Franchise development activity for Applebee’s and IHOP in Q2 2024 resulted in the opening of 16 new restaurants and the closure of 25. Credit: Tada Images/Shutterstock.

Dine Brands Global has reported a net income available to common stockholders of $22.47m for the second quarter (Q2) of 2024 – a 26.2% increase from $17.80m in Q2 2023.  

The company, which operates restaurants under the Applebee’s Neighborhood Grill & Bar, IHOP and Fuzzy’s Taco Shop brands, has attributed its growth in net income to higher segment profit and a reduction in general and administrative expenses. 

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For the quarter ended 30 June 2024, the company’s total revenues declined 1% to $206.26m from $208.41m in the same quarter of the previous year.  

This decrease was largely due to negative comparable same-restaurant sales growth at Applebee’s and IHOP, partially offset by an increase in the number of effective franchise restaurants and proprietary product sales at IHOP.

Applebee’s reported a 1.8% decline in domestic comparable same-restaurant sales year-on-year (YoY) for Q2 2024.  

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The off-premises sales mix for the brand also saw a decrease, accounting for 21.4% in Q2 2024 compared to 22.6% in Q2 2023.  

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IHOP’s domestic comparable same-restaurant sales saw a 1.4% YoY decline, with the off-premises sales mix dropping to 19.8% from 20.7% in the previous year. 

Adjusted net income available to common stockholders for Q2 2024 was $25.57m, a slight decrease from $27.80m in Q2 2023.  

Gross profit for the quarter stood at $99.27m, compared to $97.34m in Q2 2023. 

The company’s consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) for Q2 2024 was $66.98m, slightly down from $67.33m in the previous year’s Q2. 

However, adjusted free cash flow for the calendar year up to August 2024 showed a strong performance at $52.94m, more than double the $24.09m recorded for the first six months of 2023. 

Operating activities generated $52.17m in cash flows for the first half of 2024, an improvement from $42.68m in the same period of the previous year.  

Franchise development activity for Applebee’s and IHOP in Q2 2024 resulted in the opening of 16 new restaurants and the closure of 25. 

Dine Brands Global chief financial officer Vance Chang stated: “Our asset-light model allows us to return capital to investors and maintain the strength of our 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.”