USD | Dine Brands has released its Q2 results for 2024, as well as a vision for the next half of the year.
Dine Brands Global, Inc., the parent company of Applebee’s Neighborhood Grill & Bar, IHOP and Fuzzy’s Taco Shop restaurants, has announced financial results for the second quarter of fiscal year 2024.
“Our brands have a long history of weathering economic cycles and despite the consumer pullback the industry witnessed this quarter, we are confident that our strategies around profitable promotions, menu innovation and development will help us manage both short-term challenges while positioning us for the long term,” said John Peyton, chief executive officer, Dine Brands Global, Inc.
Vance Chang, chief financial officer, Dine Brands Global, Inc. said that the asset light model allows the company to return capital to investors and maintain the strength of its balance sheet in all economic cycles.
“We are revising our financial guidance for the remainder of the fiscal year to reflect the current macro conditions and we are optimistic about the strategic advantage of Dine’s platform to create value for all stakeholders in the long term.”
Total revenues for the second quarter of 2024 were USD $206.3 million compared to $208.4 million for the second quarter of 2023. The decrease was primarily due to the negative comparable same-restaurant sales growth at Applebee’s and IHOP, partially offset by increases in the number of effective franchise restaurants and proprietary product sales at IHOP.
General and Administrative (“G&A”) expenses for the second quarter of 2024 were USD $46.9 million compared to USD $47.8 million for the second quarter of 2023. The variance was primarily attributable to the stopping of the IHOP Flip’d initiative in the prior year offset by an increase in compensation-related expenses and an increase in depreciation expense.
GAAP net income available to common stockholders was USD $22.5 million, or earnings per diluted share of USD $1.50, for the second quarter of 2024 compared to net income available to common stockholders of USD $17.8 million, or earnings per diluted share of USD $1.16 for the second quarter of 2023. The increase was primarily due to an increase in segment profit, a prior year loss on disposition of assets, a prior year loss on debt extinguishment and a decrease in G&A expenses, partially offset by an increase in income taxes.
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