News Release

GLENDALE, Calif.--(BUSINESS WIRE)--Jan. 11, 2005--IHOP Corp. (NYSE:IHP) today announced its system-wide same-store sales results for the Company's fourth quarter and fiscal year ended December 31, 2004. IHOP's system-wide same-store sales increased 4.3% for the fourth quarter 2004. For the 12 months ended December 31, 2004, system-wide same-store sales increased 5.3%.

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "We are extremely pleased with our same-store sales results for the fourth quarter and fiscal 2004. For the second straight year, IHOP set a record for same-store sales growth, which in 2004 reached the highest level in the last 12 years. Our performance clearly demonstrates that our energizing strategies continue to produce solid results -- not only with regard to same-store sales, but also in the improved effectiveness of our marketing, operations and training initiatives. As we enter 2005, our business model transition is complete, and we look forward to a terrific year as we optimize the strategies responsible for our success over the past two years."

IHOP will release full financial results for the fourth quarter and fiscal 2004 on Thursday, February 24, 2005, before the market opens. The Company will host an investor conference call to discuss its fourth quarter and fiscal 2004 results on Thursday, February 24, 2005, at 11:00 a.m. ET (8:00 a.m. PT). To participate on the call, please dial 800-638-5439 and reference pass code 79306335. 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. A telephonic replay of the call may be accessed through Thursday, March 3, 2005, by dialing 888-286-8010 and referencing pass code 55884963. An online archive of the webcast will also be available on the Investor Information section of IHOP's Web site.

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 more than 16 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, 2004, the end of IHOP's fourth quarter, there were 1,184 IHOP restaurants in 48 states and Canada. IHOP is publicly 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 Website 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 IHOP'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; IHOP'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 IHOP'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, IHOP disclaims any intent or obligation to update these forward-looking statements.

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

    SOURCE: IHOP Corp.