FOR IMMEDIATE RELEASE


Contact: Carol DiRaimo,
         Vice President of Investor Relations
         (913) 967-4109

             Applebee's International Reports Preliminary Unaudited
                   Fourth Quarter and Fiscal Year 2004 Results

Overland  Park,  Kan.,  February  9,  2005  --  Applebee's  International,  Inc.
(Nasdaq:APPB)  today  reported  preliminary  unaudited  net  earnings  of  $23.6
million,  or $0.29 per diluted share,  for the fourth quarter ended December 26,
2004.  This  compares  to net  earnings of $23.2  million,  or $0.27 per diluted
share, for the fourth quarter of 2003.

For the fiscal year ended December 26, 2004,  preliminary unaudited net earnings
were a record $109.6 million,  or $1.31 per diluted share.  This compares to net
earnings of $93.6  million,  or $1.10 per diluted  share,  for fiscal year 2003,
which included an $8.8 million pre-tax ($5.6 million  after-tax or approximately
$0.06 per share)  charge  resulting  from the  impairment  of a note  receivable
relating  to the 1999 sale of the Rio Bravo  concept  to Chevys  Holdings,  Inc.
("Chevys").

Like numerous  companies in the  restaurant  industry,  the company has recently
reviewed  its  accounting  treatment  for  leases  and  depreciation  of related
leasehold  improvements.  Historically,  when accounting for leases with renewal
options, the company has recorded rent expense on a straight-line basis over the
initial  non-cancelable  lease term,  with the term  commencing when actual rent
payments  began.  The  company  depreciated  leasehold   improvements  on  those
properties over a maximum period of 20 years which, in certain cases, would have
included a portion of the renewal option periods.

The company has discussed its lease  accounting  practices with its  independent
external  auditors  and its  audit  committee  and has  determined  that it will
correct its  accounting  practices in this area.  The company has not yet made a
final  determination  as to whether the corrections will be made as a cumulative
adjustment in the fourth  quarter of 2004 or as a restatement  of prior periods.
Accordingly,  the results  included in this release are  preliminary  and do not
reflect any adjustments for this correction.

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February 9, 2005
Page 2


The primary result of this  correction  will be to accelerate the recognition of
rent  expense  under  certain  leases that  include  fixed-rent  escalations  by
revising the computation of straight-line rent expense to include certain option
periods up to a maximum of 20 years,  where  failure to  exercise  such  options
would result in an economic  penalty.  The company estimates that the cumulative
effect of lease  accounting  corrections  through  fiscal  year 2004 would be an
increase  in  expense of less than $9  million  on a pre-tax  basis ($6  million
after-tax).  If the  company  restates  prior  periods,  the  annual  impact  of
lease-related errors on diluted earnings per share would not exceed $0.01 in any
year.  The company  anticipates  that the impact of this  correction  may reduce
diluted  earnings per share by  approximately  $0.01 in fiscal year 2005.  These
estimates  and our  preliminary  results are subject to change as the  company's
independent  external auditors complete their audit procedures.  This correction
will not affect the  company's  previously  reported or future  cash flows,  the
timing of  payments  under  the  related  leases,  or  compliance  with any debt
covenants.

As previously reported,  system-wide  comparable sales for the fourth quarter of
2004 increased 2.3 percent,  the 26th  consecutive  quarter of comparable  sales
growth.  Company and franchise restaurant comparable sales increased 0.1 percent
and 3.0 percent, respectively, for the quarter. System-wide comparable sales for
the 2004 fiscal year  increased 4.8 percent.  Company and  franchise  restaurant
comparable  sales increased 3.8 percent and 5.2 percent,  respectively,  for the
year.

Lloyd L. Hill,  chairman and chief executive officer,  said,  "Although we ended
the year on a  somewhat  softer  note,  2004 was still a  terrific  year on many
fronts.  System-wide  comparable  sales  growth  of 4.8  percent  for  the  year
substantially  exceeded  the  casual  dining  industry  average as  measured  by
Knapp-Track(TM),  and reflected our highest  annual rate of growth since 1993. A
total of 109 new restaurants were opened system-wide,  the 12th consecutive year
of at least 100 new restaurant  openings.  As a result of these strong sales and
continued  rapid  development,  we  continued  to expand our  market  share with
system-wide sales growing by nearly 11 percent."

