Sonic reports record 2Q earnings

Sonic reports record 2Q earnings
Tags: Burger/Steak/BBQ, Chicken, Drive In, Sandwich, Trends / Statistics
March 20, 2006

Sonic Corp. reported fiscal second-quarter net earnings of $12.9 million, up 15 percent from a year ago. Revenue at the Oklahoma City-based restaurant chain was $148.9 million, up 12 percent from $132.6 million last year, while same-store sales rose 5 percent compared with a rise of 7.5 percent a year ago.

Sonic opened 33 new drive-ins, including 26 by franchisees, during the quarter.

According to Clifford Hudson, CEO and president, the company's sales-driving strategies center on new product news that has helped Sonic stay relevant and compelling to consumers. Supporting this, the company is increasing its media expenditures to approximately $145 million in fiscal 2006, up from approximately $125 million last year.