DineEquity sales miss, same-store sales decline at Applebee's

DineEquity Inc. shares are down 0.2% in Wednesday premarket trading after the company reported second-quarter sales that missed expectations and a same-store sales decline at its Applebee's chain of restaurants. Net income totaled $26.4 million, or $1.45 per share, compared with $26.5 million, or $1.40 per share, for the same period last year. Adjusted earnings were $1.59 per share, meeting the FactSet consensus. Revenue for the quarter totaled $160.3 million, down from $171.5 million and missing the FactSet consensus of $162 million. Same-restaurant sales at the company's IHOP chain rose 0.2%, but fell 4.2% at the Applebee's chain. DineEquity lowered the fiscal 2016 same-restaurant sales guidance for Applebee's to between negative 3% and negative 4.5% from between negative 2% and positive 2%. IHOP's fiscal 2016 same-restaurant sales guidance was also lowered to between 0.5% and 2% growth from 1% to 4% growth. DineEquity shares are down 23.1% for the past year while the S&P 500 Index is up 2.8% for the same period.

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