OKLAHOMA CITY — Sonic Corp. has reported year-end positive same-store sales for the 22nd consecutive year, the company announced. Same-store sales for the fourth quarter ended Aug. 31, 2008, were down .6 percent, compared to positive 3.1 percent in the same period last year. Year-end comps were up .9 percent compared to 3.1 percent last year.
Revenues for the fourth quarter were $227 million, up 1.2 percent from $224 million last year. Year-end revenues were $804.7 million, up 4.4 percent from $770.5 million last year.
Net income for the fourth quarter was $20 million, down 8.2 percent from $22 million last year. For the year, net income was $60 million, down 6.1 percent from $64.2 million last year.
Clifford Hudson, chairman and chief executive officer, attributed the decline in same-store sales in the third and fourth quarters to negative comps at partner drive-ins, in which the company owns a majority interest. The company previously announced an initiative to refranchise underperforming partner drive-ins.
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