IHOP Sees Same-Store Sales Increase of 1.3% for Q3 2006
Third quarter system-wide same-store sales increased 1.3% at IHOP Corp. (NYSE:IHP) For the previous nine months ending September 30, 2006, system-wide same-store sales increased 3.1%.
Chairman and Chief Executive of IHOP Julia A. Stewart said, '''Given the difficult consumer environment and the more challenging comparisons to the same quarter last year, we are pleased with our same-store sales performance of 1.3% in the third quarter 2006, particularly as this growth was entirely driven by increased guest traffic. Our appealing limited-time offers featured during the quarter - Funnel Cake Carnival and French Toast Fantasy - helped drive increased traffic into IHOP restaurants nationwide.
Continued pricing moderation on the part of franchisees led to a slightly decreased check average during the quarter as we aggressively competed for market share and guests took advantage of IHOP's attractive promotional price points.’
'Year-to-date, our same-store sales increase of 3.1% is in line with our annual sales growth expectations of a 2% to 4% for fiscal 2006. With a strong line up of promotional products, a system-wide menu update and enhanced holiday gift card program expected throughout the balance of the year, we remain confident of meeting this guidance,' Stewart commented.
IHOP is to release their full third quarter 2006 results on Wednesday, October 25, 2006 before the market opens.