IHOP Posts Record Earnings in Quarter
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IHOP Corp., the Glendale developer and operator of pancake restaurants, said it had record earnings of $3.78 million for the third quarter that ended Sept. 30, up 9% from $3.46 million last year. Sales for the quarter were $37.3 million, down 2% from $38.2 million the previous year.
For the nine months, the company said earnings were $9.73 million, up 55% from $6.2 million in the first nine months last year. Revenues for same period were $107.2 million, up 3% from $103.9 million.
The company said the results for the nine-month period were attributable to healthy patronage at both company-owned and franchised restaurants, and a decline in the number of new franchise agreements, which dampened sales somewhat compared with last year. Twenty-three IHOP restaurants were franchised last year compared with 14 this year.
IHOP opened eight new restaurants in the third quarter, bringing the total number opened this year to 28.
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