IHOP Corp. Reports Same-Store Sales Increase of 0.61% for the First Quarter 2005

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "While same-store sales growth remains positive, we are somewhat disappointed with our performance for the quarter as we believe there is an opportunity for IHOP to drive same-store sales at a higher level. While IHOP would have experienced results closer to the low end of our 2% to 4% growth range excluding certain timing issues during the quarter, we are concerned about overall guest traffic trends. Our goal is to maintain a healthy balance between increased traffic and guest check increases to ensure we remain competitive and present a strong value offering to our guests. However, our sales outlook remains positive for 2005 as we expect to benefit from the addition of a fourth flight of national advertising, the roll out of a new menu and gift card program during the year, as well as a promising line up of promotional offerings slated for the balance of 2005."

IHOP will release first quarter 2005 results on Thursday, April 28, 2005 before the market opens.