Julia A. Stewart, IHOP's Chairman and Chief Executive Officer, said, "Our same-store sales performance of 0.5% for the first quarter 2007 represents our 17th consecutive quarter of growth. Our results were tempered by a challenging consumer environment and a difficult comparison to our same-store sales performance of 5.1% in the first quarter 2006, which was our strongest quarter of growth last year. During the first 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."
"We remain cautiously optimistic for the full year 2007 and reiterate our expectations of growing same-stores sales in the range of 2% to 4%. Our outlook is supported by a strong promotional calendar with new and appealing limited-time offers, an enhanced national media buying plan, the launch of our carryout program IHOP 'n Go, and the adoption of IHOP's new restaurant level training program aimed at making our guest service as good as our pancakes."
IHOP will release full first quarter 2007 results on Wednesday, April 25, 2007 before the market opens. The Company will host an investor conference call to discuss its first quarter 2007 financial results on Wednesday, April 25, 2007 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time).
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