Same-Store Sales Declined at Sonic in 1Q
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.