Applebee's buy weighs down IHOP profit in 1st-Q

GLENDALE Calif. Increased expenses related to the acquisition of Applebee’s -- and not the economy -- were blamed for a 24-percent decline in quarterly profit for IHOP Corp., although the macroeconomic climate may hinder the company’s refranchising plans, it said Monday.

For the first quarter ended March 31, IHOP reported net income available to common stockholders of $8.6 million, or 50 cents per share, down from $11.3 million, or 63 cents per share, in the

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