Same-Store Sales Declined at Sonic in 1Q

January 5, 2017

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Exclusive Brief: 

Sonic Corp. announced results for its first fiscal quarter ended November 30.

Key highlights of the company’s first quarter of fiscal year 2017 included:

System same-store sales declined 2 percent, consisting of a 2 percent same-store sales decrease at franchise drive-ins and 2.4 percent decrease at company drive-ins.

Company drive-in margins declined by 150 basis points.

Fourteen new franchise drive-ins opened and 56 drive-ins were refranchised, and the company repurchased 2 million outstanding shares.