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Sonic Q2 comps, profit down
March 23, 2009
OKLAHOMA CITY — Sonic Corp. has reported a decline in system-wide same-store sales of 3.6 percent for the second quarter ended Feb. 28, compared to an increase of 3.2 percent for the same period last year. Comps were down 3.0 percent for franchise drive-ins and and down 6.0 percent for partner drive-ins. Approximately 1 percent of the decline was attributable to one less day in February 2009 due to the leap year in 2008.
Revenues for the quarter were down 3 percent to $169 million from $174.6 million in the same quarter last year. Year-to-date, revenues were down 3 percent to $353.1 million from $364.8 million last year.
Net income for the quarter was down 7 percent to $8.7 million — including a gain from early extinguishment of debt of approximately $6.4 million — from $9.3 million in the same period last year. Year-to-date, net income was down 31 percent to $15.8 million from $22.8 million last year.
During the quarter, Sonic signed agreements to refranchise 90 partner drive-ins, part of its initiative to move to a 90 percent franchise base.
An on-demand replay of Sonic's second quarter conference call is available at the company's Web site until April 23.
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