Sonic CEO sees ‘sluggish consumer landscape’
Sonic Corp.’s systemwide same-store sales declined 2 percent in the first quarter ended Nov. 30, reflecting a “sluggish consumer,” the company said Wednesday.
Oklahoma City-based Sonic reported same stores sales declined 2 percent at franchised drive-ins and 2.4 percent at company-owned restaurants.
“Our first quarter results reflect a sluggish consumer landscape and exceptionally strong prior-year performance,” said Cliff Hudson, Sonic CEO, in a statement.
First-quarter net income rose 5.3 percent, increasing to $13.1 million, or 28 cents a share, from $12.5 million, or 24 cents a share, in the prior-year quarter. Revenue was down 11.1 percent, to $129.5 million, from