Hill  continued,   "We  continue  to  remain  focused  on  improving  operations
throughout the system, as well as optimizing our key strategies.  2005 is off to
a good start with strong  January  sales,  especially  in the face of  extremely
difficult comparisons.  We have essentially completed the rollout of our Carside
To Go(TM)  program in all  company  and  franchise  restaurants  and will launch
national advertising beginning on Valentine's Day. We also are very pleased with
the results of our strategic  alliance with Weight Watchers,  particularly since
the  start  of the  year  as  we've  supported  it  with  national  advertising.
Leveraging our significant  marketing muscle in 2005 is a key initiative,  as we
will use a more than 30 percent increase in our national  advertising  budget to
convey multiple  messages to our guests,  including our branded campaign events,
Carside To Go(TM),  our partnership with Weight  Watchers,  and our neighborhood
branding messages."

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February 9, 2005
Page 3


Other results for the fiscal year ended December 26, 2004 included:

o    Total  system-wide sales for the 2004 fiscal year increased by 10.7 percent
     over 2003. System-wide sales are a non-GAAP financial measure that includes
     sales at all company and franchise Applebee's  restaurants,  as reported by
     franchisees.  The company  believes that system-wide  sales  information is
     useful in  analyzing  Applebee's  market  share  and  growth,  and  because
     franchisees pay royalties and contribute to the national  advertising  pool
     based on a percentage of their sales.

o    Applebee's ended the year with 1,671  restaurants  system-wide (424 company
     and 1,247 franchise restaurants). There were 109 new Applebee's restaurants
     opened system-wide during fiscal year 2004, the 12th consecutive year of at
     least 100 new restaurant  openings,  including 32 company and 77 franchised
     restaurants.

o    During 2004, the company repurchased 3,993,670 shares of common stock at an
     average  price  of  $24.97  for an  aggregate  cost of  $99.7  million.  As
     previously  announced,  the  company's  Board of Directors  has  authorized
     additional  stock  repurchases of up to $150,000,000  beginning in 2005 and
     has  approved a written  plan for  repurchases  of common stock in the open
     market in  accordance  with Rule 10b5-1 of the  Securities  Exchange Act of
     1934.

o    As of December 26, 2004,  the company had total debt  outstanding  of $35.7
     million, with $108 million available under its revolving credit facility.

BUSINESS OUTLOOK

The company  reiterated  its  previously  stated  guidance  with  respect to its
business outlook for fiscal year 2005.

o    Over 125 new restaurants  are expected to open in 2005,  including at least
     40  company  and  85  franchise   restaurants.   Approximately  25  company
     restaurants and 20 to 25 franchise  restaurants  are currently  expected to
     open in the first half of the year,  with the balance opening in the second
     half of the year.

o    System-wide comparable sales are expected to increase by at least 3 percent
     for the full year, with results  expected to be lower during the first part
     of the year and accelerate throughout the year.

o    Overall restaurant margins before pre-opening  expense for the full year of
     2005 are expected to be similar to fiscal year 2004 results.

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February 9, 2005
Page 4


o    General and administrative expenses, as a percentage of operating revenues,
     are expected to be in the high-8 percent range.

o    The effective income tax rate is expected to be 34.6 percent for the year.

o    Excluding  the cost of franchise  acquisitions,  capital  expenditures  are
     expected to be between $130 and $140 million in 2005.

o    Based on the foregoing  assumptions,  diluted earnings per share for fiscal
     year 2005 are  expected to be in the range of $1.48 to $1.51,  with diluted
     earnings per share for the first quarter  expected to be slightly less than
     the prior year.  These earnings per share  estimates  exclude the potential
     impact of any  corrections to the company's lease  accounting  practices as
     discussed above, as well as the impact of expensing stock options beginning
     in the third quarter of 2005.

