Sonic Announces Preliminary Results for the Fourth Fiscal Quarter of 2016
The company estimates that system-wide same-store sales for its
fourth fiscal quarter decreased approximately 2.0%. Estimated same-store
sales performance reflects a decrease of approximately 3.0% at company
drive-ins and a decrease of approximately 1.8% at franchise drive-ins
for the fourth fiscal quarter. Additionally, net income per diluted
share is anticipated to be
"While we delivered a solid overall fiscal 2016 performance with 2.6% system-wide same-store sales growth, the fourth quarter was below our expectations from both a sales and a profit perspective," said
Cliff
Hudson,
In the fourth fiscal quarter, 19 new drive-ins were opened. In fiscal 2016, 53 new drive-ins were opened. On a net basis, the brand saw an increase of 31 drive-ins for fiscal 2016, representing a 1% increase in system drive-ins.
Preliminary results remain subject to the completion of normal
quarter-end accounting procedures and adjustments and are subject to
change. Final results for the fourth fiscal quarter of 2016 as well as
the company's outlook for fiscal year 2017 will be released on
Fourth Fiscal Quarter 2016 Earnings Call
The company will release results for the quarter ended
About Sonic
SONIC, America's Drive-In is the nation's largest drive-in restaurant
chain serving more than 3 million customers every day. Nearly 90 percent
of SONIC's 3,500 drive-in locations are owned and operated by local
business men and women. Over more than 60 years, SONIC has delighted
guests with signature menu items, more than 1.3 million drink
combinations and friendly service by iconic Carhops. Since the 2009
launch of SONIC's Limeades for Learning philanthropic campaign in
partnership with
This press release contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
reflect management's expectations regarding future events and operating
performance and speak only as of the date hereof. These forward-looking
statements involve a number of risks and uncertainties. Factors that
could cause actual results to differ materially from those expressed in,
or underlying, these forward-looking statements are detailed in the
company's annual and quarterly report filings with the
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