- Dine Brands Global Inc (NYSE:DIN) reported first-quarter FY22 sales growth of 12.8% year-on-year to $230.42 million, marginally beating the consensus of $230.08 million.
- Domestic same-restaurant sales for Applebee's rose 14.3% and IHOP's increased 18.1% versus last year.
- Gross profit grew 9% Y/Y to $92.8 million. Adjusted EBITDA rose 12.2% Y/Y to $65.2 million.
- General and administrative expenses increased 4% Y/Y to $41.5 million.
- Adjusted EPS of $1.54 beat the consensus of $1.44.
- The company held $358.3 million in cash and equivalents as of March 31, 2022.
- Effective April 1, 2022, the company's board approved a new share repurchase program of up to $250 million.
- Outlook: Dine Brands reiterated its FY22 adjusted EBITDA outlook of $235 million - $250 million.
- Price Action: DIN shares traded lower by 3.75% at $70.85 on Wednesday.
