Dine Brands ( (DIN) ) has released its Q3 earnings. Here is a breakdown of the information Dine Brands presented to its investors.
Dine Brands Global, Inc., based in Pasadena, California, is a leading full-service restaurant company operating well-known brands such as Applebee’s Neighborhood Grill + Bar, IHOP, and Fuzzy’s Taco Shop, with over 3,500 restaurants across 19 international markets.
Dine Brands Global reported its third quarter 2024 financial results, highlighting challenges in consumer spending and a competitive market environment. The company aims to enhance its value proposition and focus on strategic execution to improve its performance.
The third quarter showed a decline in same-restaurant sales for both Applebee’s and IHOP, with Applebee’s seeing a 5.9% decrease and IHOP a 2.1% decrease year-over-year. Total revenues fell to $195 million from $202.6 million the previous year, influenced by these sales declines. However, the company managed to reduce its general and administrative expenses, contributing to a slight increase in GAAP net income to $18.5 million. Adjusted EBITDA grew slightly to $61.9 million, indicating some resilience in its business model.
Despite the revenue and sales challenges, Dine Brands continued its development activities, with 10 new restaurant openings but also 19 closures in the third quarter. The company maintained its guidance for the fiscal year, expecting Applebee’s sales performance to range between negative 4% and negative 2%, and IHOP’s between negative 2% and 0%.
Looking ahead, Dine Brands Global remains focused on long-term value creation through its asset-lite model and is confident in navigating market challenges. The company continues to adapt its strategies to drive traffic and improve top-line performance, as expressed by its management.
