Sonic Corporation reports decline in same-store sales in Q4

Tue. September 22, 2009; Posted: 09:32 AM

Sep 22, 2009 (Datamonitor via COMTEX) -- SONC | Quote | Chart | News | PowerRating -- Sonic Corporation, a US-based chain of drive-in restaurants, has reported that systemwide same-store sales declined approximately 4.5% for the system and 5.4% for partner drive-ins for the fourth quarter of fiscal year 2009, which ended August 31, 2009.

The company said that the declines are improvements from its sales performance for the third quarter of fiscal 2009 and reflect the positive impact of Sonic's sales-driving initiatives.

Drive-in openings totaled 41 for the fourth fiscal quarter ended August 31, 2009, including 40 by franchisees, compared with 32 franchise drive-in openings in the third quarter of fiscal 2009 and 45 franchise drive-in openings in the fourth quarter of the prior year.

For the fiscal year 2009, there were 130 franchise openings compared with 140 in the prior fiscal year. The pace of new drive-in openings continues to be solid despite tight credit market conditions that began a year ago, said Sonic.

Clifford Hudson, chairman and CEO of Sonic Corporation, said: "Although we have faced significant challenges this past year related to the consumer, we are confronting these hurdles and believe that our brand is well-positioned for long-term growth.

"During the past year, we have worked hard and have been pleased with the implementation of a slate of initiatives, which includes a new strategic pricing model, increased focus on customer service and the introduction of the Everyday Value Menu. In particular, the Everyday Value Menu has succeeded in driving traffic, which is critical in this environment."

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For full details on Sonic Corp (SONC) click here. Sonic Corp (SONC) has Short Term PowerRatings of 4. Details on Sonic Corp (SONC) Short Term PowerRatings is available at This Link.

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