Applebee's parent Dine Brands swings to a profit

Dine Brands Inc. DIN, -6.57% posted net income of $19.4 million, or $1.14 per share, after a loss of $1.6 million, or 10 cents per share, last year. Adjusted EPS of $1.32 beat the FactSet consensus of $1.27. Revenue of $229.6 million was up from $196.0 million and missed the FactSet consensus of $236.6 million. Domestic same-restaurant sales at Applebee’s grew 34.8%, while IHOP grew 39.2%. Compared with 2019, Applebee’s domestic same-restaurant sales were up 9.1% and IHOP was down 3.0%. Dine Brands announced a 15% dividend increase last month. Dine Brands expects to open between 50 and 65 net new IHOP restaurants in 2022, and plans to open between five and 15 net fewer Applebee’s restaurants for the year. The company completed an initiative to close underperforming Applebee’s restaurants in 2021. Dine Brands shares edged up 0.9% in Wednesday premarket trading, and have slipped down 0.6% over the last year. The S&P 500 index SPX, -1.55% has gained 11.3% over the past 12 months.