Despite Strong Year, Sonic’s Sales Stumble in 4Q

October 25, 2016

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System same-store sales decreased 2 percent.
Exclusive Brief: 

Sonic Corp. announced results for its fourth fiscal quarter and year ended August 31.

Key highlights of the company’s fourth quarter of fiscal year 2016 included:

System same-store sales decreased 2 percent, consisting of a 1.8 percent same-store sales decrease at franchise drive-ins and a decrease of 3 percent at company drive-ins.

Eighteen new franchise drive-ins opened.

The company commenced its refranchising initiative to move toward an approximately 95 percent-franchised system by the end of fiscal year 2017.