Sonic Corp. reported a net profit of $16.7 million, or 30 cents per share for the quarter ending May 31, compared to $14.7 million, or 26 cents per share for the same period a year ago. The drive-in chain reported same-store sales grew by 5.3 percent for the quarter and company drive-in margins improved by 40 basis points. Sonic opened 10 new drive-ins and also purchased about $11 million of stock during the last quarter. Since the beginning of its fiscal year, Sonic has repurchased about $69.4 million of its own stock, about 6 percent of its outstanding shares.
From Staff Reports