Current Report Filing (8-k)
March 04 2015 - 6:11AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): March 4, 2015
DineEquity, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware |
|
001-15283 |
|
95-3038279 |
(State or other jurisdiction of incorporation or organization) |
|
(Commission File No.) |
|
(I.R.S. Employer Identification No.) |
450 North Brand Boulevard, Glendale, California |
|
91203-2306 |
(Address of principal executive offices) |
|
(Zip Code) |
(818) 240-6055
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
Officers of DineEquity, Inc. will present to members of the investment community as part of a non-deal road show program on March 4, 2015 and March 5, 2015. A copy of the investor presentation to be used during these programs is attached to this Current Report on Form 8-K as Exhibit 99.1 and is also available in the Investors section of the Corporations website at www.dineequity.com.
In accordance with General Instruction B.2 on Form 8-K, the information set forth in this Item 7.01 and the investor presentation attached to this report as Exhibit 99.1 is furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended.
The investor presentation attached hereto as Exhibit 99.1 contains certain statements that may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements by words such as may, will, should, expect, anticipate, believe, estimate, intend, plan and other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. These factors include, but are not limited to: the effect of general economic conditions; the Corporations indebtedness; risk of future impairment charges; trading volatility and the price of the Corporations common stock; the Corporations results in any given period differing from guidance provided to the public; the highly competitive nature of the restaurant business; the Corporations business strategy failing to achieve anticipated results; risks associated with the restaurant industry; risks associated with locations of current and future restaurants; rising costs for food commodities and utilities; shortages or interruptions in the supply or delivery of food; ineffective marketing and guest relationship initiatives and use of social media; changing health or dietary preferences; our engagement in business in foreign markets; harm to our brands reputation; litigation; third-party claims with respect to intellectual property assets; environmental liability; liability relating to employees; failure to comply with applicable laws and regulations; failure to effectively implement restaurant development plans; our dependence upon our franchisees; concentration of Applebees franchised restaurants in a limited number of franchisees; credit risk from IHOP franchisees operating under our previous business model; termination or non-renewal of franchise agreements; franchisees breaching their franchise agreements; insolvency proceedings involving franchisees; changes in the number and quality of franchisees; inability of franchisees to fund capital expenditures; heavy dependence on information technology; the occurrence of cyber incidents or a deficiency in our cybersecurity; failure to execute on a business continuity plan; inability to attract and retain talented employees; risks associated with retail brand initiatives; failure of our internal controls; and other factors discussed from time to time in the Corporations Annual and Quarterly Reports on Forms 10-K and 10-Q and in the Corporations other filings with the Securities and Exchange Commission. The forward-looking statements contained in Exhibit 99.1 are made as of the date of the investor presentation attached to such Exhibit 99.1, and the Corporation assumes no obligation to update or supplement any forward-looking statements.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
|
Description |
99.1 |
|
Investor Presentation |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: March 4, 2015 |
DINEEQUITY, INC. |
|
|
|
|
|
By: |
/s/ Thomas W. Emrey |
|
|
Thomas W. Emrey Chief Financial Officer |
3
Exhibit Index
Exhibit Number |
|
Description |
99.1 |
|
Investor Presentation |
4
Exhibit 99.1
|
[LOGO]
|
|
Disclaimer 2
Forward-Looking Information Statements contained in this presentation may
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. You can identify these forward-looking
statements by words such as "may," "will,"
"should," "expect," "anticipate,"
"believe," "estimate," "intend,"
"plan" and other similar expressions. These statements involve
known and unknown risks, uncertainties and other factors, which may cause
actual results to be materially different from those expressed or implied in
such statements. These factors include, but are not limited to: the effect of
general economic conditions; the Company's indebtedness; risk of future
impairment charges; trading volatility and the price of the Companys common
stock; the Company's results in any given period differing from guidance
provided to the public; the highly competitive nature of the restaurant
business; the Company's business strategy failing to achieve anticipated
results; risks associated with the restaurant industry; risks associated with
locations of current and future restaurants; rising costs for food
commodities and utilities; shortages or interruptions in the supply or
delivery of food; ineffective marketing and guest relationship initiatives
and use of social media; changing health or dietary preferences; our
engagement in business in foreign markets; harm to our brands' reputation;
litigation; third-party claims with respect to intellectual property assets;
environmental liability; liability relating to employees; failure to comply
with applicable laws and regulations; failure to effectively implement
restaurant development plans; our dependence upon our franchisees;
concentration of Applebee's franchised restaurants in a limited number of
franchisees; credit risk from IHOP franchisees operating under our previous
business model; termination or non-renewal of franchise agreements;
franchisees breaching their franchise agreements; insolvency proceedings
involving franchisees; changes in the number and quality of franchisees;
inability of franchisees to fund capital expenditures; heavy dependence on
information technology; the occurrence of cyber incidents or a deficiency in
our cybersecurity; failure to execute on a business continuity plan;
inability to attract and retain talented employees; risks associated with
retail brand initiatives; failure of our internal controls; and other factors
discussed from time to time in the Company's Annual and Quarterly Reports on
Forms 10-K and 10-Q and in the Company's other filings with the Securities
and Exchange Commission. The forward-looking statements contained in this
presentation are made as of the date hereof and the Company assumes no
obligation to update or supplement any forward-looking statements. Non-GAAP
Financial Measures This presentation includes references to the Company's
non-GAAP financial measures "EBITDA" and "free cash
flow." The Company defines "EBITDA" for a given period as
income before income taxes less interest expense, loss on extinguishment of
debt, depreciation and amortization, closure and impairment charges, non-cash
stock-based compensation, gain or loss on disposition of assets and other
charge backs as defined by its debt agreement. For fiscal 2014, "Free
cash flow" for a given period was defined as cash provided by operating
activities, plus receipts from notes and equipment contracts receivable
("long-term notes receivable"), less principal payments on capital
lease and financing obligations, the mandatory 1% of Term Loan principal
balance repayment, and capital expenditures. For fiscal 2015, "Free cash
flow" for a given period is defined as cash provided by operating
activities, plus receipts from notes and equipment contracts receivable
("long-term notes receivable"), less capital expenditures.
Management utilizes EBITDA for debt covenant purposes and free cash flow to
determine the amount of cash remaining for general corporate and strategic
purposes and for the return of cash to stockholders pursuant to our capital
allocation strategy, after the receipts from long-term receivables, and the
funding of operating activities, capital expenditures and debt service.
Management believes this information is helpful to investors to determine the
Company's adherence to debt covenants and the Company's cash available for
these purposes. EBITDA and free cash flow are supplemental non-GAAP financial
measures and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with United States generally
accepted accounting principles.
|
|
3 Julia Stewart
Chairman and Chief Executive Officer Tom Emrey Chief Financial Officer Gregg
Kalvin Senior Vice President, Corporate Controller Management Introduction
|
|
OVERVIEW OF
DINEEQUITY 4
|
|
5 99%
franchised business model generates strong free cash flow with reduced
volatility Asset-lite franchise business model drives strong, consistent cash
flow generation DineEquity has reduced its total debt by more than $1.0
billion since the end of 2007 (2) Applebees and IHOP are two iconic brands
with #1 positions in their respective categories for the last seven
