IHOP Plans Buyback of Some of Its Stock

IHOP Corp. said it plans to repurchase up to 1 million shares of its common stock on the open market or in privately negotiated transactions from time to time, subject to market conditions and other factors.

The Glendale-based company believes the stock is currently undervalued and the repurchase will dilute the effect of employee stock option exercises and contributions to the company employee stock ownership plan.

IHOP also announced that store sales for December were down 1% compared with the same period the previous year.

IHOP operates, franchises or licenses 1,800 International House of Pancakes restaurants.