DineEquity Inc (DIN.N) raised a key full-year sales target for its Applebee’s restaurant chain as an increase in visits to franchised outlets boosted results, and shares jumped 4.4 percent.
The bar and grill chain has posted nine consecutive monthly increases in same-restaurant sales and those results suggest that DineEquity has successfully turned around the business at Applebee’s, which it bought in a $2 billion leveraged buyout in 2007.
Applebee’s closely watched sales at established restaurants increased 3.9 percent during the first quarter.
Regards,
Don
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