Benzinga | Mar 2, 2021 08:02AM EST

Dine Brands Global Says 98% Of Domestic Restaurants Open

Dine Brands Global, Inc. (NYSE:DIN), the parent company of Applebee's Neighborhood Grill + Bar(r) and IHOP(r) restaurants, today announced financial results for the fourth quarter and fiscal 2020.

"Dine Brands enters 2021 positioned for improved sales and robust off-premise growth. In the face of the unprecedented environment resulting from the pandemic, our franchisees, team members and restaurant teams rose to the challenge. Operationally, the collective system implemented heightened cleanliness standards to enhance the safety and well-being of our teams and guests, for both dine-in and off-premise occasions. In 2020, Dine moved swiftly to right size our business and brands in response to the precipitous decline in revenue by reducing costs, strengthening our balance sheet, and lowering capital spending. While the current environment remains challenging, we believe our financial condition is strong and we look ahead to the rest of 2021 with optimism," said John Peyton, chief executive officer of Dine Brands Global, Inc.

Mr. Peyton added, "I'm proud to be here and I've joined an outstanding team made up of an exceptionally talented group of leaders, franchisees and team members. Dine is a well-positioned company with a strong portfolio of brands. We're confident we have the right plans in place to drive long-term growth for all stakeholders."

Allison Hall, interim chief financial officer and vice president, controller, added, "Our fourth quarter results are evidence our brands remain effectively positioned to win in an off-premise environment and that our business model is positioned for solid growth once we emerge from the pandemic. Off-premise comparable sales at both Applebee's and IHOP increased significantly primarily due to the resurgence of COVID-19 cases nationwide and the related reinstatement of federal, state and local level governmental restrictions on dine-in service as well as a shift in consumer behavior. With iconic category-leading brands, Dine is well positioned for future growth for years to come."