IHOP 2009 Annual Report Download - page 7
Download and view the complete annual report
Please find page 7 of the 2009 IHOP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2 -
3 -
4 -
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17 -
18 -
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
 |
 |
every guest leaves happy — and we have the results to
prove it. By the end of 2009, 95% of domestic franchise
restaurants ranked as “A” or “B” operations. Our company-
operated restaurants are also reporting record levels of guest
satisfaction and protability. So, while primarily known
for our franchise expertise, we are pleased to demonstrate
our signicant operational capability as well.
We remain committed to our strategic intent to transition
Applebee’s into an even more highly franchised restaurant
system over time. Since our acquisition of Applebee’s in
late 2007, we have successfully sold 110 company-operated
Applebee’s restaurants. We have been selective in the
process, ensuring the prospective buyers are nancially
qualied and that they share our vision for revitalizing the
Applebee’s brand. Buyers must also be willing to reinvest
in the business and need to possess signicant operating
capability. These factors did not align and, coupled with
challenges that existed in the credit markets, inhibited our
ability to enter into binding transactions in 2009. We
expect these dynamics to continue to play a role in 2010,
and believe the sale of restaurants will be somewhat limited
until conditions improve. Importantly, we possess the
nancial exibility to meet our debt obligations without the
sale of additional restaurants, and will only pursue
transactions that make sense for our shareholders.
In all, we believe our performance is an impressive
achievement, particularly considering the unprecedented
economic environment we faced in 2009. We are taking
responsible, proactive and disciplined measures to position
our brands for market share expansion as economic
conditions improve. In years past, the DineEquity team has
demonstrated a comprehensive, systematic approach to
differentiating brands. We have done it once with IHOP,
and we have the team, the talent, the resources and the
resolve to do it again with Applebee’s. I wish to express my
sincere thanks to our Board members, our franchisees,
our team members, and to you, our shareholders, for
your steadfast support.
Sincerely,
Julia A. Stewart
Chairman and Chief Executive Ofcer
DineEquity, Inc.
05
Image Is hI-res