IHOP Corp. Reports First Quarter 2004 Same-Store Sales Increase of 7.1%; Company Turns in Highest Same-Store Sales Gain in 10 Years

April 8, 2004 at 7:01 AM EDT

GLENDALE, Calif.--(BUSINESS WIRE)--April 8, 2004--IHOP Corp. (NYSE:IHP) today previewed its same-store sales results for the Company's first quarter ended March 31, 2004. IHOP's same-store sales increased 7.1% for the first quarter 2004.

"We are pleased to report our highest quarterly same-store sales gain in 10 years. Our strong performance for the quarter builds upon the positive sales momentum we established throughout 2003, and shows that our re-energizing strategies for the IHOP system continue to deliver terrific sales results," said Julia A. Stewart, IHOP Corp. President and Chief Executive Officer. "Our marketing and promotional initiatives continue to increase consumer awareness and drive traffic throughout our system, while ongoing operational improvements and enhanced training efforts ensure that we deliver the promise of a great guest experience. This is a powerful strategy that supports our vision to become number one in family dining."

IHOP will release full financial results for the first quarter 2004 on Thursday, April 22, 2004 before the market opens. The Company will host an investor conference call to discuss its first quarter 2004 results on Thursday, April 22, 2004 at 11:00 a.m. ET (8:00 a.m. PT). To participate on the call, please dial 800-901-5218 and reference pass code 77523570. A live webcast of call may be accessed on the Investor Relations section of IHOP's Web site at www.ihop.com. Participants should allow approximately ten minutes prior to the call's start time to visit the site and download any streaming media software needed to listen to the webcast.

About IHOP Corp.

The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for 45 years. Offering more than 16 types of pancakes, as well as omelettes, breakfast specialties, burgers, sandwiches, chicken and steaks, IHOP's diverse menu appeals to people of all ages. IHOP restaurants are operated and franchised by Glendale, California based IHOP Corp. As of March 31, 2004, the end of IHOP's first quarter 2004, there were 1,164 IHOP restaurants in 48 states and Canada. IHOP is publicly traded on the NYSE under the symbol "IHP." For more information, call the Company's headquarters at 818-240-6055 or visit the Company's Website located at www.ihop.com.

Forward-Looking Statements

There are forward-looking statements contained in this news release. They use such words as "may," "will," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's new strategic growth plan, the availability of suitable locations and terms of the sites designated for development; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond IHOP's control such as weather, natural disasters or acts of war or terrorism; availability and cost of materials and labor; cost and availability of capital; competition; continuing acceptance of the International House of Pancakes brand and concepts by guests and franchisees; IHOP's overall marketing, operational and financial performance; economic and political conditions; adoption of new, or changes in, accounting policies and practices; and other factors discussed from time to time in IHOP's filings with the Securities and Exchange Commission. Forward-looking information is provided by IHOP pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, IHOP disclaims any intent or obligation to update these forward-looking statements.

IHOP Corp.
Stacy Roughan, 818-543-4138