OKLAHOMA CITY - (BUSINESS WIRE) - Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today announced that estimated system-wide same-store sales for the fiscal third quarter, which ended May 31, 2012, increased 2.8%. Same-store sales reflected an estimated increase of 3.7% at company drive-ins and 2.7% at franchise drive-ins. On a two-year basis, estimated system-wide same-store sales improved by 6.7% in the third quarter.
"This one-year and two-year improvement in same-store sales reflects the effective impact our service, product quality and marketing initiatives have had on our business," said Clifford Hudson, Chairman and Chief Executive Officer. "We are very pleased with the sales trends we saw in the third quarter, despite economic and some restaurant-level cost challenges. We remain confident in our ability to drive consistent sales and leverage other aspects of our multi-layered growth strategy in the near and long term."
Sonic expects to report its third fiscal quarter results after the market close on June 20, 2012. The company will host a conference call to review financial results on Wednesday, June 20, 2012, at 5:00 PM ET. The conference call can be accessed live over the phone by dialing (888) 397-5335 or (719) 325-2157 for international callers. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the conference ID is 1501824. The replay will be available until Wednesday, June 27, 2012. An online replay of the conference call will be available approximately two hours after the conclusion of the live broadcast. A link to this event will be available on the investor section of the company's website, www.sonicdrivein.com.
The company will be presenting at the following conferences in the month of June. Investors and interested parties can access these presentations by visiting the company's investor relations website at http://ir.sonicdrivein.com/.
Investors and interested parties can access these presentations by visiting the company's investor relations website at http://ir.sonicdrivein.com/.
Sonic, America's Drive-In, originally started as a hamburger and root beer stand in 1953 in Shawnee, Oklahoma called Top Hat Drive-In, and then changed its name to Sonic in 1959. The first drive-in to adopt the Sonic name is still serving customers in Stillwater, Oklahoma. Sonic has more than 3,500 drive-ins coast to coast, where approximately three million customers eat every day. For more information about Sonic Corp. and its subsidiaries, visit Sonic at www.sonicdrivein.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those expressed in, or underlying, these forward-looking statements are detailed in the company's annual and quarterly report filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.
Claudia San Pedro
Vice President of Investor Relations
Source: Sonic Corp.