Difficulties in turning around men’s magazine Maxim and a downturn in customer traffic at Steak n Shake dinged San Antonio-based Biglari Holdings Inc.’s results last year.
The holding company generated $850.1 million in revenue last year, down 1.3 percent from $861.5 million in 2015. It was the first-ever decline in revenue for Biglari Holdings.
Thanks to strong performance from its investment partnerships, Biglari Holdings earned $99.5 million, or $81.28 a share, last year. That compares with a loss of $15.8 million,or $10.18 a share in 2015.
Maxim has been slashing expenses — nearly $20 million, but it still lost $6.4 million last year. Revenue plunged nearly 63 percent to $9.2 million.
Steak n Shake’s customer traffic fell 1.7 percent last year. Chairman and CEO Sardar Biglari blamed the performance on its “lack of execution” rather than the economy or weather.
Go to ExpressNews.com or Tuesday’s Business section to read more about Biglari Holdings.
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