IHOP Corp., known for its 844 International House of Pancakes family restaurants, reports new records in its net income and system-wide sales for the first quarter ended March 31, 1999.
According to Richard Herzer, CEO, the national rollout an "After Breakfast" menu will be system-wide in the next few months and has been adding strength in sales for all-day-part breakfast menu item sales. "Our emphasis continues on restaurant level excellence through our strong network of dedicated franchisees who offer superior service to our guests every day."
IHOP opened 12 new restaurants in the first quarter and plans to open between 80 and 90 new restaurants in 1999.
And now, the numbers: For the quarter, net income rose 40.1% to $6,585,000, or $.65 per diluted share, versus the comparable period in 1998. System-wide sales, the retail sales of all International House of Pancakes restaurants, rose 9.0% to $270 million for the first quarter of 1999 as compared to the same period last year. System-wide comparable sales per restaurant declined 0.4% for the first quarter of 1999 versus the comparable period in the prior year.