Sonic Corp. reported Monday a 13.4-percent increase in net income for the third quarter ended May 31, on a 5.3-percent increase in same-store sales.
"Same-store sales for the quarter were especially strong, driven by our innovative product news, layered daypart promotional strategy and increased media efficiency,” Clifford Hudson, chief executive of Oklahoma City, Okla.-based Sonic, said in a statement.
"We have implemented our new point-of-sale system in all of our company drive-ins and expect to have the new digital point-of-purchase technology implemented in all of our company drive-ins by the end of summer,” Hudson added.
Sonic has more than 3,500 drive-in restaurants nationwide.
3Q NET INCOME
Result: $16.8 million, or 30 cents per share% Increase: 13.4% (from $14.8 million, or 26 cents per share)
3Q REVENUE
Result: $152.2 million% Increase: 3.8% (from $146.6 million)
3Q SAME-STORE SALES
% Increase systemwide: 5.3%
% Increase at franchised units: 5.3%
% Increase at company-owned units: 5.2%
Source: Company report
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