consecutive years (1) Both brands outpaced their respective categories in
2014 based on industry sales data With more than 3,600 restaurants,
DineEquity is one of the largest full-service restaurant companies in the
world Successfully completed a securitization refinancing in 2014 Locked in
an attractive interest rate of 4.28% for the next 7 years Annual cash
interest savings of $34 million pre-tax Strong management team with
longstanding history at DineEquity and in the restaurant industry
DineEquitys CEO, Julia Stewart, has over 40 years of experience in the
restaurant industry, with more than 16 of those years spent in the Applebees
and IHOP systems Balanced capital allocation strategy and commitment to
return substantial cash to shareholders Since the initiation of the new
capital allocation plan in the first quarter of 2013, DineEquity has returned
over $161 million combined, or 70% of free cash flow, to its shareholders in
the form of quarterly cash dividends and share repurchases Key Highlights of
the DineEquity Story (1) Source: Nations Restaurant News, Top 100, June
30, 2014 (Applebees rank based on 2013 U.S. system-wide sales in the
casual dining category; IHOP rank based on 2013 U.S. system-wide sales in
the family dining category). (2) Total Debt includes Long-Term Debt,
Capital Lease Obligations, Financing Obligations and Series A Preferred
Stock. Centralized Supply Chain Services (CSCS) Purchasing co-op mitigates
commodity inflation for our brands Our purchasing co-op enables franchisees
to procure commodities at a lower cost and reduces distribution expenses Over
the past 6 years, CSCS has generated total net savings and cost avoidances
for the Applebees and IHOP brands of approximately $215 million
|
|
6 Our Brands
Lead Their Respective Categories Casual Dining: Domestic System-wide Sales
Family Dining: Domestic System-wide Sales Source: Nations Restaurant News,
Top 100, June 30, 2014 (Applebees rank based on 2013 U.S. system-wide
sales in the casual dining category; IHOP rank based on 2013 U.S.
system-wide sales in the family dining category). ($ in millions) ($ in millions)
0 1,000 2,000 $3,000 IHOP $2,767 Denny's $2,408 Cracker Barrel $2,105 Waffle
House $1,044 Bob Evans $953 U . S . S y s t e m w i d e S a l e s 0 1,000
2,000 3,000 4,000 $5,000 Applebee's $4,517 Olive Garden $3,669 Chili's $3,547
Buffalo Wild Wings $2,784 Outback Steakhouse $2,455 U . S . S y s t e m w i d
e S a l e s
|
|
DineEquity has
delivered on its goals to drive the business forward Solid Track Record of
Delivering What We Promised Source: Company Form 10-K filings (1) Total Debt
includes Long-Term Debt, Capital Lease and Financing Obligations (including
current maturities), and Series A Preferred Stock 7 Goals Restore
same-restaurant sales momentum at both brands Re-engineered the menu to
improve sales trends and franchisee profitability Improved operational
execution at both Applebees and IHOP Refranchise the Applebees system
Refranchised 479 Applebees restaurants since the acquisition Increased the
Applebees system from 74% to 99% franchised Strong free cash flow generation
Reduced G&A by more than 24% from $193 million in 2007 to $146 million in
2014 Implemented a shared services model to be more effective and efficient
Reduced capital expenditures by 81% from $32 million in 2008 to just under $6
million in 2014 Reduction of debt Reduced total debt from $2.7 billion at
December 31, 2007 to $1.5 billion at December 31, 2014(1) Current securitized
debt has a long-term fixed interest rate of 4.28%
Result Actions Implemented
|
|
8 Consistent
Franchisee Development IHOP and Applebees Consolidated Gross Development
2010-2014 Source: Company Form 10-K filings. Strong and stable franchisee
development is a key strategic priority 0 20 40 60 80 100 2010 91 2011 82
2012 82 2013 84 2014 92 G r o s s D e v e l o p m e n t ( I H O P & A p p
l e b e e ' s )
|
|
9 Source:
CompanyS fiscal 2014 Form 10-K. Data as of December 31, 2014. Applebees and
IHOP are powerful brands with a strong national presence across the U.S.
Strong Presence Across All 50 States 5 4 19 1 4 1 20 7 9 3 5 8 19 21 7 2 3 5
9 12 12 15 15 30 22 37 32 21 32 39 24 32 23 28 28 22 30 150 79 52 52 193 232
51 8 3 42 7 40 2 2 12 3 17 5 8 12 14 16 20 12 6 19 11 17 109 70 60 113 79 92
87 105 117 65 58 58 6 8 58 12 24 14 39 31 43 37 42 27 26 21 26 22 47 42 23 34
28 51 or more locations 21 50 locations 20 or fewer locations 51 or more
locations 21 50 locations 20 or fewer locations Domestic Franchise 1,414
Domestic Area License 154 Company-Owned 11 1,579 International Franchise 58
International Area License 13 1,650 IHOP System December 2014 Total U.S.
