Family restaurant chain IHOP Corp. in Glendale reported a 5 percent drop in 2005 fourth-quarter earnings to $10 million, or $0.53 per share on sales of $88 million. Profits fell due to expenses involved with closing certain locations. In 2004, fourth-quarter profit was at $10.5 million, or $0.52 per share on sales of $94.4. For the full year of 2005 earnings rose to $43.9, or $2.24 on sales of $348 million compared to 2004 earnings of $33.4, or $1.61 per share on sales of $359 million. Julia A. Stewart, IHOP president and CEO, attributed the earnings increase to higher same-store sales and new restaurant openings. Same-store sales, stores open for at least one year increased 2.9 percent company-wide. IHOP opened a total of 67 restaurants in 2005, 25 of which were opened during the fourth quarter, there are now 1,242 IHOP restaurants throughout the United States and Canada. At the end of 2005, IHOP signed agreements to develop a total of 26 new restaurants over the next few years, bringing signed, optioned and pending commitments to a total of 419 restaurants.
