IHOP Corp. said today that its same store sales increased 0.5 percent for the quarter ended Mar. 31. “During the first quarter of 2007 we experienced an increase in guest check average primarily due to the cumulative effect of menu price increases taken in 2006, while guest traffic declined during the quarter,” said Julia A. Stewart, chairman and CEO of Glendale-based IHOP, in a statement. Stewart said the company remains “cautiously optimistic” for the full year, and expects same store sales to rise in the range of 2 percent to 4 percent. IHOP sales closed near to its 52-week high on Thursday at $59.50 before falling to $59.23 in after hours trading.
