Applebee's and IHOP parent's stock plunges after CFO quits, disappointing results
Shares of DineEquity Inc. , which owns the Applebee's Neighborhood Grill & Bar and IHOP restaurants, plunged 12% toward a 4 1/2-year low in afternoon trade Wednesday, after the restaurant operator announced the resignation of its chief financial officer and reported disappointing fourth-quarter results. CFO Thomas Emrey's resignation--he's leaving to be CFO of Munchkin Inc.--will be effective March 15, after 5 1/2 years in the role. His resignation comes less than two weeks after Chairman and Chief Executive Julia Stewart said she would resign effective March 1. The company named Corporate Controller Greggory Kalvin as interim CFO until a permanent replacement is found. Separately, DineEquity reported adjusted earnings per share of $1.37 and revenue of $154.2 million, compared with the FactSet consensus for EPS of $1.39 and for revenue of $159.2 million. Same-store sales for Applebee's declined 7.2%, compared with the FactSet consensus for a decline of 4.9%, while IHOP same-store sales declined 2.1% versus expectations of 1.2% growth. The stock has plunged 39% over the past three months, while the S&P 500 has gained 9.5%
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