Dine Brands expands its dual Applebee's-IHOP location concept amid strong demand

On Tuesday, 15 September 2026, Dine Brands Global Inc. (DIN) presented a comprehensive turnaround plan for IHOP and Applebee’s during the Piper Sandler 5th Annual Growth Frontiers Conference. The company highlighted the potential of a new dual-brand restaurant model that could reshape growth prospects. IHOP has demonstrated stronger traffic and comparable sales growth, which can be attributed to a seven-day value menu and enhanced digital marketing efforts.

However, Applebee’s sales gains remain modest, with management stating that a 1% to 2% comparable sales increase is insufficient. Applebee’s requires more menu, marketing, and renovation work to boost performance.

The shift towards off-premise sales has become a more significant part of the business, accounting for 22% to 23% of sales, up from 6% to 8% prior to the pandemic. The company has streamlined back-of-house processes to accommodate the increased off-premise mix and collaborated with third-party delivery platforms like DoorDash and Uber Eats. Catering has also experienced double-digit quarter-over-quarter growth, driven by improved ordering and fulfillment technology.

Applebee’s is undergoing a broader reset, with a new renovation cycle and the launch of an in-house social media team. The brand aims to reconnect with lapsed customers through social media engagement, which has already generated considerable visibility. Despite the progress, Applebee’s comparable sales growth remains modest at 1% to 2%.

Dine Brands sees significant potential in the dual-brand restaurant concept, with 45 locations currently open, 80 expected by year-end, and a total of 900 possible opportunities in the United States. The company's financial strategy revolves around growth investments, share repurchases, and debt management. The leverage ratio is currently above 5.0x but is expected to decrease towards a mid-4.0x range in the long term.

Dine Brands has approved an additional $100 million share repurchase authorization and maintains a strong debt coverage with ample financial flexibility. The company's bonds are trading at par or above par, reflecting market confidence in its strategic direction.