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Sonic reports record 2Q earnings
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.
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