IHOP Corp. Reports Same-Store Sales Increase of 5.1% for the First Quarter 2006.

GLENDALE, Calif. -- IHOP Corp. (NYSE:IHP) today announced that its system-wide same-store sales increased 5.1% for the quarter ended March 31, 2006.

Julia A. Stewart, IHOP's President and Chief Executive Officer, said, "We are pleased with our system's exceptional same-store sales growth of 5.1% in the first three months of fiscal 2006. This represents the 6th quarter in which we have exceeded 5% same-store sales growth since implementing our new business model and strategic focus at the beginning of 2003. IHOP's sales performance was fueled by programs that successfully leveraged our brand's core equities, including two appealing limited-time offers featured during the quarter -- All You Can Eat Pancakes and Cinn-A-Stacks -- as well as National Pancake Day, which benefited several charities for children.

"During the quarter, we experienced a healthy balance of traffic and guest check increases, which were the result of effective promotions that motivated guests to visit IHOP restaurants more often and continued pricing moderation by franchisees that further solidified the important price/value relationship IHOP has with our guests. We are off to a terrific start in 2006, and will focus on sales driving initiatives to continue this momentum throughout the year," 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, Calif.-based IHOP Corp. As of March 31, 2006, the end of IHOP's first quarter, there were 1,252 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.