Applebee's Falls on Sales Decline
Applebee's International (APPB ) shares declined after the restaurant chain posted 1.5% lower company restaurant same-store sales for the four weeks ended Aug. 21. The company sees same-store sales for the rest of the year to be down 3% to up 1% for company-owned restaurants. It now sees 2005 earnings per share of $1.33-$1.40, and third quarter earnings per share of 32 cents to 35 cents. Raymond James and Piper Jaffray downgraded their recommendations on the company to market perform from outperform.
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