Dine Brands Global’s revenue decreased to $202.6 million in the third quarter of FY23 from $233.2 million in the year-ago period.

The company’s net income was $18.5 million compared to $20.9 million for the third quarter of 2022.

Applebee’s saw a 2.4 per cent decline in comparable same-restaurant sales, while Ihop’s domestic comparable same-restaurant sales increased 2 per cent.

Dine Brands Global and its franchisees operate restaurants under the Applebee’s, Ihop, and Fuzzy’s Taco Shop brands. As of September 30, the three brands consisted of over 3500 restaurants across 18 international markets. 

Development activity by Applebee’s and Ihop franchisees resulted in the opening of 14 new restaurants and the closure of 19 locations.

“Dine Brands maintained its course in the third quarter, leaning into our brands’ abundant value proposition and demonstrating solid performance as we continued to advance our strategic growth agenda,” said John Peyton, CEO of Dine Brands Global.

“Despite the ongoing volatile macroeconomic environment, we are leveraging our strengths in technology, menu innovation and marketing and are well positioned to create long term shareholder value.”