Steak n Shake sales tumbled in latest quarter

The Steak n Shake Co. announced late this afternoon that same-store sales in its fiscal first quarter tumbled 9.5 percent.

It was the latest bleak news for the Indianapolis-based diner chain, which now has reported 10 straight quarters of declining same-store sales.

The latest results cover the quarter that ended Dec. 19. The company will not report complete financials until Jan. 25, but said in today’s announcement that it expects to report a loss of 4-5 cents per share.

The company made its announcement after the market closed this afternoon. Shares ended the day at $9.57, off 65 cents.

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