In addition to opening approximately 15 company-owned restaurants and seven franchise units in fiscal 2007, the company has completed a research project called the "Guest Winning Promise," that has led to the creation of a new exterior and interior look. The design, still being created by Dublin, Ohio-based WD Partners, will be "distinctive and colorful," said Peter Dunn, president and CEO.
"Because of the upside associated with a new prototype, we'll move forward as aggressively as we can," Dunn added.
Current plans call for the basic design to be completed in June or July, and to be implemented in a test restaurant in early 2008. The company will then evaluate the new look, and begin rolling it out to both new units and retrofits.
In the meantime, the chain is introducing new, health-conscious chicken and frozen yogurt products, and will completely replace all store POS systems by the end of the year.
Total revenues for quarter were $202.2 million, up 2.3% from the same quarter last year. Same-store sales declined 4.7%. Net earnings for the quarter 2007 were $6.0 million, compared to $8.5 million in the prior-year period.
As of April 11, 2007, there were 490 Steak n Shake restaurants operating in 20 states, including 439 company-owned restaurants and 51 franchised units.
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