In honor of National Pancake Day, CNBC took a look at the pancake business as part of its special report on “The Business of Fat,” and found there’s more to the International House of Pancakes chain than just pancakes.
THE INTERNATIONAL HOUSE of Pancakes chain has more than a thousand restaurants throughout the country.
IHOP has a long history in this country as far as restaurants go — the company was doing breakfast way before bagels were the trendy thing.
For 45 years, IHOP has served breakfast, lunch and dinner. But it’s the “P” in IHOP that has made its name. There are 16 kinds of flapjacks flipped each day at more than 1,000 locations in 42 states — signature dishes include chocolate chip and banana nut pancakes.
IHOP opened back in 1958 in a Los Angeles suburb. Three years later it was publicly traded.
For a brief period in 1978 and 1979, the company had international ownership — both Japanese and Swiss companies had controlling interest at one point.
But in 1987, IHOP came home and expanded primarily through franchising.
Julia Stewart, a veteran with 32 years in chain restaurant business, was named CEO in May 2002.
Pancakes are still the brand’s namesake, but the menu continues to expand with food for anytime of day.
The average guest spends just $6.60 per visit, but with more than $1.3 billion in sales, that’s a lot of guests, and a lot of pancakes!