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Applebee's Trims Guidance

The restaurant chain is seeing weak sales in New England and the Midwest.
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warned Tuesday that weak sales at its New England and Midwest restaurants would hurt earnings for the third quarter and year.

The Overland Park, Kan., casual dining chain said systemwide same-store sales rose 1.3% from a year ago in August, with sales in restaurants open at least a year rising 2.2% in franchise locations and falling 1.5% in company shops.

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The company said it now expects same-store sales in company-owned restaurants to fall about 1% for the rest of the year, while comp sales in franchise stores should rise around 1.5%. Applebee's expects to make 32 cents to 35 cents a share for the third quarter and $1.33-$1.40 a share for the year, below the Thomson First Call estimates of 35 cents for the quarter and $1.46 for the year.

Late Tuesday, shares of Applebee's fell $1.34 to $22.71.