Applebee's International Reports November Comparable Sales
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Nov. 28, 2007--Applebee's International, Inc. (Nasdaq:APPB) today reported comparable sales for the four-week period ended November 25, 2007.
System-wide domestic comparable sales decreased 1.6 percent for the November period, and comparable sales for domestic franchise restaurants decreased 1.3 percent. Comparable sales for company restaurants decreased 2.3 percent, reflecting a decrease in guest traffic of between 3.0 and 3.5 percent, combined with a higher average check.
System-wide domestic comparable sales for the quarter-to-date period through November (eight weeks) have decreased 1.5 percent, with domestic franchise restaurant comparable sales down 1.5 percent and company restaurant comparable sales down 1.7 percent.
As previously announced, on July 15, 2007, IHOP Corp. ("IHOP") and Applebee's International, Inc. ("Applebee's") entered into a definitive agreement under which IHOP will acquire Applebee's for $25.50 per share in cash, representing a total transaction value of approximately $2.1 billion. The transaction is expected to close on November 29, 2007, subject to satisfaction or waiver of additional customary closing conditions set forth in the merger agreement.
Applebee's International, Inc., headquartered in Overland Park, Kan., develops, franchises and operates restaurants under the Applebee's Neighborhood Grill & Bar brand, the largest casual dining concept in the world. As of November 25, 2007, there were 1,965 Applebee's restaurants operating system-wide in 49 states, 17 international countries, and two U.S. territories, of which 510 were company-owned. Additional information on Applebee's International can be found at the company's website (www.applebees.com).
Applebee's International, Inc.