Sonic Corp. (SONC) Announces Same-Store Sales Performance, Reaffirms Q4 EPS and Comments on FY08
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Price: $43.49 --0%
Financial Fact:
Total costs and expenses: 92.49M
Today's EPS Names:
UXIN, TOWN, NRIM, More
Financial Fact:
Total costs and expenses: 92.49M
Today's EPS Names:
UXIN, TOWN, NRIM, More
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Sonic Corp. (Nasdaq: SONC) announced that, with the end of its fiscal year on August 31, 2007, the company has posted 21 consecutive years of positive same-store sales. For the fourth fiscal quarter, the estimated increase in system-wide same-store sales remained within the company's target range of 2% to 4%, with sales at partner drive-ins slightly above the targeted range.
Because of the continued strength of Sonic's sales, management is comfortable with the higher end of the previously announced range of $0.32 to $0.33 per diluted share earnings expectations for the fourth quarter. Sonic plans to report full results for fiscal 2007 in mid-October. (Consensus is $0.33)
For fiscal 2008, Sonic expects earnings growth in the range of 15% to 17%. This outlook is based on the following assumptions: Total revenue growth of between 10% and 12% for the year, System-wide same-store sales growth in the range of 2% to 4%, The opening of between 180 and 200 new drive-ins, Growth in the company's franchising income of approximately $13 million to $15 million, and restaurant margins expected to be slightly favorable versus fiscal 2007.
Because of the continued strength of Sonic's sales, management is comfortable with the higher end of the previously announced range of $0.32 to $0.33 per diluted share earnings expectations for the fourth quarter. Sonic plans to report full results for fiscal 2007 in mid-October. (Consensus is $0.33)
For fiscal 2008, Sonic expects earnings growth in the range of 15% to 17%. This outlook is based on the following assumptions: Total revenue growth of between 10% and 12% for the year, System-wide same-store sales growth in the range of 2% to 4%, The opening of between 180 and 200 new drive-ins, Growth in the company's franchising income of approximately $13 million to $15 million, and restaurant margins expected to be slightly favorable versus fiscal 2007.
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