A conference  call to review the fourth quarter and fiscal year 2004 results and
the current  business  outlook  will be held on Thursday  morning,  February 10,
2005, at 10:00 a.m.  Central Time (11:00 a.m. Eastern Time). The conference call
will be broadcast live over the Internet and a replay will be available  shortly
after  the call on the  Investor  Relations  section  of the  company's  website
(www.applebees.com).

Applebee's International,  Inc., headquartered in Overland Park, Kan., develops,
franchises and operates  restaurants under the Applebee's  Neighborhood  Grill &
Bar brand,  the largest casual dining concept in the world.  There are currently
1,682  Applebee's   restaurants  operating  system-wide  in  49  states  and  12
international countries.  Additional information on Applebee's International can
be found at the company's website (www.applebees.com).

Certain  statements  contained  in this  release,  including  fiscal  year  2005
guidance as set forth in the Business Outlook section,  are  forward-looking and
based on current  expectations.  There are several risks and uncertainties  that
could cause actual results to differ materially from those described,  including
but not limited to the ability of the  company and its  franchisees  to open and
operate  additional  restaurants  profitably,  the ability of its franchisees to
obtain  financing,  the continued growth of its franchisees,  and its ability to
attract and retain qualified  franchisees,  the impact of intense competition in
the casual dining segment of the restaurant industry, and its ability to control
restaurant  operating costs which are impacted by market  changes,  minimum wage
and other employment laws, food costs and inflation.  For additional  discussion
of the  principal  factors  that could  cause  actual  results to be  materially
different,  the reader is referred to the company's  current  report on Form 8-K
filed with the  Securities  and  Exchange  Commission  on February 9, 2005.  The
company disclaims any obligation to update these forward-looking statements.

                                      # # #


<PAGE>

<TABLE>
<CAPTION>

                 APPLEBEE'S INTERNATIONAL, INC. AND SUBSIDIARIES
          PRELIMINARY(a) UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS
                    (in thousands, except per share amounts)

                                                              13 Weeks Ended                   52 Weeks Ended
                                                       ------------------------------   ------------------------------
                                                        December 26,    December 28,     December 26,     December 28,
                                                           2004            2003              2004             2003
                                                       -------------   --------------   -------------    -------------
<S>                                                     <C>             <C>             <C>               <C>
Revenues:
     Company restaurant sales......................      $238,296        $ 216,212       $  976,798        $ 867,158
     Franchise royalties and fees..................        29,854           27,745          121,510          109,833
     Other franchise income........................         3,188            4,266           13,615           13,147
                                                       -------------   --------------   -------------    -------------
        Total operating revenues...................       271,338          248,223        1,111,923          990,138
                                                       -------------   --------------   -------------    -------------
Cost of company restaurant sales:
     Food and beverage.............................        63,857           56,260          259,134          225,346
     Labor.........................................        78,760           70,559          319,104          283,745
     Direct and occupancy..........................        62,665           55,861          243,616          216,677
     Pre-opening expense...........................           976              819            2,915            1,950
                                                       -------------   --------------   -------------    -------------
        Total cost of company restaurant sales.....       206,258          183,499          824,769          727,718
                                                       -------------   --------------   -------------    -------------
Cost of other franchise income.....................         2,908            4,187           14,401           12,697
General and administrative expenses................        27,509           25,917          104,627           95,013
Amortization of intangible assets..................           220               86              663              364
Loss (gain) on disposition of restaurants and
  equipment........................................           435             (615)           1,955              699
                                                       -------------   --------------   -------------    -------------
Operating earnings.................................        34,008           35,149          165,508          153,647
                                                       -------------   --------------   -------------    -------------
Other income (expense):
     Investment income.............................           718              506            1,284            1,554
     Interest expense..............................          (487)            (364)          (1,626)          (1,733)
     Impairment of Chevys note receivable..........            --               --               --           (8,803)
     Other income..................................           990              919            2,400            1,520
                                                       -------------   --------------   -------------    -------------
        Total other income (expense)...............         1,221            1,061            2,058           (7,462)
                                                       -------------   --------------   -------------    -------------
Earnings before income taxes.......................        35,229           36,210          167,566          146,185
Income taxes.......................................        11,660           13,036           57,978           52,627
                                                       -------------   --------------   -------------    -------------
Net earnings.......................................      $ 23,569        $  23,174       $  109,588        $  93,558
                                                       =============   ==============   =============    =============

