higher costs of stock-based and other incentive compensation.
These costs were partially offset by a decline in professional services expenses. Turning briefly to our tax rate.The body of the written entry begins with Section I, Executive Summary, and continues in the sequence outlined here.
The first page of the body is . IHOP Restaurant 20th Street Vero Beach, FL EXECUTIVE SUMMARY IHOP RESTAURANT 20th Street, Vero Beach, FL . *Annual rent is a combination of $90, for IHOP Restaurant Lease and $6, for Hotel Reception Lease.
The Hotel Reception Lease consists of a 10 year lease with a 10% Increase every 5 years. Aug 11, · Additionally, IHOP posted a % increase in comp sales, attributable to continued solid performance from the brand's off-premise business and positive comp sales across all but one region.
The ’s witnessed the official “adoption” of IHOP for International House of Pancakes when in a new marketing program was undertaken utilizing the acronym IHOP for the first time.
In , IHOP Corporation became the successor company to International Industries, Inc. which had changed its name to International House of Pancakes, Inc.
View Homework Help - Business benjaminpohle.com from BUSINESS at Bellevue University. 1 Email: [[email protected]] Restaurant BUSINES REPORT Christopher Payton, GM Of IHOP 2 Report CONTENTS Report.