APPLEBEE’S TAKES A HIT FOR THE FIFTH CONSECUTIVE QUARTER

Applebee same-store sales were down 0.9% in the second quarter, which was the fifth consecutive quarter of declining same-store sales. Meanwhile, profit rose 18% on overall sales and revenue for the quarter increased 2.4% to $332 million. The company announced two weeks ago it would be acquired by IHOP for $2.1 billion in cash and assumed debt.

In a letter to employees yesterday (August 1) filed with the Securities and Exchange Commission, Applebee's chief Dave Goebel said he still didn't know how many jobs would be cut but said layoffs wouldn't begin until the first quarter of next year. Applebee's also plans to move its headquarters from Overland Park, Kansas to Lenexa.