Locations Total Locations Domestic Franchise 1,847 Company-Owned 23 Total
U.S. Locations 1,870 International Franchise 147 2,017 Applebee's System
December 2014 Total Locations
|
|
10 Royalties
~4.5% Sale of Pancake / Waffle Dry-Mix Franchise Fees (1) Financing Revenues
Rental Revenues Royalties ~4.0% Franchise Fees Note: IHOP revenue sources
exclude advertising fund contributions from franchisees, which are recognized
as revenue and a corresponding expense of franchise operations for accounting
purposes. (1) Includes both a location fee and franchise fee. Varies
depending on single or multi-restaurant agreement. Franchise fees are
associated with franchise agreements and the revenue generated by this
segment varies depending on the number of new franchise agreements in a given
year. DineEquitys Diversified Sources of Revenue
|
|
OUR STRATEGY 11
|
|
The DineEquity
story is one of strong and stable free cash flow and returning it to
shareholders Maximize the Business Innovate and Evolve Strong Brands Manage
Costs 1 Facilitate Franchisee Development 2 3 DineEquity is focused on
generating free cash flow DineEquitys Value Creation Strategy 12 Drive
Strong Free Cash Flow Return it to Shareholders Meaningful Dividend Share
Repurchases
|
|
Two Iconic
Brands on the Upswing 13 Fiscal 2014 same-restaurant sales increased 3.9%
strongest full-year sales increase since fiscal 2004. Fourth quarter 2014
same- restaurant sales increased 2.8% best quarterly sales increase since the
second quarter of 2011. Strong momentum as we enter 2015 Fourth quarter 2014
same- restaurant sales increased 6.1% highest quarterly sales increase since
the first quarter of 2004.
|
|
14
Same-Restaurant Sales Performance Applebees System-wide Same-Restaurant
Sales IHOP System-wide Same-Restaurant Sales Source: Companys fiscal 2014
Form 10-K and Companys 2015 financial performance guidance as of February
25, 2015 Innovate and Evolve Strong Brands 1
|
|
1 Operational
Excellence Achieving consistent operations executional excellence Testing new
service and guest interface models Streamlined the menu, making it easier to
execute and a better experience for our guests Marketing Goal to be number
one in brand perception with our target markets Emphasis on promoting unique
products and value offerings New strategies and promotions to grow sales in
each day part, including lunch and Late Night Advertising and Media
Developing exciting new campaigns, which reflect the broader changes for the
brand Menu Menu innovation since December 2007, 90% of the menu has been
upgraded or changed Intense focus on 18-month pipeline of new and tested menu
items Frequent new rollouts, including the new Shareables, Pub Plates, and
Bar Snacks Remodel Development New remodel package with 2014 near completion
goal As of December 31, 2014, approximately 90% of the domestic system has
the new look Applebees franchisees are expected to open between 30 and 40
new restaurants in 2015, the majority of which are expected to be opened in
the U.S.(1) International growth is an opportunity Focus on countries where
we currently have a presence 15 Hitting the Reset Button One of the Best
Known Casual Dining Brands (1) Source: Companys 2015 financial performance
guidance as of February 25, 2015. Innovate and Evolve Strong Brands 1
|
|
Mushroom Swiss
The American Standard Your Neighborhood Grill & Bar Refreshing Drinks New
Appetizer Platform Every Day Value NEW All-In BurgersTM 16 Whiskey Smash
Strawberry Lemonade Quencher Innovate and Evolve Strong Brands 1
|
|
1 17 Remodel
Program Innovate and Evolve Strong Brands 1
|
|
1 Operational
Excellence Improving operations to drive sustainable and positive
same-restaurant sales and traffic Marketing Refining our marketing message
and guest testimonial creative strategy Communicating our value proposition
effectively Advertising and Media Increased contribution to the IHOP national
