Dine Brands CEO Steve Joyce Touts Growth Despite Revenue Miss
Investors are pushing away from the table Wednesday, May 1, 2019, as Dine Brands falls more than 5% after reporting first quarter results that missed revenue and comparable store sales expectations.
But CEO Steve Joyce says that his company is on the right track as evidenced by growth in some of its key metrics.
"So we think we're going to have a really strong year.
We think consumer confidence is good.
We like what we see in the economic environment and we're going to do some really fun things in the restaurants over the next several months that I think is going to drive a lot of interest in traffic.
And so we're really happy with where we are," Joyce told TheStreet.
But Wall Street tends to pay attention to the top- and bottom-lines and weak revenue is hurting the stock.
The Glendale, CA-based company reported first quarter earnings of $1.90 per share on revenue of $237 million.
Wall Street was expecting earnings of $1.83 per share on revenue of $249 million.
Jim Cramer: 3 Signals That a Company Will Fall Short of Earnings Expectations But it's not all doom and gloom for the Applebee's and iHop parent company.
"So delivery and carry out is exploding" Joyce said.
Just how much and what does it mean for its franchises?
Watch the video to find out.