Basic net earnings per common share(b).............      $   0.29        $    0.28       $     1.34        $    1.13
                                                       =============   ==============   =============    =============
Diluted net earnings per common share(b)...........      $   0.29        $    0.27       $     1.31        $    1.10
                                                       =============   ==============   =============    =============

Basic weighted average shares outstanding(b).......        80,835           82,380           81,528           82,944
                                                       =============   ==============   =============    =============
Diluted weighted average shares outstanding(b).....        82,518           85,012           83,600           85,409
                                                       =============   ==============   =============    =============
<FN>

(a)      Fiscal year 2004 financial  statements have not yet been filed with the
         Securities  and Exchange  Commission.  These results do not reflect the
         potential  adjustments discussed in this press release related to lease
         accounting.
(b)      All earnings per share and weighted average share information  reflects
         a three-for-two  stock split effective at the close of business on June
         15, 2004.
</FN>
</TABLE>




<PAGE>


The following table sets forth, for the periods indicated,  information  derived
from the Company's  preliminary  unaudited  consolidated  statements of earnings
expressed as a percentage of total  operating  revenues,  except where otherwise
noted. Percentages may not add due to rounding.

<TABLE>
<CAPTION>

                                                              13 Weeks Ended                    52 Weeks Ended
                                                       ------------------------------   -------------------------------
                                                        December 26,    December 28,     December 26,    December 28,
                                                           2004            2003              2004            2003
                                                       -------------   --------------   -------------   --------------
<S>                                                      <C>                 <C>             <C>            <C>
Revenues:
     Company restaurant sales......................          87.8%           87.1%            87.8%           87.6%
     Franchise royalties and fees..................          11.0            11.2             10.9            11.1
     Other franchise income........................           1.2             1.7              1.2             1.3
                                                       -------------   --------------   -------------   -------------
        Total operating revenues...................         100.0%          100.0%           100.0%          100.0%
                                                       =============   ==============   =============   =============
Cost of sales (as a percentage of
   company restaurant sales):
     Food and beverage.............................          26.8%           26.0%            26.5%           26.0%
     Labor.........................................          33.1            32.6             32.7            32.7
     Direct and occupancy..........................          26.3            25.8             24.9            25.0
     Pre-opening expense...........................           0.4             0.4              0.3             0.2
                                                       -------------   --------------   -------------   -------------
        Total cost of sales........................          86.6%           84.9%            84.4%           83.9%
                                                       =============   ==============   =============   =============
Cost of other franchise income (as a percentage
     of other franchise income)....................          91.2%           98.1%           105.8%           96.6%
General and administrative expenses................          10.1            10.4              9.4             9.6
Amortization of intangible assets..................           0.1              --              0.1              --
Loss (gain) on disposition of restaurants
   and equipment...................................           0.2            (0.2)             0.2             0.1
                                                       -------------   --------------   -------------   -------------
Operating earnings.................................          12.5            14.2             14.9            15.5
                                                       -------------   --------------   -------------   -------------
Other income (expense):
     Investment income.............................           0.3             0.2              0.1             0.2
     Interest expense..............................          (0.2)           (0.1)            (0.1)           (0.2)
     Impairment of Chevys note receivable..........            --              --               --            (0.9)
     Other income..................................           0.4             0.4              0.2             0.2
                                                       -------------   --------------   -------------   -------------
        Total other income (expense)...............           0.4             0.4              0.2            (0.8)
                                                       -------------   --------------   -------------   -------------
Earnings before income taxes.......................          13.0            14.6             15.1            14.8
Income taxes.......................................           4.3             5.3              5.2             5.3
                                                       -------------   --------------   -------------   -------------
Net earnings.......................................           8.7%            9.3%             9.9%            9.4%
                                                       =============   ==============   =============   =============

