IHOP Parent Reports Fast Sales Rebound, Strong Cash Position
Reporting this morning on its second-quarter 2020 results, Dine Brands Global (NYSE: DIN) beat analyst consensus on revenue for the quarter and reported an extremely swift rebound in same-restaurant sales over the 13-week period. Known previously as IHOP, Inc., the parent company of the IHOP and Applebee's Neighborhood Grill + Bar chains has received positive investor attention since the release, with its share value climbing almost 11% by midday.
While COVID-19 clobbered Dine Brands' same-restaurant sales earlier in the year, with Applebee's sales down 77% during the week ending April 5 and IHOP's at negative 81.5% during the same period, today's report shows the company recovering rapidly. For the week ending June 28, the last of Q2, Applebee's sales had rebounded to negative 17.8% and IHOP's to negative 34.4% -- still in negative territory, but greatly improved.
Image source: Getty Images.
Source Fool.com
