Steak n Shake reports higher same-store sales

More diners at Steak n Shake helped the Indianapolis-based restaurant chain increase same-store sales 4.9 percent during its fiscal third quarter.

San Antonio-based Biglari Holdings Inc., parent of Steak n Shake, said on Friday that traffic to the restaurant chain grew 4.8 percent during the quarter ended July 6.

Quarterly revenue climbed 4.5 percent, to $165.2 million.

Pretax profit, however, fell 20 percent, to $9.5 million, due to higher commodity prices and restaurant operating costs, in addition to an increase in franchising expenses.

Steak n Shake operates 488 company-owned and franchised Steak n Shake restaurants. Biglari also operates 94 Western Sizzlin restaurants.

Overall, Biglari Holdings in the fiscal third quarter posted $8.6 million in profit on $170.9 million in revenue. Earnings per share increased to $6.49, from $6.23 in the same three months of 2010.

Company shares rose to $344 each in late-morning trading, up 1 percent from their Monday opening price.


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