SIR's Fiscal 2025 year consists of 53 weeks versus 52 weeks for Fiscal 2024, and Q4 2025 consists of 17 weeks compared to 16 weeks for the fourth quarter of Fiscal 2024. Therefore, all revenue and expense information provided in this news release for Fiscal 2025 and Q4 2025, unless otherwise noted, includes an additional week of operations and that should be considered when comparing to prior year periods. Included in this news release is certain unaudited financial information for Q4 2025 on a 16-week basis in order to assist readers in making comparisons to the prior year.
Q4 2025 Business Update
Food and beverage revenue from corporate restaurant operations increased by 10.8% to $100.4 million, compared to $90.7 million for the 16-week period ended August 25, 2024 ("Q4 2024"). If the additional week was removed from Q4 2025, food and beverage revenue from corporate restaurant operations would be $94.1 million, an increase of 4.0% from Q4 2024.
Consolidated Same Store Sales ("SSS") (1) increased by 9.4%. If the additional week of revenue was removed from Q4 2025, the consolidated Same Store Sales ("SSS") (1) increase would be 2.7%.
On June 25, 2025, SIR opened a new Scaddabush location in Barrie, Ontario. This restaurant is expected to be added to the Royalty Pooled Restaurants effective January 1, 2026.
On May 15, 2025, SIR entered into a new credit agreement ("New Credit Agreement") with a syndicate of two Schedule 1 Canadian chartered banks (the "Lenders") to refinance the previous credit facility. The New Credit Agreement provides for a three-year facility for a maximum principal amount of $68.0 million consisting of: i) a $5.0 million revolving term credit facility, ii) a $38.0 million revolving term loan and iii) a $25.0 million non-revolving term loan. The Company and the Lenders have also entered into a purchase card agreement providing credit of up to an additional $1.5 million. The revolving term loan was fully drawn at closing and was used to extinguish SIR's existing senior debt.
Following the previously disclosed cybersecurity incident on September 26, 2024, SIR submitted a business interruption claim and worked with its insurance provider to determine the appropriate compensation for the disruption. During Q4 2025, SIR received the maximum payout for first party losses of $2.0 million under the cyber insurance policy. The approved proceeds paid to SIR were comprised of a $0.2 million reimbursement of costs directly attributable to the cybersecurity incident and $1.8 million toward the business interruption portion of the claim. The insurer had also previously paid directly to SIR's external IT consultants $0.4 million of the $0.5 million maximum for breach response costs.
Subsequent Events
On September 1, 2025, SIR temporarily closed the Jack Astor's® location in Barrie, Ontario for a period of 30 days for a major renovation and to train personnel on an entirely new service package, including new food and beverage menus, before re-opening on October 1, 2025. This renovation also included the unveiling of SIR's new concept, Freida's Beverage Kitchen™ ("Freida's") at this location. SIR has revamped the menu so that every dish is designed for sharing, including a new pizza category, making each meal at Jack Astor's and Freida's an event to mix, match, and indulge together. SIR has developed Freida's as a place where the art of cocktail creation is crafted and celebrated through iconic categories of Margaritas, Classics, Dirty Sodas and more.
On September 15, 2025, SIR closed the Duke's Refresher location at the intersection of Queen Street East and Broadview Avenue due to current economic conditions and the anticipated impact of a forthcoming six-month closure of Queen Street in downtown Toronto due to construction activity.
Results of Operations Summary
SIR has advised the Fund that food and beverage revenue from corporate restaurant operations totaled $100.4 million and $289.5 million in Q4 2025 and Fiscal 2025, respectively, representing increases of 10.8% and 6.7% compared to $90.7 million and $271.3 million in Q4 2024 and Fiscal 2024, respectively. The increases reflect the impact of the six new restaurants opened during and subsequent to Q3 2024 (four new Scaddabush Italian Kitchen & Bar® ("Scaddabush") locations, a Duke's Refresher® + Bar and Edna + VitaTM) and consolidated SSS(1) growth, partially offset by the permanent closures of the Jack Astor's locations in North York, Ontario (on September 4, 2024) and Longueuil, Quebec (on April 27, 2025).
Same Store Sales(1)
($000s)
17-Weeks
ended August
31, 2025
16-Weeks
ended August
25, 2024
Variance
53-Weeks
ended August
31, 2025
52-Weeks
ended August
24, 2024
Variance
Jack Astor's
61,186
56,994
7.4 %
175,043
174,569
0.3 %
Scaddabush
21,266
