GLOBAL – Leading full service restaurant operator Dine Brands has recorded a decline in its Q3 2024 total revenues to US$195 million compared to US$202.6 million reported in the same quarter last year.

The decline was primarily driven by negative same-store sales at Applebee’s and IHOP, despite a rise in franchise restaurant numbers and product sales at IHOP.

The company’s total revenue for the first nine months of 2024 amounted to US$607.5 million, a drop from US$624.8 million during the same period in 2023.

For Q3 2024, general and administrative (G&A) expenses were reported at US$45.4 million, down from US$48.6 million in Q3 2023, mainly due to lower compensation-related costs.

Net income available to common stockholders, based on generally accepted accounting principles (GAAP), improved slightly, reaching US$18.5 million, up from US$18 million, primarily due to reduced G&A expenses and fewer closure and impairment charges, which offset the decline in segment profit.

Adjusted net income available to common stockholders dipped to US$21.4 million in Q3 2024, compared to US$22.3 million in the same quarter of the prior year.

This decrease resulted mainly from lower segment profit, partially offset by reduced G&A expenses. Consolidated adjusted earnings before tax, interest, depreciation, and amortization (EBITDA) for Q3 2024 rose slightly to $61.9 million, compared to $60.6 million in 2023.

Applebee’s and IHOP saw franchise development activity in Q3 2024, with ten new openings and 19 closures.

Applebee’s reported a 5.9% year-over-year decline in comparable same-restaurant sales for Q3 2024, with its off-premise sales mix increasing slightly to 21.7%. IHOP similarly faced a 2.1% drop in domestic comparable same-restaurant sales, while its off-premise sales mix declined to 19.3%.

Dine Brands Global CEO John Peyton noted, “During the third quarter, we continued to experience consumer pullback and the pressures of a highly promotional operating environment. We know we need to do more in the near term to drive traffic and get back to better top-line performance.”

For the fourth quarter, the company plans to enhance its value proposition for guests and remain focused on executing strategies across its brands.

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