IHOP Earnings Climb 48% in 1st Quarter

IHOP Corp., the Glendale parent of the International House of Pancakes restaurant chain, said its first-quarter earnings climbed 48% from a year earlier on a 24% gain in revenue.

In the quarter that ended March 31, IHOP’s net income increased to $1.44 million from $972,000 a year before. Its revenue rose to $30.2 million from $24.3 million. Meanwhile, the company’s same-store sales increased 3.6% in the first quarter compared with the first quarter of 1992.

IHOP said its systemwide sales, which includes restaurants operated by franchisees, totaled $128 million, up 15% from a year earlier.