Sonic Corp.’s net income surged 86.6 percent in the second quarter ended Feb. 28, compared with the same period a year ago, the company reported Tuesday.
The Oklahoma City-based drive-in operator said revenue rose 15 percent, to $126.2 million, in the quarter, compared with $109.7 million in the same period last year. Same-store sales, as guided earlier in the month, increased 11.5 percent systemwide.
“Successful company initiatives combined with an improving macro environment resulted in an exceptionally strong second fiscal quarter with 11.5 percent same-store sales growth,” Cliff Hudson, Sonic’s CEO, said in a statement. “We are particularly pleased that traffic drove two-thirds of our same-store sales increase.”
Hudson credited the sales increase to growth in core menu items, product innovation and the company’s national media strategy.
“As we move into the second half of fiscal 2015, we expect our business momentum to continue. In addition, we expect technology initiatives to provide an additional layer of growth to build sales and profits over the next several years,” he said.
Sonic has 3,500 drive-in restaurants nationwide, with about 90 percent of them franchised.
2Q NET INCOME
Result: $7.7 million, or 14 cents per share% Increase: 86.6% (from $4.1 million, or 7 cents per share)
2Q REVENUE
Result: $126.2 million% Increase: 15% (from $109.7 million)
2Q SAME-STORE SALES
% Increase systemwide: 11.5%
% Increase corporate: 11.2%
% Increase franchised: 11.5%
Source: Company report
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