Sonic Corp.’s net income rose 22.9 percent for the first quarter ended Nov. 30, with same-store sales increasing at both company and franchised units, Sonic reported Tuesday.
Oklahoma City-based Sonic said same-store sales increased 8.5 percent systemwide, including 8.5 percent at franchised locations and 7.9 percent at company units.
“We are extremely pleased with our performance in the first quarter and believe that our focus on innovative products, increased media effectiveness and a layered day-part promotional strategy were instrumental to our continued success,” said Cliff Hudson, chief executive of Sonic, in a statement. “Our business momentum remains strong as improvements in core menu items combined with limited-time-offer promotions are driving our same-store sales growth.”
Sonic has more than 3,500 drive-ins nationwide.
1Q NET INCOME
Result: $10.1 million, or 18 cents per share% Increase: 22.9% (from $8.2 million, or 14 cents per share)
1Q REVENUE
Result: $139.9 million% Increase: 10.4% (from $126.7 million)
1Q SAME-STORE SALES
% Increase systemwide: 8.5%
% Increase corporate: 7.9%
% Increase franchised: 8.5%
Source: Company report
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