Dine Brands gives mixed Q3 performance, cuts expenses for FY24 as comp sales erode

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Scott Olson/Getty Images News Softer comparable sales at Dine Brands Global’s (NYSE:DIN) two flagship restaurants, Applebee’s and IHOP, resulted in lower overall sales and erosion in the company’s ...

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Additionally, on an unadjusted basis, the company’s profit improved thanks to more effective cost control, especially for compensation-related expenses, driving general and administrative expenses down 6.5% to $45.4M.  Chief Financial Officer Vance Chang acknowledged that third quarter results demonstrated the resiliency of the company’s business model, and “cash flow generation ability through market cycles is supported by our asset-lite model and the scale of our platform.”  For Applebee’s, comparable sales declined 5.9% in Q3 and are expected to decline 2% to 4% in FY24. Off-premise sales mix accounted for 21.7% in Q3 compared to 21.5% last year.  Comparable sales at IHOP were down 2.1% in Q3 and expected to be flat to down 2% in FY24. Off-premise sales mix at IHOP accounted for 19.3% in Q3 compared to 19.5% a year ago.  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