Applebee's and IHOP parent DineEquity Inc. reported first-quarter net income of $14.1 million, or 79 cents per share, down from $25.2 million, or $1.37 per share, in the year-ago period. Adjusted EPS was $1.22, below the $1.24 FactSet consensus. DineEquity attributed the income decline to an increase in general and administrative expenses incurred to stabilize the Applebee's business. Revenue for the quarter was $156.2 million, down from $163.5 million, below the $159.0 million FactSet consensus. Same-restaurant sales fell 1.7% at IHOP and 7.9% at Applebee's. DineEquity shares are down 35% for the past year while the S&P 500 index is up 14.8% for the period.
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