IHOP Cuts Earnings Forecast for 2002
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IHOP Corp. lowered its 2002 earnings estimate because of higher-than-expected costs related to consumer research programs, consulting fees and menu development.
The Glendale-based operator of the International House of Pancakes chain said it now expects to earn between $1.99 and $2.12 a share, versus earlier guidance of between $2.10 and $2.22.
“We’re not broken,” Chief Executive Julia A. Stewart said. “We’re taking a proactive approach in our efforts to take [the company] to the next level.”
International consulting firm Mars & Co. has been hired to help the company evaluate current businesses and develop a long-term growth strategy, Stewart said.
IHOP shares fell $1.89 to $30.50 on the NYSE.
Marc Ballon
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