Julia A. Stewart, IHOP's Chairman and Chief Executive Officer, said, "Our same-store sales performance of 2.5% for the second quarter 2007 represents our 18th consecutive quarter of growth. We consider this quite an accomplishment considering the difficult consumer environment that we continue to face and increased competition at the breakfast daypart. During the second quarter 2007, we experienced an increase in guest check average primarily due to the cumulative effect of menu price increases taken in 2006, while guest traffic declined during the quarter.
"As we look to the second half of 2007, we believe we are doing all the right things to meet our same-store sales growth expectations of 2% to 4% for the full year. Our enhanced media strategies are working, our new training program focused on making our service as good as our pancakes is ramping up, our carryout program IHOP'n Go is gaining traction and gift card sales continue to expand. Additionally, our outlook is supported by a strong promotional calendar with new and appealing limited-time offers and a planned system-wide update to our menu in the fall."
IHOP will release full second quarter 2007 results on Wednesday, July 25, 2007 before the market opens. The Company will host an investor conference call to discuss its second quarter 2007 financial results on Wednesday, July 25, 2007 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time). To participate on the call, please dial (888) 680-0869 and reference pass code 79531352. A live webcast of the call will be available on IHOP's Web site at www.ihop.com, and may be accessed by visiting Calls & Presentations under the site's Investor Information section. Participants should allow approximately ten minutes prior to the call's start time to visit the site and download any streaming media software needed to listen to the webcast.