Applebee's November Same-Store Sales Dip

Casual dining chain Applebee's International Inc. said Wednesday its systemwide same-store sales fell 1.6 percent in November.

For the four-week period ended Nov. 25, the company said same-store sales at domestic company-owned restaurants dropped 2.3 percent and fell 1.3 percent at domestic franchise restaurants.

Same-store sales, or sales at locations open at least a year, is a key indicator of restaurant performance since it measures performance at existing locations rather than newly opened ones.

Applebee's said the drop in same-store sales at company-owned locations was partly due to a decrease in guest traffic of between 3 percent and 3.5 percent, partly offset by a higher check average.

The chain is being bought by pancake house operator IHOP Corp. for about $1.9 billion. The deal is expected to close Thursday.

Applebee's shares rose 16 cents to close at $25.23.