Sales Rise for IHOP Biggest in 10 Years
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After launching its first national advertising campaign, IHOP Corp., parent of the International House of Pancakes chain, said Thursday that sales at restaurants opened at least a year jumped 4.8% in the second quarter.
The same-store sales gain for the period ended June 30 was the highest quarterly boost in 10 years, the Glendale-based chain said.
“The national advertising campaign started in January and that obviously has been of significant benefit,” said Michael W. Gallo, an analyst at New York-based C.L. King & Associates. He said IHOP, which operates or franchises more than 1,100 restaurants in 48 states and Canada, also got a sales hike from launching products including stuffed French toast.
IHOP’s shares, which hit a 52-week high of $33.30 midday Thursday, lost 5 cents to $33 on the New York Stock Exchange. The stock has gained 38% this year.
Analysts estimate IHOP will post per-share earnings of 45 cents when the company issues its full second-quarter report Aug. 7.
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