Jefferies Cuts Price Target on Sonic Corp (SONC) to $32 Following 3Q Report

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Go back to Jefferies Cuts Price Target on Sonic Corp (SONC) to $32 Following 3Q Report

Sonic Same-Store Sales Grow 2.0% for Third Fiscal Quarter

June 23, 2016 4:19 PM EDT

Company Outlines Refranchising Initiative

OKLAHOMA CITY--(BUSINESS WIRE)-- Sonic Corp. (NASDAQ: SONC), the nations largest chain of drive-in restaurants, today announced results for its third fiscal quarter ended May 31, 2016.

Key highlights of the companys third quarter of fiscal year 2016 included:

Net income per diluted share decreased 18% to $0.31 compared with $0.38 in the same period prior year; adjusted net income per diluted share increased 19% to $0.43 compared with adjusted net income per diluted share of $0.36 in the prior-year period; System same-store sales increased 2.0%, consisting of a... More