IHOP’s Quarterly Net Up 10% to $4.1 Million
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Glendale-based International House of Pancakes reported a rise in profits and sales for its second quarter ending June 30.
The restaurant chain said profits increased about 10% to $4.1 million in the latest quarter, compared to $3.7 million during the second quarter in 1994. Quarterly sales increased 8% to $40 million, compared to $37 million during the same period in 1994.
For the six-month period, profits dropped slightly to $5.85 million, compared to $5.95 million in 1994. Sales increased nearly 5% to $73.3 million, compared to just under $70 million during the first six months of 1994.
The company said the latest six-month period was influenced by a one-time charge of $800,000 for severance costs.
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