Dine Brands Reports Mixed Q4 Performance, Applebee's Comp Same-Restaurant Sales Grow 1.7%

Dine Brands Global Inc (NYSE: DIN) reported a fourth-quarter FY22 sales decline of 9.4% year-on-year to $207.97 million Wednesday, missing the consensus of $215.84 million.
Applebee's comparable same-restaurant sales rose by 1.7%, and IHOP's increased by 2.0%.
Gross profit declined 1.9% Y/Y to $94.6 million. Adjusted EBITDA fell 5.2% Y/Y to $57 million.
Adjusted EPS of $1.34 beat the analyst consensus of $1.24.
The company held $325 million in cash and equivalents.
CEO John Peyton said, "Despite ongoing economic pressures and uncertainties, our value-oriented brands reliably continue to meet our customers' needs and expectations. In tandem with supporting and investing in our brands, we have also taken actions to strengthen our business and create shareholder value via the acquisition of Fuzzy's Taco Shop and through the incremental and accretive retirement of our long-term debt and repurchase of shares."
FY23 Outlook: Dine expects domestic development activity by Applebee's franchisees of between 10 and 20 net fewer restaurants, domestic development activity by IHOP franchisees, and area licensees between 45 and 60 net new openings.
Dine expects adjusted EBITDA of $243 million - $255 million.
Price Action: DIN shares traded lower by 3.44% at $74.03 on the last check Wednesday.