News Release

GLENDALE, Calif.--(BUSINESS WIRE)--Jan. 10, 2006--IHOP Corp. (NYSE:IHP) today announced that its system-wide same-store sales increased 5.4% for the quarter ended December 31, 2005. For the twelve months ended December 31, 2005, system-wide same-store sales increased 2.9%. Fourth quarter and fiscal 2005 sales comparisons have been adjusted to eliminate the effect of the 53rd operating week in 2004's fourth fiscal quarter and fiscal year results.

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "Our sales results for the fourth quarter 2005 represent IHOP's 12th consecutive quarter of positive same-store sales increases and near record growth, which reflected strong consumer response to our national French Toast Festival and Sweet Caramel Combos promotions featured during the last three months of the year. Our fourth quarter 2005 sales performance built upon the strong sales momentum we experienced in the prior quarter, and, importantly, included positive traffic growth in addition to guest check average increases. During the fourth quarter, we also rolled out the second system-wide core menu update in 2005, continued restaurant remodel efforts and introduced a national gift card program, all of which contributed to our same store sales growth.

"In contrast to our modest same-stores sales growth in the first half of 2005, we made up significant ground in the second half of the year. This enabled us to meet the midpoint of our consistent same-stores sales guidance of 2% to 4% growth for 2005. Although for the full year traffic results were negative, our focus on national promotions that leveraged IHOP's core equities produced positive traffic trends in the second half of 2005. Our goal is to further build on this momentum in 2006," said Stewart.

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 December 31, 2005, the end of IHOP's fourth quarter, there were 1,242 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.

    CONTACT: IHOP Corp.
             Stacy Roughan, 818-637-3632

    SOURCE: IHOP Corp.