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