Dine Brands, the owner of Applebee’s and IHOP, reported a challenging 2024 with a 4.7% drop in U.S. same-store sales at Applebee’s and a 2.8% decline at IHOP. This marks the fourth consecutive quarter of domestic same-store sales declines for both brands. The company’s shares have fallen 50% over the last 12 months, reducing its market cap to $386 million. Despite previous growth driven by post-pandemic demand, Dine Brands faced a pullback from customers earning less than $75,000, who opted for cheaper alternatives or home-cooked meals. The industry’s “value wars” have made it difficult for Applebee’s promotions to stand out, with competitors like Chili’s seeing a 27.4% same-store sales growth. Dine Brands plans to introduce new value offerings and enhance its marketing, particularly targeting younger consumers, to reverse the sales decline. For 2025, the company projects Applebee’s same-store sales to range between a 2% decline and a 1% increase, and IHOP’s between a 1% decrease and a 2% gain.
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