</TABLE>


<PAGE>


The following table sets forth certain unaudited financial information and other
restaurant data relating to company and franchise restaurants, as reported to us
by franchisees:
<TABLE>
<CAPTION>

                                                               13 Weeks Ended                     52 Weeks Ended
                                                       -------------------------------    -------------------------------
                                                       December 26,      December 28,      December 26,      December 28,
                                                           2004              2003             2004              2003
                                                       -------------     -------------    --------------    -------------
<S>                                                    <C>               <C>              <C>               <C>
Number of restaurants:
     Company:
         Beginning of period.......................           413               372                383              357
         Restaurant openings.......................            11                11                 32               26
         Restaurants closed........................           --                 --                 (1)              (2)
         Restaurants acquired from franchisees.....           --                 --                 10               11
         Restaurants acquired by franchisees.......           --                 --                 --               (9)
                                                       -------------     -------------    --------------    -------------
         End of period.............................           424               383                424              383
                                                       -------------     -------------    --------------    -------------
     Franchise:
         Beginning of period.......................         1,224             1,171              1,202            1,139
         Restaurant openings.......................            37                33                 77               74
         Restaurants closed........................           (14)               (2)               (22)              (9)
         Restaurants acquired from franchisees.....           --                 --                (10)             (11)
         Restaurants acquired by franchisees.......           --                 --                 --                9
                                                       -------------     -------------    --------------    -------------
         End of period.............................         1,247             1,202              1,247            1,202
                                                       -------------     -------------    --------------    -------------
     Total:
         Beginning of period.......................         1,637             1,543              1,585            1,496
         Restaurant openings.......................            48                44                109              100
         Restaurants closed........................           (14)               (2)               (23)             (11)
                                                       -------------     -------------    --------------    -------------
         End of period.............................         1,671             1,585              1,671            1,585
                                                       =============     =============    ==============    =============

Weighted average weekly sales per restaurant:
     Company.......................................     $  43,812         $  43,963        $    46,536       $   45,000
     Franchise.....................................     $  45,695         $  44,116        $    47,613       $   45,271
     Total.........................................     $  45,215         $  44,079        $    47,345       $   45,205

Change in comparable restaurant sales:(1)
     Company.......................................          0.1%              5.2%              3.8%              5.2%
     Franchise.....................................          3.0%              4.4%              5.2%              3.7%
     Total.........................................          2.3%              4.6%              4.8%              4.1%

Total operating revenues (in thousands):
     Company restaurant sales......................     $ 238,296         $ 216,212        $  976,798        $  867,158
     Franchise royalties and fees(2)...............        29,854            27,745           121,510           109,833
     Other franchise income(3).....................         3,188             4,266            13,615            13,147
                                                       -------------     -------------    --------------    -------------
     Total.........................................     $ 271,338         $ 248,223        $1,111,923        $  990,138
                                                       =============     =============    ==============    =============



<FN>

(1)      When computing  comparable  restaurant  sales,  restaurants open for at
         least 18 months are compared from period to period.
(2)      Franchise  royalties  are generally 4% of each  franchise  restaurant's
         reported monthly gross sales.  Reported  franchise sales, in thousands,
         were  $726,510 and  $677,444 in the 2004 quarter and the 2003  quarter,
         respectively,  and $3,001,287  and $2,725,179 in the 2004  year-to-date
         and 2003 year-to-date  period,  respectively.  Franchise fees typically
         range from $30,000 to $35,000 for each restaurant opened.
(3)      Other  franchise  income  includes  insurance  premiums from franchisee
         participation  in  our  captive  insurance  company  and  revenue  from
         information  technology  products  and  services  provided  to  certain
         franchisees.

</FN>
</TABLE>