- Dine Brands Global Inc (NYSE: DIN) on Wednesday reported a 9.4% year-on-year decline in fourth-quarter FY22 revenue to $207.97 million, miss the consensus of $215.84 million.
- Applebee’s comparable same-restaurant sales increased 1.7% and IHOP’s increased 2.0%.
- Gross profit declined 1.9% year over year to $94.6 million. Adjusted EBITDA fell 5.2% year over year to $57 million.
- Adjusted earnings per share of $1.34 beat analyst consensus of $1.24.
- The company had $325 million in cash and cash equivalents.
- CEO John Peyton said: “Despite ongoing economic pressures and uncertainties, our value-driven brands continue to reliably meet the needs and expectations of our customers. In addition to supporting and investing in our brands, we have also taken steps to strengthen our business and create shareholder value through the acquisition of Fuzzy’s Taco Shop and through the gradual and value accretive repayment of our long-term debt and share repurchase.”
- Outlook for FY23: Dine expects Applebee franchisee domestic development activity to be between 10 and 20 net fewer restaurants, and IHOP franchisee and territory licensee domestic development activity to be between 45 and 60 net new restaurant openings.
- Dine expects Adjusted EBITDA to be between $243 million and $255 million.
- Price promotion: DIN shares traded 3.44% lower at $74.03 on the last check Wednesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[ad_2]
Source story
