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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA raft of special offers, including meals under $4, a daily milkshake “happy hour” and a $2.89 Steakburger snack-pack apparently are paying dividends for Indianapolis-based The Steak n Shake Co.
The 490-store chain today reported its customer traffic so far this quarter is up 6.2 percent and same-store sales have jumped 1.8 percent. The jump in traffic and smaller rise in same-store sales suggest customers are visiting more often but gravitating toward the chain’s evolving value lineup.
If the same-store sales gain holds through the end of the quarter on April 8, the chain would snap a 14-quarter streak of declining sales despite a rough market for casual restaurants.
The numbers also indicate a turnaround effort for the company is beginning to pay off. Since activist investor Sardar Biglari took over as executive chairman in June and was named CEO two months later, he has halted development of new locations, closed underperforming stores and looked for additional ways to trim expenses.
Steak n Shake said today it would delay its annual meeting at Conrad Indianapolis Hotel until April 24. The meeting was scheduled for April 3.
Steak n Shake’s stock price rose 20 percent this morning and was trading at $6.66 per share.
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