Sliding sales coupled with costs incurred from a turnaround plan threw Steak n Shake Co. for a $9.2 million loss in its fiscal fourth quarter, the Indianapolis-based hamburger and milkshake company reported last night.
It was the fourth quarterly loss in a row, and the 13th straight decline in same-store sales. The period ended Sept. 24 saw same-store sales slip 7.4 percent and revenue fall 8.1 percent, to $138.9 million.
In the same period last year, Steak n Shake reported a $1.5 million profit.
Steak n Shake attributed part of the most recent loss to $1.5 million in severance expenses.
For its fiscal year, the company lost $23 million after earning $11.8 million in the 2007 fiscal year.
Steak n Shake shares dipped 32 cents this morning, to $4.63.