Sonic posts 20 consecutive years of comps increases
September 6, 2006
OKLAHOMA CITY — Sonic Corp., the nation's largest chain of drive-in restaurants, said it has posted 20 consecutive years of positive same-store sales. The chain's fiscal year ended Aug. 31, 2006.
Sonic did not provide an earnings forecast for fiscal 2007 because it is in the midst of a tender offer to buy up to 25.5 million shares of its common stock.
But the company did estimate its fourth quarter sales will rise about 4 percent.
The company also reported that it opened a total of 173 new drive-ins during fiscal 2006.
Revenue is expected to rise between 11 percent and 13 percent in fiscal 2007 on same-store increases between 2 percent and 4 percent.
The company expects to open between 180 and 200 restaurants during the year.
