Sonic shares fall 3% after same-store sales falter after Hurricane Harvey

Mon, 16 Oct 2017 21:08:15 GMT


Shares of Sonic Corp. fell more than 3% late Monday after the fast-food company reported weaker-than-expected same-store sales in the fourth quarter of fiscal 2017, pinning the decline in part to devastation brought on by Hurricane Harvey and marketing failures. Sonic said it earned $20.8 million, or 50 cents a share, compared with $25.4 million, or 53 cents a share, in the same period of last year. Adjusted for one-time items, Sonic earned 45 cents a share, the same as last year's period. Sonic's sales reached $123.6 million, down from $162 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 43 cents a share on sales of $126.1 million. Same-store sales fell 3.3% in the quarter. The analysts surveyed by FactSet had expected a decline of 1.6% for same-store sales.

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