Dine Brands Global, Inc. reported a net income of $64.9 million, or $4.22 per diluted share, for the fiscal year ending December 31, 2024, a decline from the previous year's net income of $97.2 million, or $6.22 per diluted share. The decrease in profitability was primarily attributed to a reduction in gross profit, which fell by $21.4 million compared to 2023. Total revenues for the year were $812.3 million, down from $831.1 million in 2023, reflecting a decrease in franchise operations revenue and rental income, partially offset by increased company restaurant sales due to the acquisition of additional Applebee's locations.
In 2024, Dine Brands experienced a 3.9% decline in combined system-wide sales across its brands, totaling $8.0 billion. Applebee's reported a 5.5% decrease in system-wide sales, driven by a 4.2% drop in domestic same-restaurant sales and a reduction in the number of effective restaurants. IHOP's system-wide sales decreased by 1.1%, while Fuzzy's Taco Shop saw a significant decline of 14.7% in sales, attributed to a 9.3% decrease in same-restaurant sales and a reduction in the number of effective franchise restaurants.
Strategically, Dine Brands made significant moves in 2024, acquiring 56 Applebee's restaurants from franchisees and refranchising nine of them, resulting in a gain of $1.8 million. The company also recognized a goodwill impairment charge of $7.1 million related to Fuzzy's, reflecting challenges in that brand's performance. As of December 31, 2024, Dine Brands operated 47 company-owned Applebee's restaurants and one Fuzzy's restaurant, while the majority of its 3,555 restaurants were franchised.
Operationally, the company reported a total employee headcount of 992, with 396 employees at company-operated restaurants and 596 in corporate roles. The company continues to focus on enhancing its franchise relationships and expanding its market presence, with plans for further restaurant openings and potential acquisitions. Looking ahead, Dine Brands aims to leverage its scale and franchise model to drive profitability and shareholder value, despite facing challenges such as inflation and changing consumer preferences. The company has also declared a cash dividend of $0.51 per share for the first quarter of 2025, reflecting its commitment to returning value to shareholders.
About Dine Brands Global, Inc.
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