{"id":128748,"date":"2022-08-09T19:57:02","date_gmt":"2022-08-09T19:57:02","guid":{"rendered":"https:\/\/fin2me.com\/?p=128748"},"modified":"2022-08-09T19:57:02","modified_gmt":"2022-08-09T19:57:02","slug":"vice-president-harris-casts-tie-breaking-vote-to-advance-sweeping-bill","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/vice-president-harris-casts-tie-breaking-vote-to-advance-sweeping-bill\/","title":{"rendered":"Vice President Harris casts tie-breaking vote to advance sweeping bill"},"content":{"rendered":"<p><cite>New York  (CNN Business)<\/cite>Cash-strapped consumers are starting to trade down, swapping higher-priced goods for more affordable alternatives. That&#8217;s good news for Applebee&#8217;s and IHOP. <\/p>\n<p>In the three months ending June 30, sales at the two chains, which are both owned by Dine Brands, grew about 6% to 8% among households earning over $75,000 per year, according to <span>Dine<\/span> <span>(<span>DIN<\/span>)<\/span> CEO John Peyton.<br \/>\nThe bump &#8220;suggests to us that guests that often dine at more expensive restaurants are finding Applebee&#8217;s and IHOP because of their well-known value position,&#8221; Peyton said during a Tuesday analyst call discussing the company&#8217;s quarterly results. The phenomenon is &#8220;why we perform well during tough times like this,&#8221; he said, adding that the brands had relatively good results during the 2008 financial crisis. <\/p>\n<ul><\/ul>\n<p>But there&#8217;s a flip side to gaining sales among higher-income customers. <\/p>\n<ul><\/ul>\n<p><img decoding=\"async\" alt=\"Customers are trading down to Applebee&amp;#39;s and IHOP. \" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220809120223-ihop-restaurant-file-large-169.jpeg\"><br \/>\nBoth brands saw their<strong> <\/strong>sales drop a few percentage points among households earning under $50,000 a year. &#8220;We assume that they&#8217;ve left us for lower-cost options,&#8221; Peyton said. Those losses didn&#8217;t drag down the company&#8217;s quarterly results, however<strong>. <\/strong>Sales at Applebee&#8217;s locations open at least a year rose<strong> <\/strong>1.8% in the quarter, and IHOP restaurants open at least a year saw sales pop 3.6% in that period. <\/p>\n<p>Applebee&#8217;s and IHOP have both raised their menu prices this year. Instead of focusing on absolute prices, they&#8217;re leaning into other conceptions of value.<br \/>\nAt all times, &#8220;both of our brands &#8230; position themselves as value-oriented,&#8221; Peyton said. That means &#8220;delicious food [and] generous portions in a wonderful environment at an affordable and approachable price,&#8221; he added, noting &#8220;at times like these, when economics are tough for our guests, our brands have particular expertise&#8221; in adding more value. <\/p>\n<ul><\/ul>\n<ul><\/ul>\n<p>Applebee&#8217;s tries to avoid straight discounts. Instead, it offers deals on meal add-ons, like adding a dozen shrimp for a dollar when you order a steak. Another tactic is giving out freebies. As part of a Top Gun promotion earlier this year, Applebee&#8217;s customers who spent at least $25 at the restaurant got free movie tickets. <strong> <\/strong><br \/>\nAt IHOP, customers can find discounted items at the brand&#8217;s IHOPPY Hour, which starts at 3pm at participating restaurants, when entrees, snacks and sides are sold at lower prices than usual. There are also limited-time promotions that, for example, allow kids to eat free.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2022\/08\/09\/business-food\/ihop-applebees-earnings\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)Cash-strapped consumers are starting to trade down, swapping higher-priced goods for more affordable alternatives. That&#8217;s good news for Applebee&#8217;s and IHOP. In [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":128747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vice President Harris casts tie-breaking vote to advance sweeping bill - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/vice-president-harris-casts-tie-breaking-vote-to-advance-sweeping-bill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vice President Harris casts tie-breaking vote to advance sweeping bill - Fin2me\" \/>\n<meta property=\"og:description\" content=\"New York (CNN Business)Cash-strapped consumers are starting to trade down, swapping higher-priced goods for more affordable alternatives. 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