advertising fund by a large majority of IHOP franchisees Maximizing media
investment through an improved buying process Expanding our reach through the
use of digital and social media Menu Streamlining the menu and improving
usability New menu design launched in June 2013; Latest updated menu
introduced on February 9, 2014 Building a pipeline of fresh offerings
Accelerating menu innovation to create items that are unique to IHOP Remodel
Development Next evolution of the remodel program in progress IHOP
franchisees and its area licensees are expected to develop between 50 and 60
new restaurants in 2015, the majority of which are projected to be opened in
the U.S.(1) International growth is an opportunity 18 Iconic Brand within
Family Dining (1) Source: Companys 2015 financial performance guidance as of
February 25, 2015. Innovate and Evolve Strong Brands 1
|
|
1 Continuous
Menu Innovation Raspberry White Chocolate Chip Pancakes NEW Salted Caramel
Coffee Simple & Fit: Whole Wheat Waffle French Toast Combo NEW Turkey
& Avocado Bennie NEW Criss-Croissants 19 Drive Excitement Through
Culinary Innovation and Advertising Innovate and Evolve Strong Brands 1
|
|
1 20 Innovate
and Evolve Strong Brands 1 Remodel Program
|
|
DineEquity is
in the long-term brand building business 21 Innovate and Evolve Strong Brands
1
|
|
2 Note: As of
December 31, 2014, DineEquitys company restaurant operations segment
consisted of 23 Applebee's company-operated restaurants and 11 IHOP
company-operated restaurants. Source: Company s fiscal 2014 Form 10-K IHOPs
restaurant base has grown by approximately 23% since the end of 2007 During
that time, 479 Applebees company-operated restaurants have been refranchised
DineEquity is a 99% franchised system % Franchised 22 Investing in Talent and
Systems to Drive Development Globally DineEquity Restaurant Count 1,465 1,598
1,609 1,701 1,842 2,011 1,988 1,994 1,333 1,385 1,443 1,493 1,535 1,569 1,607
1,639 522 417 412 320 192 35 36 34 3,320 3,400 3,464 3,514 3,569 3,615 3,631
3,667 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2007 84% 2008 88% 2009
88% 2010 91% 2011 95% 2012 99% 2013 99% 2014 99% Applebee's - Franchise IHOP
- Franchise & Area License Applebee's & IHOP - Company - Operated
Facilitate Franchisee Development 2
|
|
3 Source:
Companys Form 10-K filings and press releases. Comprised of actual IHOP
G&A expense plus pro forma Applebees G&A expense as disclosed in the
Companys 2007 Form 10-K, less certain one-time costs primarily related to
additional stock-based compensation triggered by the Applebees acquisition
and severance costs for employees terminated in connection with the
acquisition as well as costs related to the exploration of strategic
alternatives for enhancing shareholder value. $9 Legal Settlement 23 Track
Record of Cost Containment ($ in millions) General & Administrative
Expense (2) 0 50 100 150 200 2007 $193 (1) 2008 $182 2009 $158 2010 $160 2011
$156 2012 $163 2013 $144 2014 $146 2015 Guidance Projected $149-$153 Manage
Costs 3 We are making prudent investments in talent to support future growth
and will incur modest incremental costs to support our new securitized debt
structure
|
|
3 Source:
Company Form 10-K filings and press releases. (1) We incurred a substantial
amount of indebtedness to finance the Applebee's acquisition. As a result,
our interest expense increased significantly from that reported in prior
years. 24 Track Record of Cost Containment Corporate Interest Expense ($ in
millions) (1) 0 100 200 300 2007 $29 2008 $203 2009 $186 2010 $172 2011 $133
2012 $114 2013 $100 2014 $97 2015 Guidance Projected $63 Manage Costs 3 Our
new securitized debt structure locks in an attractive interest rate of 4.28%
for the next 7 years
|
|
3 Source:
Company Form 10-K filings and press releases. 25 ($ in millions) Capital
Expenditures (2009 - 2014) Manage Costs 3 99% Franchised System Requires
Minimal Capital Expenditures DineEquity is making prudent investments in
