Applebee's owner DineEquity's profit falls 40 percent

Thu May 2, 2013 8:14am EDT

May 2 (Reuters) - DineEquity Inc, the owner of Applebee's and IHOP restaurants, reported a 40 percent fall in first-quarter earnings as revenue dropped by more than a third.

Net income fell to $17.9 million, or 93 cents per share, from $29.9 million, or $1.64 per share, a year earlier.

Excluding items, the company earned $1.14 per share.

Revenue fell 34 percent to $163.5 million.