Higher same-store sales at IHOP restaurants drove second-quarter earnings higher at DineEquity Inc., the company reported on Wednesday. The Glendale restaurant operator reported adjusted net income of $28.9 million ($1.53 per share) for the quarter ended June 30, compared to $22.1 million ($1.16) for the same period a year earlier. Revenue rose 6 percent to $172 million. Analysts surveyed by Thomson Financial Network expected net income of $1.47 a share on revenue of $168 million. Same-store sales at IHOP restaurants increased 6.2 percent during the quarter, while Applebee’s sales were up 1 percent. The company attributed the growth in gross segment profit to the 6.2 percent increase in IHOP’s domestic same-restaurant sales, which was the highest quarterly sales increase since the first quarter of 2004. “We believe that our brand building initiatives at Applebee’s and IHOP are laying a solid foundation for long-term growth,” said Julia Stewart, chief executive, in a statement. Shares closed up 20 cents or a fraction of a percent to $100.66 on the New York Stock Exchange.
