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Article: Shoney's, Inc. Reports Comparable Store Sales and Update on Store Closings and Dispositions.
- Article from:
- PR Newswire
- Article date:
- December 1, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NASHVILLE, Tenn., Dec. 1 /PRNewswire/ -- Shoney's, Inc. (NYSE: SHN) today reported comparable store sales results for its fourth quarter and fiscal year ended October 25, 1998, and an update on store closings and dispositions.
For the fourth quarter ended October 25, 1998, the Company posted a 3.5% decrease in overall comparable store sales, which include the effect of a menu price increase of 2.9%. For the fiscal year, Shoney's, Inc. reported a 1.8% decrease in overall comparable store sales, which include the effect of a menu price increase of 1.8%.
Commenting on the results, J. Michael Bodnar, President and CEO, said, "During the fourth quarter, we ...