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Sonic Sings Q3 Success

OKLAHOMA CITY-Fast-food eatery Sonic Corp. reports a 19% increase in net income and same-store growth of 5.5%.

By Dana Dubriwny | Updated on June 29, 2005

OKLAHOMA CITY-Sonic Corp., the fast-food drive-in retailer boasting “service at the speed of sound,” reported positive results for the company’s third quarter ended May 31. System-wide same-store sales increased 5.5% and 6.8% in the third quarter and first nine months of fiscal 2005, respectively, versus 4.5% and 5.6% in the same year-earlier periods. Partner drive-ins continued to outperform franchise drive-ins, with same-store sales rising 6.1% in the third quarter and 8.6% for the first nine months of the fiscal year.

Same-store sales in developing markets also maintained their strong pace, surpassing core market growth with an increase of 6.8% for the quarter and 7.8% for the year-to-date period. This ongoing trend also marked the sixth consecutive quarter in which same-store sales growth in developing markets have outpaced core markets.

“This is the strongest period of time in terms of same-store sales we’ve seen since the late ’90s when we had a number of good momentums coming together,” Clifford Hudson, chairman and chief executive officer, told investors during a conference call Tuesday.

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