A MESSAGE FROM THE CHAIRMAN We are appreciative of your interest in Steak n Shake. As one of the oldest, most established chains in the country with its first unit opening in 1934, Steak n Shake has served generations, an enduring 78-year tie that builds brand identity and loyalty. What sets us apart is our creative drive to provide the finest, most appealing combination of aesthetics, premium quality, and unmatched unit economics. Over the last three and one-half years we have had one of the best outcomes in the restaurant industry. Most important to us as long-term owners of Steak n Shake is the sustainability of our performance. After all, Biglari Holdings will never sell Steak n Shake. Instead, most chains change hands frequently, a switchover disruptive to a restaurant organization. However, as the longest established name in the premium burger and milkshake segment of the restaurant industry, Steak n Shake is optimally positioned to oversee a sustainable business unparalleled in its niche. We are embarking on our journey with a new concept, Steak n Shake Signature. On the following pages you will learn more about this winning concept that is ideally suited for top shopping centers. We hope you join us in our profitable journey, a compellingly ambitious plan to become a global brand. Sardar Biglari Chairman Steak n Shake is a Biglari Holdings company. Biglari Holdings Inc. is a diversified holding company that trades on the New York Stock Exchange under the symbol BH.
BRAND EQUITY In 1934 Steak n Shake s founder, Gus Belt, pioneered the concept of a better burger by handcrafting and presenting premium Steakburgers. Gus Belt s commitment to quality, delivered right in front of his customers, helped create and lent credo to Steak n Shake s famous slogan In Sight It Must Be Right. Today, we have the same passion centered on a food culture to provide the highest quality burgers, fries and shakes. We continue to source, slice, grind, and create the freshest and choicest quality ingredients available. After 78 years, we are continuing Steak n Shake s tradition of serving the country s best, freshest, and tastiest burgers and shakes. For more than seven decades, the Steak n Shake brand has built a cult following with impressive results: Over 275,000 guests served daily Over 100 million steakburgers served annually Over 50 million milkshakes served annually
STEAK N SHAKE SIGNATURE Steak n Shake Signature features a counter-service-only model utilizing a simple menu with choices centered primarily on core menu items such as steakburgers and milkshakes. Steak n Shake Signature prepares a 21st century fare delivering the finest in quality burgers, fries, and shakes. Our Signature Steakburger is 100% USDA-certified organic. Our fries are freshly cut. We choose only the finest russet potatoes. Our milkshakes are hand-dipped. Furthermore, the ambiance is unmatched. Then too, the architectural design has been formed for the Signature to appear sleek, modern, exotic, inviting, and suitable for everyone s enjoyment. This concept is ideally fitted for shopping centers.
On January 12, 2012, the first Steak n Shake Signature restaurant opened in New York City, next door to the famed Ed Sullivan Theater, which is home to The Late Show with David Letterman. Eager patrons and members of the media camped out in anticipation; the excitement was capped by Letterman, who ordered from his favorite burger restaurant with two double steakburgers and milkshakes, which were devoured on his show.
NEW STEAK N SHAK E SIGNATURE DESIGN The contemporary design creates a memorable experience for our patrons.
SQUARE FOOTAGE 2,000 3,000 square feet with more than 50 seats
100% ORGANIC Our Signature Steakburger TM is 100% USDA-certified organic and thus has no preservatives, no hormones, no antibiotics only the top grade of the finest meat.
CUSTOMER TRAFFIC GROWTH 31.1% CUMULATIVE 35% 31.1% 30% 27.6% 25% 21.8% 20% 15% 10% 10.1% 5% 0% 2009 2010 2011 2012* * Fiscal 2012 does not include estimates for the 3rd and 4th Quarters. Company-operated Classic Steak n Shake Restaurants. There can be no assurance that future units could acheive similar results.
Steak n Shake Operations, Inc. is a wholly owned subsidiary of Biglari Holdings.