Sonic Corp.’s net income rose 21.9 percent during the third quarter ended May 31, with same-store sales continuing to grow, the company reported Monday.
The Oklahoma City-based drive-in operator said profit rose to $20.4 million, or 38 cents per share, from $16.8 million, or 30 cents per share, the previous year. Revenue rose 8.3 percent, to $164.7 million, from $152.2 million the previous year.
Third-quarter systemwide same-store sales increased 6.1 percent, Sonic said, which included 6.1-percent growth at franchised drive-ins and a 5.5-percent increase at company-owned units. That followed a systemwide same-store sales increase of 11.5 percent during the second quarter ended Feb. 28.
“Weather had a disproportionately adverse impact on company drive-in sales in the third fiscal quarter,” the company said in a statement.
"We are very pleased with our strong sales and financial performance, driven by a healthy mix of traffic and check," Cliff Hudson, Sonic chairman, president and CEO, said in releasing the earnings.
Hudson said new products and promotions drove sales.
“Technology initiatives designed to provide a more personalized and customized customer experience are also expected to complement our product and media initiatives and drive sales over the next several years,” he added.
Company drive-in margins improved by 100 basis points during the quarter, Sonic said.
Sonic has 3,500 drive-ins nationwide, with about 90 percent of them franchised.
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