News Release

GLENDALE, Calif., Oct 13, 2005 (BUSINESS WIRE) -- IHOP Corp. (NYSE:IHP) today announced its system-wide same-store sales increased 4.5% for the quarter ended September 30, 2005. For the nine months ended September 30, 2005, system-wide same-store sales increased 2.1%.

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "Our sales results for the third quarter 2005 represent IHOP's 11th consecutive quarter of positive same-store sales growth. Our results primarily reflect exceptional guest response to our limited time promotion, Funnel Cake Carnival, during the months of July and August, as well as the strong performance of our current promotion, French Toast Festival, in the month of September. Both promotions effectively leveraged IHOP's core brand equities around breakfast, and offered strong consumer appeal that motivated guests to visit IHOP restaurants. We also are encouraged by strong guest acceptance of our enhanced core menu as well as their positive response to our new restaurant remodel package, both of which work to build IHOP's credibility at all dayparts.

"Additionally, guest traffic trends returned to positive levels during the third quarter 2005, showing significant improvement from negative traffic levels experienced in the first half of the year. We attribute this reversal primarily to the strong appeal of our breakfast promotions during the quarter, coupled with menu pricing moderation exercised at our more than 1,200 franchise restaurants nationwide. Pricing moderation is a particularly important factor as we strive to maintain IHOP's value relationship with our guests," said Stewart.

IHOP Corp. will release full third quarter 2005 financial results on Thursday, October 27, 2005 before the market opens. The Company will host an investor conference call to discuss its third quarter 2005 results on Thursday, October 27, 2005 at 10:00 a.m. Eastern Time (7:00 a.m. Pacific Time). To participate on the call, please dial 800-261-3417 and reference pass code 43991274. A live webcast of the call will be available on IHOP's Web site at www.ihop.com, and may be accessed by visiting Conference Calls & Presentations under the site's Investor Information section. Participants should allow approximately ten minutes prior to the call's start time to visit the site and download any streaming media software needed to listen to the webcast.

About IHOP Corp.

The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for more than 45 years. Offering 14 types of pancakes as well as omelettes, breakfast specialties, burgers, sandwiches, chicken and steaks, IHOP's diverse menu appeals to people of all ages. IHOP restaurants are franchised and operated by Glendale, California based IHOP Corp. As of September 30, 2005, the end of IHOP's third quarter, there were 1,218 IHOP restaurants in 48 states and Canada. IHOP Corp. common stock is listed and traded on the NYSE under the symbol "IHP." For more information, call the Company's headquarters at (818) 240-6055 or visit the Company's Web site located at www.ihop.com.

Forward-Looking Statements

There are forward-looking statements contained in this news release. They use such words as "may," "will," "expect," "believe," "anticipate," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan, the availability of suitable locations and terms of the sites designated for development; the ability of franchise developers to fulfill their commitments to build new IHOP restaurants in the numbers and time frames covered by their development agreements; the ability of the Company to franchise its remaining Company-operated restaurants; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters or acts of war or terrorism; availability and cost of materials and labor; cost and availability of capital; competition; continuing acceptance of the International House of Pancakes brand and concepts by guests and franchisees; the Company's overall marketing, operational and financial performance; economic and political conditions; adoption of new, or changes in, accounting policies and practices; and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Forward-looking information is provided by IHOP pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.

SOURCE: IHOP Corp.

IHOP Corp.
Stacy Roughan, 818-637-3632