(Bloomberg) -- IHOP plans to open its first location in Pakistan by the end of the year, part of the American pancake restaurant's efforts to seek new revenue abroad.
The first branch will open in Karachi, and will be followed by 18 more across the country over the next nine years, parent Dine Brands Global Inc. said Monday. Nine of the franchises will be operated by Pakistan-based Gerry's Group, and the rest will be sub-franchised.
After a couple of dismal years, the chain has rebounded recently under Dine Brands Chief Executive Officer Steve Joyce, who said in a statement that international development is a major component of the company's return to growth. Same-store sales, a key performance metric for restaurant chains, have climbed for the past four quarters. Joyce cited Pakistan's rapidly growing economy as part of the reason to open there.
Dine Brands has already signed deals to expand IHOP into Peru and Ecuador this year, and to open more locations in Canada. The chain already has a presence in 14 countries including India, Thailand and Guam, and is exploring options in the U.K.
To contact the reporter on this story: Lisa Wolfson in Boston at lwolfson@bloomberg.net
To contact the editors responsible for this story: Anne Riley Moffat at ariley17@bloomberg.net, David Welch
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