Dine Brands reduces FY new development activity target for Applebee’s franchises

The Company’s fiscal 2023 guidance items: Reduced: Our new domestic development activity target for Applebee’s franchisees is between 25 and 35 net fewer restaurants versus 10 to 20 net fewer restaurants previously. Reiterated: Domestic development activity by IHOP franchisees and area licensees is expected to be between 45 and 60 net new openings. Reiterated : Consolidated adjusted EBITDA is expected to be in the range of between approximately $243M and $255M. Reiterated: G&A expenses are expected to range between approximately $200 million and $210M, including non-cash stock-based compensation expense and depreciation of approximately $30M. Reiterated: Gross capital expenditures are expected to range between $33M and $38M.