Plans call for a total of 61 to 66 new franchise restaurants in 2007, with 38 restaurants already well under development. But the company's franchisees have as many as 462 restaurants signed, optioned or pending to be developed, said Julia A. Stewart, chairman and CEO. But that's not the only avenue for growth.
"We believe acquisition to be a viable growth avenue for our company," Stewart added.
IHOP's franchisees developed and opened eight new restaurants in the last quarter, including its first units in Monterrey, Mexico, and St. Thomas, U.S. Virgin Islands.
"This expansion signals IHOP's promising future beyond our traditional domestic restaurants," Stewart said.
For the first quarter, the company posted revenues of $90.1 million up, from $88.5 million for the first quarter of 2006. Same-store sales rose 0.5% for the quarter. Net income was $11.3 million, down from $12.6 million the prior year, due in part to refinancing charges.
IHOP operates 1,306 restaurants in 49 U.S. states, the U.S. Virgin Islands, Canada and Mexico.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