technology and future restaurant prototyping to drive future growth
|
|
Fiscal 2015
Free Cash Flow Guidance 26 Fiscal 2015 Free Cash Flow Guidance using New
Definition (in millions) Cash flows provided by operations $115 - 125
Approximate receipts from long-term receivables (excluding direct financing
leases) 8 Approximate capital expenditures (9) Free cash flow (1) $114 - 124
Fiscal 2014 Free Cash Flow using Prior Definition (in millions) Cash flows
provided by operations $118.5 Principal receipts from long-term receivables
(including direct financing leases) 15.3 Principal payments on capital leases
and financing obligations (11.8) Capital expenditures (5.9) Mandatory debt
service payments (3.5) Free cash flow $112.5 Beginning in fiscal 2015,
DineEquity adopted a more traditional definition of free cash flow, which
excludes direct financing lease receivables, principal payments on capital
leases and financing obligations, and mandatory debt service payments from
the calculation. (1) Includes incremental use of cash of approximately $10
million due to 13 monthly rental payments in fiscal 2015 (53rd week) compared
to 12 monthly rental payments in fiscal 2014.
|
|
REFINANCING AND
CAPITAL ALLOCATION 27
|
|
Whole Business
Securitization Refinancing Completed (1) Blended interest rate on Senior
Secured Credit Facility at a variable interest rate of 3.75% and Senior Notes
at a fixed rate of 9.5% 28 Total $1,226M x 7.32%(1) = $90M in Interest
Securitized $1,300M x 4.28% = $56M in Interest Cash Interest Savings: $34M
Pre-Tax Seven years at a fixed rate. No mandatory amortization if leverage is
under 5.25x Debt/EBITDA.
|
|
New Capital
Allocation Strategy 29 Board has authorized a meaningful increase in the
quarterly dividend Quarterly $0.75 $0.875 Annual $3.00 dividend $3.50 In
addition, the Board has replenished our share repurchase authorization to
$100 million Significant 17% increase in quarterly dividend announced in the
fourth quarter of 2014 We plan to return capital to shareholders through a
sustainable program of quarterly cash dividends and share repurchases
|
|
30 Capital
Allocation Summary Source: Company Form 10-K and Press Release (1) Excludes
the fourth quarter 2014 declared dividend of approximately $17 million paid
on January 9, 2015 ($ in Millions) Since the capital allocation strategy was
announced in the first quarter of 2013, DineEquity has returned over $161
million to its shareholders in the form of quarterly cash dividends and share
repurchases Meaningful 17% increase in the quarterly cash dividend that went
into effect with the fourth quarter 2014 dividend Generated strong free cash
flow of approximately $113 million in fiscal 2014
|
|
Solid Track
Record Strong brand performance at both Applebees and IHOP DineEquity has
two strong brands each ranked #1 in their respective categories for seven
consecutive years through fiscal 2014 based on U.S. system-wide sales (1)
Disciplined G&A management Reduced total debt by over $1.0 billion since
the Applebees acquisition in November 2007 Commitment to Cash Flow
Generation Completion of the refranchising program in October 2012 resulted
in a less capital intensive business model At 99% franchised, the business
model generates strong free cash flow with reduced volatility What Lies Ahead
Evolve and innovate to drive consistent and sustainable positive
same-restaurant sales and traffic Extend the reach of DineEquitys brands by
expanding the international footprint and developing incremental franchised
locations Execute against our strategic priorities to enhance our brands and
build a platform for sustainable growth, including a potential acquisition.
Summary: Strategy and Implementation Produces Results (1) Source: Nations
Restaurant News, Top 100, June 30, 2014 (Applebees rank based on 2013 U.S.
system-wide sales in the casual dining category; IHOP rank based on 2013
U.S. system-wide sales in the family dining category). 31
|