Sonic FY2011 sales up over last year's performance
Oct. 4, 2011
by Meat&Poultry Staff
OKLAHOMA CITY – Sonic Corp.’s fiscal year 2011 same-store sales increased 1.8 percent for company drive-ins and 0.5 percent for the system. This improvement represents a reversal in trends in fiscal year 2010, which recorded a decrease of 7.8 percent for the system.
“We are pleased to see the continued positive impact of our initiatives,” said Clifford Hudson, chairman and chief executive officer. “Sonic's fourth quarter same-store sales increased approximately 0.4 percent for company drive-ins and declined an estimated 0.5 percent for the system.
“We are pleased to see the continued positive impact of our initiatives,” he added. “Our emphasis in fiscal 2012 will be on refining these initiatives to continue to enhance the customer’s eating experience.”
Looking ahead to fiscal 2012, the company anticipates opening 30 to 40 new franchise drive-ins; positive same-store sales; flat restaurant-level margins as a result of labor efficiencies, offset by commodity cost increases; and capital expenditures in the range of $25 to $30 million.
Sonic, which calls itself “America's Drive-In,” operates more than 3,500 drive-ins from coast to coast. Approximately three million customers eat at Sonic drive-ins every day.