Sonic Corp. reported Monday that profit rose 33.8 percent in the Nov. 30-ended first quarter, boosted by a $500,000 favorable tax ruling in the period.
The Oklahoma City, Okla.-based parent company to the Sonic Drive-In brand said that when the tax-ruling benefit was excluded, net income rose 26 percent compared with the same period last year.
In 2014 fiscal year guidance, the company said it expected same-store sales gains “in the low single-digit range for the system,” and planned to add 40 to 50 new franchised units and close fewer units than in fiscal 2013. Sonic owns and franchises more than 3,500 drive-ins nationally.
NET INCOME
Result: $8.2 million, or 14 cents per share% Increase: 33.8% (from $6.1 million, or 11 cents per share)
REVENUE
Result: $93.5 million (non-rounded result $93.499 million)% Increase: 0.05% (non-rounded year-earlier result $93.456 million)
SAME-STORE SALES
% Increase systemwide: 2.2%
% Increase at franchised units: 2.3%
% Increase at company-owned units: 1.9%
Source: Company report
RELATED:
• Sonic 4Q profit drops nearly 16%
• Sonic Drive-In revamps its fries
• More restaurant finance news
Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless
